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What are the factors affecting goodwill?
Explain various methods
of valuation of goodwill.
Meaning of Undervalued and Overvalued (in case of an asset) and its treatment. Also are liabilities undervalued, overvalued too?
what is aims and objectives of admission of partners
what is the treatment for investment fluctuation fund in partnership
expenses on revaluation amounted to 2100 is paid by A.. this is a loss and hence debited to revaluation account but why is this a loss?
Why are assets and liabilities revalued at the time of admission of a partner? By revaluing the assets and liabilities dont we violate Going concern and Cost concept??
what are the provision of as-26 for the treatment of goodwill at the time of admission of a new partner ?
sir my book is of B.B. dam new course of AHSEC PART A THEORY ND PRACTICE OF ACCOUNTANCY in this book chapter 3 i cant find exercise question of pg no.3.149 plz sir tell me where i got the answers?
why is revaluation a/c prepared when we make the balance sheet as per all the adjustments
of the last year
admission of a partner question with solution?
amalgamation of partnership firms means?
what does exactly 'number of year purchase' mean in the valuation of goodwill?
give any two reasons for the prepartion of revaluation account on the admission of a new parter.
is there any difference between average profit or average super profit
pls give solutions of dk goel accountancy ch 4 fast
Ishu and Vishu are partners sharing profits in the ratio of 3:2. Their balance sheet as on 31st March, 2009 was as follows:
Cash at bank
Debtors 42,000 (Provision for (7,000) doubtful debt)
Investment fluctuation fund
Investments(market price Rs.19,000)
Ishu 1,19,000 Vishu 1,12,000
Plant and machinery
Nishu was admitted on that date for 1/6th share in rge following terms:
1. Nishu will bring Rs.56,000 as his share of capital.
2. Goodwill of the firm is valued at Rs.84,000 and Nishu will bring his share of goodwill in cash.
3. Plant and machinery be appreciated by 20%.
4. All debtors are good.
5. There is a liability of Rs.9,800 included in sundry creditors that is not likey to arise.
6. Capitals of Ishu and Vishu will be adjusted on the basis of Nishu's capital and any excess or deficiency will be made by withdrawing or bringing in cash by the concerned partners.
Prepare revaluation account, partners capital account and the balance sheet of the firm after the above adjustments.PLEASE I REQUIRE THE ANSWER IMMEDIATELY.
x,y,z are partners in the ratio of 3:2:1. W is admitted for 1/6th share in profits . Z would retain his original share. Find out the new profit sharing ratio.
........please explain me this question as best as you can
stock is undervalued by 10% the amount of stock is 18000.
How come in revaluation its written 2000 ?
lease give me solution of 85 question in dr.s.c sharma as i am not getting goodwill.
Q. 20. Alfa arid Beta were partners in a firm. They were trading in artificial limbs.
On 1st april 2013 they admitted Gama, a goad friend oF beta into the partnership. Gama lost his one
hand in an accident and Alfa an d beta dccided to give one artilifical hand free of cost to Gama . Their Balance sheet of Alfa and beta as on 31 mar 2013 was as follows;
A provision for doubtful debts was to be made equal to 5% of the debtors??? what does it mean how to treat this??balance sheet-asset side- debtors-30,000.
What is the meaning of Undervalued and Overvalued?????
The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of respectively.
Land and Buildings
They agreed to take Deepak into partnership and give him a share of 1/8 on the following terms:
(a) that Deepak should bring in Rs 4,200 as goodwill and Rs 7,000 as his Capital;
(b) that furniture be depreciated by 12%;
(c) that stock be depreciated by 10% ;
(d) that a Reserve of 5% be created for doubtful debts;
(e) that the value of land and buildings having appreciated be brought upto Rs 31,000;
(f) that after making the adjustments the capital accounts of the old partners (who continue to share in the same proportion as before) be adjusted on the basis of the proportion of Deepak’s Capital to his share in the business, i.e., actual cash to be paid off to, or brought in by the old partners as the case may be.
Prepare Cash Account, Profit and Loss Adjustment Account (Revaluation Account) and the Opening Balance Sheet of the new firm.
Creditors were written back Rs. 5000.Which side of the Revaluation a/c will this adjustment fall in?
Creditors were written back Rs. 5000.
Which side of the Revaluation a/c will this adjustment fall in?
how to treat bank overdraft?
A sum on partnership with journal , ledger, trial balance, trading, profit & loss, profit & loss appropriation ,balance sheet & partner's capital account.
solution ts grewal grade 12 admission of partner q95 sollution
Ashish and Dutta were partners in a firm sharing profits in 3:2 ratio. On Jan. 01, 2007 they admitted Vimalfor 1/5 share in the profits. The Balance Sheet of Ashishand Dutta as on Jan. 01, 2007 was as follows:
Balance Sheet of A and B as on 1.1.2007
Land & Building
Less : Provision
It wasagreed that:
i) The value ofLand and Building be increased by Rs 15,000.
ii)The value of plant be increased by 10,000.
iii)Goodwill of the firm be valued at Rs 20,000.
iv) Vimal to bring in capital to the extent of 1/5th of thetotal capital of the new firm.
Record the necessary journalentries and prepare the Balance Sheet of the firm after Vimal’sadmission.
How to treat the following adjustment.
-Provision for bad debt found in excess by 400 Rs.
How is a new partner admitted?
treatment of provident fund if dere is a liability againt it.......nd emloyees provident fund is also present in liability side ??
Is workmens compensation fund to be distributed among partners in capital ac during admission/retirement/death when making revaluation ,capital a/c and balance sheet? What about workmen compensation reserve? Please answer proffessor :)
what is the journal entry for : creditors were written back Rs5000. and why ?
accordind to a question,15% othe General Reserve is to remain as a provision against doubtful debts( General Reserve - Rs.10,000).How to do it?
NCERT SOLVED QUESTION NO 120 OF ACCOUNTANCY DK GOEL
what is the differnce between bank loan and bank overdraft?IS there any difference in their accouning treatment?
A nd B are partners sharing profits and losses in the ratio 3:1. On 1st april 2012 their balance sheet was as follows."
Liabilities = Sundry creditors- 70000; Capital a/cs- A - 200000, B- 80000; TOTAL= 350000.
Assets= Goodwill- 20000; plant- 100000; patents- 10000; stock- 142000,; Sundry debtors- 50000; cash ta bank- 8000; profit and loss account- 20000. Total- 350000.
They admit C into partnership with 1/6th share in profits on the following terms:
(a). Goodwill is to be valued at one’s year purchase of the five years’ average profit which were Rs.20000; Rs.30000 ; Rs.30000; rs.50000 and Rs.50000.
(b). C agrees to contribute 1/4th of the combined capital of A and B in the new firm.
( c ). Plant is to be written down to Rs.90000 and patents written up to Rs.12000.
(d). A reserve for bad and doubtful debts is to be created @2%p.a. of the debtors.
( e). A liability of Rs.5000 included in sundry creditors is not likely to arise.
Give journal entries, revaluation account, partners capital account, cash account and balance sheet after the admission of C.
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