Advertisements
Advertisements
प्रश्न
Aman and Vinod are partners in a firm. Their Balance Sheet showed:
Gross Debtors: ₹ 1,52,000
Provision for doubtful debts: ₹ 1,000
On Milin’s admission as a new partner, the assets and liabilities are to be revalued as:
- Unaccounted accrued income of ₹ 10,000 to be provided for.
- Bills Payable of ₹ 10,000 which were recorded, to be discharged at a rebate of 10%.
- Debtors of ₹ 2,000 to be irrecoverable.
- Provision for doubtful debts to be provided @ 2% of the debtors.
What is the net effect of revaluation of assets and liabilities?
Advertisements
उत्तर
Given:
Gross Debtors = ₹ 1,52,000
Irrecoverable Debtors = ₹ 2,000
∴ Net Debtors = ₹ 1,52,000 − ₹ 2,000
= ₹ 1,50,000
Provision = `₹ 1,50,000 xx 2/100`
= ₹ 3,000
Additional provision needed = ₹ 3,000 − ₹ 1,000
= ₹ 2,000
Net effect on revaluation:
Net Increase in Assets = ₹ 10,000 − ₹ 2,000 − ₹ 2,000
= ₹ 6,000
Net decrease in liabilities = ₹ 1,000
Total net effect = ₹ 6,000 + ₹ 1,000
= ₹ 7,000
∴ Net gain of ₹ 7,000
संबंधित प्रश्न
State 'True' or 'False'
The new partner must pay his share of goodwill in cash only.
State ‘True’ or ‘False’:
If the goodwill account raised up, goodwill account is debited.
Madan and Gopal are partners sharing profits in the ratio of 3 : 2. They admit Sooraj for 1/3rd share in profits on 1st April, 2019. They also decide to share future profits equally. Goodwill of the firm was valued at ₹ 5,50,000. Goodwill existed in the books of account at ₹ 1,00,000, which the partners decide to carry forward.
Sooraj is unable to bring his share of goodwill. Pass the necessary Journal entries on admission of Sooraj, if:
(a) Goodwill is not to be raised and written off; and
(b) Goodwill is to be raised and written off.
Find the Odd one.
What is the super profit method of calculation of goodwill?
State the ratio in which the old partner’s Capital A/c will be credited for goodwill when the new partner does not bring his share of goodwill in cash?
When the new partner is admitted goodwill can be treated in how many ways?
Hem and Nern are partners in firm sharing profits in the ratio of 3:2. Their capitals were Rs. 80,000 and Rs. 50,000 respectively. They admitted Sam on Jan. 1 2019 as a new partner for 1/5 share in the future profits. Sam brought Rs. 60,000 as his capital. Calculate the value of goodwill of the firm.
How is Goodwill of the firm created?
Choose the components required to calculate goodwill of a firm by capitalisation of average profits method.
P: The normal profits of a similar firm in the industry.
Q: The average profits of the firm.
R: The number of years purchase.
S: The actual capital employed in the business.
