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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 |
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संबंधित प्रश्न
Select the most appropriate answer from the alternative given below and rewrite the sentence.
Account is debited when unrecorded liability is brought into business.
Write a word/phrase/term which can substitute the following statement.
Profit and Loss Account balance appearing on the liability side of the Balance Sheet.
Find the Odd one.
On revaluation, the increase in the value of assets leads to _________.
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.
What would be the journal entry of when excess capital was withdrawn by the partner?
Karan and Saran are partners in a partnership. They admitted Mohit as a new partner for `1/4`th share in profits.
| Balance Sheet [Extract] | |||
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
| Creditors | 25,000 | ||
If 5% of creditors are not likely to claim their dues, what amount of creditors will be shown in the Balance Sheet on Mohit's admission?
If at the time of admission, there is some unrecorded liability, it will be:
The following is the Balance Sheet of Vivaan and Vihaan sharing Profits and Losses in the ratio of 3 : 2 as on 31 March, 2023.
| Balance Sheet as on 31st March, 2023 | ||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Capital Accounts: | Building | 1,08,000 | ||
| Vivaan | 1,20,000 | Plant and Machinery | 90,000 | |
| Vihaan | 1,50,000 | Stock | 72,000 | |
| Sundry Creditors | 90,000 | Debtors | 63,000 | 60,000 |
| Bank Overdraft | 15,000 | Less: R.D .D. | 3,000 | |
| Bank | 30,000 | |||
| Investments | 15,000 | |||
| 3,75,000 | 3,75,000 | |||
On 1-4-2023, Prihaan is admitted on the following terms:
(1) He is to pay ₹ 1,50,000 as his capital and ₹ 60,000 as his share of Goodwill.
(2) The new profit sharing ratio is to be 5 : 3 : 2.
(3) The assets are to be revalued as under:
Building ₹ 1,50,000, Plant and Machinery ₹ 72,000.
(4) R.D.D. to be increased up to ₹ 6,000
(5) The old partners decided to keep half of the amount of goodwill in the business.
(6) Sundry creditors are to be revalued at ₹ 99,000.
Prepare Revaluation Account, Capital Accounts of Partners and Balance Sheet of new [um.
Seeta and Geeta share profits and losses in the ratio of 3:2 in Partnership Firm. Their Balance Sheet as on 31st March, 2020 was as under:
Balance Sheet as on 31st March, 2020
| Liabilities | Amount (₹) | Assets | Amount (₹) | ||
| Capitals: | 40,500 | Bank | 11,250 | ||
| Seeta | 22,500 | Bills Receivable | 5,700 | ||
| Geeta | 18,000 | Debtors | 31,200 | 30,000 | |
| Creditors | 18,750 | (-) R.D.D. | 1,200 | ||
| Biil Payable | 15,000 | Stock | 18,000 | ||
| Bank Loan | 24,000 | Furniture | 7,050 | ||
| General Reserve | 3,750 | Machinery | 7,500 | ||
| Building | 22,500 | ||||
| 1,02,000 | 1,02,000 |
On 1st April, 2020 they admitted Reeta on the following terms:
- For half (1/2) share in future profit Reeta should bring ₹ 15,000 as capital and ₹ 7,500 for goodwill in cash.
- Furniture should be appreciated up to ₹ 8,025 and building be appreciated by 20%.
- R.D.D. is to be maintained at ₹ 1,500.
- The stock is to be reduced by 10% and machinery depreciated by 5%.
- Half of amount of goodwill is withdrawn by old partners.
Pass the necessary Journal Entries in the books of the firm.
