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प्रश्न
Revaluation A/c is a _________.
विकल्प
Real A/c
Nominal A/c
Personal A/c
Impersonal A/c
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उत्तर
Revaluation A/c is a Nominal A/c.
APPEARS IN
संबंधित प्रश्न
Kalpana and Kanika were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2013 they admitted Karuna as a new partners for 1/5th share in the profits of the firm. The Balance Sheet of Kalpana and Kanika as on 1st April, 2013, was as follows:
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Balance Sheet of Kalpana and Kanika as on 1st April, 2013 |
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|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Capitals |
|
Land and Building |
2,10,000 |
||
|
Kalpana |
4,80,000 |
|
Plant |
2,70,000 |
|
|
Kanika |
2,10,000 |
6,90,000 |
Stock |
2,10,000 |
|
|
General Reserve |
60,000 |
Debtors |
1,32,000 |
|
|
|
Workmen’s Compensation Fund |
1,00,000 |
Less: Provision |
–12,000 |
1,20,000 |
|
|
Creditors |
90,000 |
Cash |
1,30,000 |
||
|
|
|
|
|
||
|
|
9,40,000 |
|
9,40,000 |
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|
|
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It was agreed that
(i) the value of Land and Building will be appreciated by 20%.
(ii) the value of plant be increased by Rs 60,000.
(iii) Karuna will bring Rs 80,000 for her share of goodwill premium.
(iv) the liabilities of Workmen's Compensation Fund were determined at Rs 60,000.
(v) Karuna will bring in cash as capital to the extent of `1/5`th share of the total capital of the new firm.
Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the new firm.
The gradual and permanent decrease in the value of fixed assets due to any cause.
______ is credited when an unrecorded asset is brought into the business.
Pramod and Vinod are partners sharing profits and losses in the ratio of 3:2. After the admission of Ramesh the new ratio of Pramod, Vinod and Ramesh is 4:3:2. Find out the sacrifice ratio.
Amalendu and Sameer share profits and losses in the ratio 3:2 respectively Their balance sheet as on 31st March 2017 was as under.
Balance Sheet as on 31st March 2017
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Sundry Creditors | 10,000 | Cash at bank | 12,000 |
| Amlendu capital | 60,000 | Sundry debtors | 24,000 |
| Sameer capital | 40,000 | Land & Building | 50,000 |
| General reserve | 20,000 | Stock | 16,000 |
| Plant and machinery | 20,000 | ||
| Furniture & fixture | 8,000 | ||
| 1,30,000 | 1,30,000 |
On 1st April 2017, they admit Paresh into partnership. The term being that:
- He shall pay ₹16,000 as his share of Goodwill 50% amount of Goodwill shall be withdrawn by the old partners.
- He shall have to bring in ₹ 20,000 as his Capital for 1/4 share in future profits.
- For the purpose of Paresh’s admission, it was agreed that the assets would be revalued as follows.
A) Land and Building is to be valued at ₹ 60,000
B) Plant and Machinery to be valued at ₹ 16,000
C) Stock valued at ₹ 20,000 and Furniture and Fixtures at ₹ 4,000.
D) A Provision of 5% on Debtors would be made for Doubtful Debts.
Pass the necessary Journal Entries in the Books of a New Firm.
Vasu and Viraj Share Profits and Losses in the Ratio of 3:2 respectively Their Balance Sheet as on 31st March 2019 was as under
Balance Sheet as on 31st March, 2019
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Sundry Creditors | 45,000 | Cash at bank | 750 |
| General Reserve | 30,000 | Sundry debtors | 66,750 |
|
Capital: |
Stock | 25,500 | |
|
Vasu |
1,08,000 | ||
|
Viraj |
72,000 | ||
| Investment | 36,000 | ||
| Plant | 90,000 | ||
| Building | 36,000 | ||
| 2,55,000 |
2,55,000 |
They admit Hari into Partnership on 1.4. 2019 the terms being that :
1 He shall have to bring in ₹60,000 as his Capital for 1/4 share in future profits
2 Value of Goodwill of the Firm is to be fixed at The average profits for the last three years. The Profit was.
2009-10 ₹ 48,000,
2010-11 ₹ 81,000
2011-12 ₹ 73,500
Hari is unable to bring the value of the Goodwill in cash. It is decided to raise the Goodwill in the books of accounts.
3. Reserve for Doubtful Debts is to be created at ₹ 1,500.
4. Closing Stock is valued at ₹ 22,500
5. Plant and Building is to be depreciated by 5%
Prepare Profit and Loss Adjustment A/c, Capital Accounts of Partners, And Balance Sheet of the New Firm.
The following is the balance sheet of James and Justina as on 1.1.2017. They share the profits and losses equally
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Building | 70,000 | ||
| James | 40,000 | Stock | 30,000 | |
| Justina | 50,000 | 90,000 | Debtors | 20,000 |
| Creditors | 35,000 | Bank | 15,000 | |
| Reserve fund | 15,000 | Prepaid insurance | 5,000 | |
| 1,40,000 | 1,40,000 |
On the above date, Balan is admitted as a partner with a 1/5 share in future profits. Following are the terms for his admission:
- Balan brings ₹ 25,000 as capital.
- His share of goodwill is ₹ 10,000 and he brings cash for it.
- The assets are to be valued as under:
Building ₹ 80,000; Debtors ₹ 18,000; Stock ₹ 33,000
Prepare necessary ledger accounts and the balance sheet after admission.
Ravi and Gaurav are partners in a firm. They want to admit Dhruv for `1/4`th share in profit. For this, they revalued their machinery from ₹ 30,000 to ₹ 40,000 and creditors from ₹ 1,10,000 to ₹ 1,00,000. What journal entry will be passed:
Ganga and Jamuna are partners sharing profits in the ratio of 2 : 1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her share of goodwill and she agrees to contribute proportionate capital to the new firm. How much capital will be brought by Saraswati?
