Advertisements
Advertisements
प्रश्न
Revaluation A/c is a _________.
पर्याय
Real A/c
Nominal A/c
Personal A/c
Impersonal A/c
Advertisements
उत्तर
Revaluation A/c is a Nominal A/c.
APPEARS IN
संबंधित प्रश्न
Shanti, Samadhan and Sangarsh were sharing profits and losses in the ratio of 7: 5: 4. Their balance sheet as on 31st .03.2013 was as follows:
|
Liabilities
|
Amount
|
Assets
|
Amount
|
|
Capitals:
|
Furniture
|
17000
|
|
|
Shanti
|
23000
|
Machinery
|
18000
|
|
Samadhan
|
15000
|
Building
|
16000
|
|
Sangharsh
|
12000
|
Cash
|
37000
|
|
Bills Payable
|
4000
|
||
|
Creditors
|
8000
|
||
|
Loan
|
10000
|
||
|
General Reserve
|
16000
|
||
|
88000
|
88000
|
The stock showed in Balance Sheet → Stock undervalued by 20% → Cost of Stock
₹1,60,000 → __________→ __________
Amalendu and Sameer share profits and losses in the ratio 3:2 respectively Their balance sheet as on 31st March 2017 was as under.
Balance Sheet as on 31st March 2017
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Sundry Creditors | 10,000 | Cash at bank | 12,000 |
| Amlendu capital | 60,000 | Sundry debtors | 24,000 |
| Sameer capital | 40,000 | Land & Building | 50,000 |
| General reserve | 20,000 | Stock | 16,000 |
| Plant and machinery | 20,000 | ||
| Furniture & fixture | 8,000 | ||
| 1,30,000 | 1,30,000 |
On 1st April 2017, they admit Paresh into partnership. The term being that:
- He shall pay ₹16,000 as his share of Goodwill 50% amount of Goodwill shall be withdrawn by the old partners.
- He shall have to bring in ₹ 20,000 as his Capital for 1/4 share in future profits.
- For the purpose of Paresh’s admission, it was agreed that the assets would be revalued as follows.
A) Land and Building is to be valued at ₹ 60,000
B) Plant and Machinery to be valued at ₹ 16,000
C) Stock valued at ₹ 20,000 and Furniture and Fixtures at ₹ 4,000.
D) A Provision of 5% on Debtors would be made for Doubtful Debts.
Pass the necessary Journal Entries in the Books of a New Firm.
Mr. Deep & Mr. Karan were in Partnership sharing Profits & Losses in the proportion of 3:1 respectively. Their Balance Sheet On 31st March 2018 Stood as follows.
| Balance Sheet as on 31st March, 2018 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Sundry Creditors | 40,000 | Cash | 40,000 | ||
| Bill Payable | 10,000 | Sundry debtors | 32,000 | ||
| Bank Overdraft | 11,000 | Land & Building | 16,000 | ||
| Capital A/c: | Stock | 20,000 | |||
| Deep | 60,000 | Plant and machinery | 30,000 | ||
| Karan | 20,000 | 80,000 | Furniture | 11,000 | |
| General Reserve | 8,000 | ||||
| 1,49,000 | 1,49,000 | ||||
They admit Shubham into Partnership on 1 April 2018 The term being that:
- He shall have to bring in ₹ 20,000 as his capital for 1/5 Share in future profits & 10,000 as his share of Goodwill.
- A Provision for 5% doubtful debts to be created on Sundry Debtors.
- Furniture to be depreciated by 20%
- Stock should be appreciated by 5% and Building be appreciated by 20%
- Capital A/c of all partners be adjusted in their new profit sharing ratio through cash account.
Prepare Profit and Loss Adjustment A/c, Partner’s Capital A/c, Balance sheet of the new firm.
On revaluation, the increase in the value of assets leads to _________.
At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of __________.
Hari, Madhavan and Kesavan are partners, sharing profits and losses in the ratio of 5 : 3 : 2. As from 1st April 2017, Vanmathi is admitted into the partnership and the new profit sharing ratio is decided as 4 : 3 : 2 : 1. The following adjustments are to be made.
- Increase the value of premises by ₹ 60,000.
- Depreciate stock by ₹ 5,000, furniture by ₹ 2,000 and machinery by ₹ 2,500.
- Provide for an outstanding liability of ₹ 500.
Pass journal entries and prepare a revaluation account.
Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7 : 5. Their balance sheet as on 31st March, 2019, is as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Land | 80,000 | ||
| Amal | 70,000 | Furniture | 20,000 | |
| Vimal | 50,000 | 1,20,000 | Stock | 25,000 |
| Sundry creditors | 30,000 | Debtors | 30,000 | |
| Profit and loss A/c | 24,000 | Debtors | 19,000 | |
| 1,74,000 | 1,74,000 |
Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of ₹ 30,000 for 1/3 share in the future profit subject to the following adjustments.
- Stock to be depreciated by ₹ 5,000
- Provision for doubtful debts to be created for ₹ 3,000
- Land to be appreciated by ₹ 20,000
Prepare revaluation account and capital account of partners after admission.
The following is the balance sheet of James and Justina as on 1.1.2017. They share the profits and losses equally
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Building | 70,000 | ||
| James | 40,000 | Stock | 30,000 | |
| Justina | 50,000 | 90,000 | Debtors | 20,000 |
| Creditors | 35,000 | Bank | 15,000 | |
| Reserve fund | 15,000 | Prepaid insurance | 5,000 | |
| 1,40,000 | 1,40,000 |
On the above date, Balan is admitted as a partner with a 1/5 share in future profits. Following are the terms for his admission:
- Balan brings ₹ 25,000 as capital.
- His share of goodwill is ₹ 10,000 and he brings cash for it.
- The assets are to be valued as under:
Building ₹ 80,000; Debtors ₹ 18,000; Stock ₹ 33,000
Prepare necessary ledger accounts and the balance sheet after admission.
