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प्रश्न
Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 7 : 5. The balance sheet of the partners on 31.03.2018 is as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Computer | 40,000 | ||
| Anbu | 4,00,000 | Motor car | 1,60,000 | |
| Shankar | 3,00,000 | 7,00,000 | Stock | 4,00,000 |
| Profit and loss | 1,20,000 | Debtors | 3,60,000 | |
| Creditors | 1,20,000 | Bank | 40,000 | |
| Workmen compensation fund | 60,000 | |||
| 10,00,000 | 10,00,000 |
Rajesh is admitted for 1/5 share on the following terms:
- Goodwill of the firm is valued at ₹ 80,000 and Rajesh brought cash ₹ 6,000 for his share of goodwill.
- Rajesh is to bring ₹ 1,50,000 as his capital.
- Motor car is valued at ₹ 2,00,000; stock at ₹ 3,80,000 and debtors at ₹ 3,50,000.
- Anticipated claim on workmen compensation fund is ₹ 10,000
- Unrecorded investment of ₹ 5,000 has to be brought into account.
Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission.
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उत्तर
| Dr. | Revaluation Account | Cr. | |||
| Particulars | ₹ | ₹ | Particulars | ₹ | ₹ |
| To Stock | 20,000 | By Motor Car | 40,000 | ||
| To Debtors | 10,000 | By Unrecorded Investment | 5,000 | ||
| To Anbu Capital A/c | 8,750 | ||||
| Shankar Capital A/c | 6,250 | 15,000 | |||
| 45,000 | 45,000 | ||||
| Dr. | Capital Account | Cr. | |||||
| Particulars | Anbu | Shankar | Rajesh | Particulars | Anbu | Shankar | Rajesh |
| To Balance c/d | 5,11,419 | 3,79,581 | 1,50,000 | By Balance b/d | 4,00,000 | 3,00,000 | - |
| By Profit and Loss A/c | 1,70,000 | 50,000 | - | ||||
| By Workers compensation | 29,169 | 20,831 | - | ||||
| By Bank | - | - | 1,50,000 | ||||
| By Revaluation | 8,750 | 6,250 | - | ||||
| By Goodwill | 3,500 | 2,500 | - | ||||
| 5,11,419 | 3,79,581 | 1,50,000 | 5,11,419 | 3,79,581 | 1,50,000 | ||
Balance Sheet as on 31.03.2018
| Liabilities | ₹ | ₹ | Assets | ₹ | ₹ |
| Sundry Creditor | 1,20,000 | Computer | 40,000 | ||
| Workman compensation fund | 10,000 | Motorcar | 1,60,000 | ||
| Capital | (+) Revalued | 40,000 | 2,00,000 | ||
| Anbu Cap | 5,11,419 | Stock | 4,00,000 | ||
| Shankar Cap | 3,79,581 | (-) Revalued | 20,000 | 3,80,000 | |
| Rajesh Cap | 1,50,000 | 10,41,000 | Sundry Debtors | 3,60,000 | |
| (-) Revalued | 10,000 | 3,50,000 | |||
| Bank | 40,000 | ||||
| (+) Rajesh Cap | 1,50,000 | 1,90,000 | |||
| Investment Goodwill | 5,000 6,000 | ||||
| 11,71,000 | 11,71,000 |
APPEARS IN
संबंधित प्रश्न
The gradual and permanent decrease in the value of fixed assets due to any cause.
Answer the following question in one sentence.
What shows credit balance of revaluation account ?
A and B are partners in a firm sharing profits and losses in the ratio of 1:1. C is admitted. A surrenders `1/4`th share and B surrenders `1/5`th of his share in favor of C. Calculate the new profit sharing ratio.
Anika and Radhika are partners sharing profits in the ratio of 5:1. They decide to admit Sanika in the firm for `1/5`th share. calculate the sacrifice ratio of Anika and Radhika
What does the excess of debit over credits in the Profit and Loss Adjustment Account indicate?
Complete the following Table:
Normal Profit = __________ `xx "NRR"/ 100`
Sai and Shankar are partners, sharing profits and losses in the ratio of 5 : 3. The firm’s balance sheet as on 31st December, 2017, was as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ | ₹ |
| Capital accounts: | Building | 34,000 | |||
| Sai | 48,000 | Furniture | 6,000 | ||
| Shankar | 40,000 | 88,000 | Investment | 20,000 | |
| Creditors | 37,000 | Debtors | 40,000 | ||
| Outstanding wages | 8,000 | Less: Provision for bad debts | 3,000 | 37,000 | |
| Bills receivable | 12,000 | ||||
| Stock | 16,000 | ||||
| Bank | 8,000 | ||||
| 1,33,000 | 1,33,000 |
On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with ₹ 12,000 as capital subject to the following adjustments.
- Furniture is to be revalued at ₹ 5,000 and building is to be revalued at ₹ 50,000.
- Provision for doubtful debts is to be increased to ₹ 5,500
- An unrecorded investment of ₹ 6,000 is to be brought into account
- An unrecorded liability ₹ 2,500 has to be recorded now.
Pass journal entries and prepare the Revaluation Account and capital account of partners 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?
X and Y are partners in a firm with capital of ₹ 18,000 and ₹ 20,000. Z brings ₹ 10,000 for his share of goodwill, and he is required to bring proportionate capital for `1/3`rd share in profits. The capital contribution of Z will be ______.
