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प्रश्न
A and B were partners in a firm sharing profits and losses in the ratio of 3 : 1. On 31.03.2022, their Balance Sheet was as follows:
| BALANCE SHEET OF A AND B as at 31st March, 2022 |
|||||
|---|---|---|---|---|---|
| Liabilities | ₹ | ₹ | Assets | ₹ | ₹ |
| Outstanding Expenses | 3,000 | Bank | 40,000 | ||
| Bills Payable | 20,000 | Stock | 60,000 | ||
| Sundry Creditors | 1,40,000 | Bills Receivable | 70,000 | ||
| General Reserve | 80,000 | Debtors | 1,00,000 | ||
| Capitals: | Less: Provision for Doubtful Debts | 5,000 | 95,000 | ||
| A | 2,00,000 | Furniture | 85,000 | ||
| B | 3,00,000 | 5,00,000 | Machinery | 1,10,000 | |
| Land and Building | 2,83,000 | ||||
| Total | 7,43,000 | Total | 7,43,000 | ||
On the above date, C was admitted as a new partner for `1/5` share in the profits on the following terms:
- C will bring ₹ 2,00,000 as her capital and ₹ 1,60,000 as her share of goodwill premium.
- Stock will be appreciated by ₹ 1,500.
- Debtors of ₹ 5,000 will be written off as bad debts and a provision of 10% for bad and doubtful debts will be maintained.
Prepare Revaluation Account and Partner’s Capital Accounts.
Hint:
| (i) | Bad Debts A/c ...Dr. | 5,000 | |
| To Debtors A/c | 5,000 | ||
| (ii) | Provision for Doubtful Debts A/c ...Dr. | 5,000 | |
| To Bad debts A/c | 5,000 | ||
| (iii) | Revaluation A/c ...Dr. | 9,500 | |
| To Provision for Doubtful Debts A/c (10 % of ₹ 95,000) | 9,500 | ||
| (iv) | Bad Debts of ₹ 25,000 have been met from Provision for Doubtful Debts. As such, bad debts will not affect Revaluation Account. | ||
खातेवही
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उत्तर
| Revaluation Account | ||||
|---|---|---|---|---|
| Particulars | Amount (₹) | Particulars | Amount (₹) | |
| To Bad Debts written off | 5,000 | By Stock (Appreciated) | 1,500 | |
| To Provision for Doubtful Debts (New)* | 9,500 | By Provision for Doubtful Debts (Old) | 5,000 | |
| By Loss transferred to Capital A/cs: | ||||
| – A (8,000 × 3/4) | 6,000 | |||
| – B (8,000 × 1/4) | 2,000 | 8,000 | ||
| Total | 14,500 | Total | 14,500 | |
| Partners' Capital Accounts | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | A (₹) | B (₹) | C (₹) | Particulars | A (₹) | B (₹) | C (₹) |
| To Revaluation A/c (Loss) | 6,000 | 2,000 | - | By Balance b/d | 2,00,000 | 3,00,000 | - |
| To Balance c/d | 3,74,000 | 3,58,000 | 2,00,000 | By General Reserve (3 : 1) | 60,000 | 20,000 | - |
| By Premium for Goodwill | 1,20,000 | 40,000 | - | ||||
| By Bank A/c | - | - | 2,00,000 | ||||
| Total | 3,80,000 | 3,60,000 | 2,00,000 | Total | 3,80,000 | 3,60,000 | 2,00,000 |
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