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प्रश्न
Sundar and Suresh are partners sharing profits in the ratio of 3 : 2. Their balance sheet as on 1st January, 2017 was as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Buildings | 40,000 | ||
| Sundar | 30,000 | Furniture | 13,000 | |
| Suresh | 20,000 | 50,000 | Stock | 25,000 |
| Creditors | 50,000 | Debtors | 15,000 | |
| General reserve | 10,000 | Bills receivable | 14,000 | |
| Workmen compensation fund | 15,000 | Bank | 18,000 | |
| 1,25,000 | 1,25,000 |
They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
- Sugumar has to bring in ₹ 30,000 as capital. His share of goodwill is valued at ₹ 5,000. He could not bring cash towards goodwill.
- That the stock be valued at ₹ 20,000.
- That the furniture be depreciated by ₹ 2,000.
- That the value of building be depreciated by 20%.
Prepare necessary ledger accounts and the balance sheet after admission.
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उत्तर
| Dr. | Revaluation Account | Cr. | ||
| Particulars | ₹ | Particulars | ₹ | |
| To Building | 8,000 | Loss transferred to | ||
| To Furniture | 2,000 | Sundar capital | 9,000 | |
| To Stock | 5,000 | Suresh capital | 6,000 | 15,000 |
| 15,000 | 15,000 | |||
| Dr. | Capital Account | Cr. | |||||
| Particulars | Sundar | Suresh | Sugumar | Particulars | Sundar | Suresh | Sugumar |
| To Revaluation Loss |
9,000 | 6,000 | - | By Balance b/d | 30,000 | 20,000 | - |
| By General Reserve | 6,000 | 4,000 | - | ||||
| To Balance c/d | 39,000 | 26,000 | 25,000 | By Workers compensation fund | 9,000 | 6,000 | - |
| By Bank | - | - | 25,000 | ||||
| By Goodwill | 3,000 | 2,000 | - | ||||
| 48,000 | 32,000 | 25,000 | 48,000 | 32,000 | 25,000 | ||
Balance Sheet as on 31.12.17
| Liabilities | ₹ | ₹ | Assets | ₹ | ₹ |
| Creditors | 50,000 | Buildings | 40,000 | ||
| Capital Account | (−) Revalued | 8,000 | 32,000 | ||
| Sundar Cap | 39,000 | Furniture | 13,000 | ||
| Suresh Cap | 26,000 | (−) Revalued | 2,000 | 11,000 | |
| Sugumar Cap | 25000 | 90,000 | Stock | 25,000 | |
| (−) Revalued | 5,000 | 20,000 | |||
| Debtors | 15,000 | ||||
| Bills Receivable | 14,000 | ||||
| Bank | 18,000 | ||||
| (+) Sugumar Cap | 25000 | 43,000 | |||
| Goodwill | 5,000 | ||||
| 1,40,000 | 1,40,000 |
APPEARS IN
संबंधित प्रश्न
Mrs Shehal and Mrs Meenal are equal partners in a business. Their balance sheet is as follows.
| Balance Sheet as on 31st March 2013 | |||
| Liabilities | Amount Rs. | Assets | Amount Rs. |
|
Capital A/c's Snehal 80,000 Meenal 45,000 Creditors General reserve
|
1,25,000 46,000 20,000
|
Premises Investments Equipments Bills Receivable Debtors 1,10,000 ( - ) R.D.D. 11,000 Bank Balance |
20,500 10,500 5,000 18,000
99,000 38,000 |
| 1,91,000 | 1,91,000 | ||
They agreed to admit Mr Komal on 1st April 2013 on the following terms:
(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th) Share in future profit.
(2) Goodwill to be raised in the books of the firm for Rs. 40,000.
(3) R.D.D. to be maintained at 5% on debtors.
(4) Premises to be valued at Rs. 30,000 and equipment to be written off fully.
(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.
Prepare Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of the new firm.
Anil and Sunil were partners sharing profits and losses in the ratio of 2:1 respectively. Their Balance Sheet was as follows:
| Balance Sheet as on 31st March 2010 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Capital A/c | Cash at Bank | 4,000 | |
| Anil | 24,000 | Debtors | 15,000 |
| Sunil | 16,000 | Stock | 23,500 |
| Trade Creditors | 26,000 | Furniture | 5,000 |
| Anil’s Loan A/c | 6,500 | Building | 25,000 |
| 72,500 | 72,500 | ||
On 1st April 2010, Ram is admitted in the partnership on the following terms:
(1) Ram should bring in cash of Rs. 12,000 as capital for 1/5th share in future profit.
(2) Goodwill A/c is raised in the books of the firm for Rs. 4,500.
(3) A building is revalued at Rs. 28,000 and the value of stock be reduced by Rs. 1,500.
(4) Reserve for doubtful debts is provided at 5% on debtors.
Prepare:
(a) Profit and Loss Adjustment account.
(b) Capital Accounts of partners.
(c) Balance Sheet of the new firm.
Answer in one sentence only.
What is revaluation account?
If the asset is taken over by the partner ______ account is debited.
What does the excess of debit over credits in the Profit and Loss Adjustment Account indicate?
The following is the Balance Sheet of Om and Jay on 31st March 2018, they share profits and losses in the ratio 3:2
| Balance Sheet As On 31st March 2018 |
|||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 30,000 | Cash | 3,000 |
| Capital A/c | Building | 15,000 | |
| Om | 21,000 | Machinery | 21,000 |
| Jay | 21,000 | Furniture | 900 |
| Current A/c | Stock | 12,300 | |
| Om | 3,750 | Debtors | 27,000 |
| Jay | 3,450 | ||
| 79,200 | 79,200 | ||
They take Jagdish into partnership on 1st April 2018 the terms being:
- Jagdish should pay 3,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
- He should bring 9,000 as capital for 1/4th share in future profits.
- Building to be valued at 18,000, Machinery and Furniture to be reduced by 10%.
- A Provision of 5% on debtors to be made for doubtful debts.
- Stock is to be taken at a value of 15,000.
Prepare profit and loss A/c, Partner’s Current A/c, Balance Sheet of the new firm.
On revaluation, the increase in the value of assets leads to _________.
What is meant by the revaluation of assets and liabilities?
Seenu and Siva are partners sharing profits and losses in the ratio of 5 : 3. In view of Kowsalya admission, they decided
- To increase the value of building by ₹ 40,000.
- To bring into record investments at ₹ 10,000, which have not so far been brought into account.
- To decrease the value of machinery by ₹ 14,000 and furniture by ₹ 12,000.
- To write off sundry creditors by ₹ 16,000.
Pass journal entries and prepare a revaluation account.
What would be the journal entry of when excess capital was withdrawn by the partner?
