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प्रश्न
What are the journal entries to be passed on revaluation of assets and liabilities?
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उत्तर
| Date | Particulars | L.F. | Debit | Credit |
| 1) For the increase in the value of assets Concerned Assets A/c ...........Dr. To Revaluation A/c |
xxx - |
- xxx |
||
| 2) For decrease in the value of asset Revaluation A/c ..........Dr. To Concerned asset A/c |
xxx - |
- xxx |
||
| 3) For increase with the amount of liabilities Revaluation A/c ............Dr. To Concerned liability |
xxx - |
- xxx |
||
| 4) For decrease in the amount of liabilities Concerned liability A/c ................Dr. To Revaluation A/c |
xxx - |
- xxx |
||
| 5) For recording an in recorded asset Concerned asset A/c ........Dr. To Revaluation A/c |
xxx - |
- xxx |
||
| 6) For recording an in recorded liability Revaluation A/c ...........Dr. To Concerned liability |
xxx - |
- xxx |
||
| 7) For transfering the balance in the revaluation | ||||
|
(a) If there is profit on revaluation. |
xxx - |
- xxx |
||
| (b) If there is loss in revaluation old partners. Capital A/c .........Dr. To Revaluation A/c (individually in old ratio) |
xxx - |
- xxx |
APPEARS IN
संबंधित प्रश्न
Write the word/term or phrase which can substitute the following statement.
Credit balance on revaluation account.
State 'True' or 'False'
Profit on revaluation account is distributed between the old partners on admission of a partner.
Write a word/phrase/term which can substitute the following statement.
An account that is debited when the partner takes over the asset.
Pramod and Vinod are partners sharing profits and losses in the ratio of 3:2. After the admission of Ramesh the new ratio of Pramod, Vinod and Ramesh is 4:3:2. Find out the sacrifice ratio.
_____________ =`"Total profit"/"Number of years"`
Seenu and Siva are partners sharing profits and losses in the ratio of 5 : 3. In view of Kowsalya admission, they decided
- To increase the value of building by ₹ 40,000.
- To bring into record investments at ₹ 10,000, which have not so far been brought into account.
- To decrease the value of machinery by ₹ 14,000 and furniture by ₹ 12,000.
- To write off sundry creditors by ₹ 16,000.
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.
Rajan and Selva are partners sharing profits and losses in the ratio of 3 : 1. Their balance sheet as on 31st March 2017 is as under:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Building | 25,000 | ||
| Rajan | 30,000 | Furniture | 1,000 | |
| Selva | 16,000 | 46,000 | Stock | 20,000 |
| General reserve | 4,000 | Debtors | 16,000 | |
| Creditors | 37,500 | Bills receivable | 3,000 | |
| Cash at bank | 12,500 | |||
| Profit and loss account | 10,000 | |||
| 87,500 | 87,500 |
On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:
- Ganesan brings ₹ 10,000 as capital for 1/5 share of profit.
- Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
- Appreciate buildings by 20%.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.
Navya and Radhey were partners sharing profits and losses in the ratio of 3 : 1. Shreya was admitted for 1/5th share in the profits. Shreya was unable to bring her share of goodwill premium in cash. The journal entry recorded for goodwill premium is given below:
| Date | Particulars | LF | Debit (₹) | Credit (₹) |
| Shreya’s Current A/c ...Dr. | 24,000 | |||
| To Navya’s Capital A/c | 8,000 | |||
| To Radhey’s Capital A/c | 16,000 | |||
| (Being entry for goodwill treatment passed) |
The new profit-sharing ratio of Navya, Radhey and Shreya will be ______.
