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Dorothy Tay asked a question
Subject: Accountancy, asked on on 17/9/16

 

The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of  respectively.

 

Liabilites

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

 

9,000

Land and Buildings

24,000

Bills Payable

 

3,000

Furniture

3,500

Capital Accounts

 

 

Stock

14,000

 

Arun

19,000

 

Debtors

12,600

 

Bablu

16,000

 

Cash

900

 

Chetan

8,000

43,000

 

 

 

 

55,000

 

55,000

 

 

 

 

 

 

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.

 

 

Subash Sahu asked a question
Subject: Accountancy, asked on on 16/6/14
Ramakrishnan Venkateswaran asked a question
Subject: Accountancy, asked on on 5/5/18
​q 62 answer plz

Q62. Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2018. A and B share profit and losses in the ratio of 2 : 1.

                                BALANCE SHEET OF A AND B as at 31st March, 2018
    
Liabilities  Amount  Assets Amount 
Bills Payable 
Creditors
Outstanding Expenses
Capital A/cs:
A                      1,80,000
B                      1,50,000
  10,000
  58,000
    2,000


3,30,000
Cash in Hand
Cash at Bank
Sundry Debtors 
Stock
Plant 
Building
   10,000
   40,000
   60,000
   40,000
1,00,000
1,50,000
  4,00,000   4,00,000
 
   C is admitted as a partner on the date of the Balance Sheet on the following terms:

    (a) C will bring in Rs. 1,00,000 as his capital and Rs.60,000 as his share of goodwill for 1/4 th share in the profits.

    (b) Plant is to be appreciated to Rs.1,20,000 and the value of building is to be appreciated by 10%.

    (c) Stock is found overvalued by Rs. 4,000.

    (d) A provision for doubtful debts is to be created at 5% of sundry debtors.

    (e) Creditors were unrecorded to the extent of Rs. 1,000.

  Pass the necessary Journal entries, prepare the Revaluation Account and Partners's Capital Accounts and show the Balance Sheet after the admission of C.
                                                                               [Ans : Gain of Revaluation – Rs. 27; 000; Capital A/cs : A – Rs.2,38,000; B – Rs. 1,79,000; C– Rs.1,00,000; Balance Sheet Total – Rs. 5,88,000]
 
Sunil Dosi asked a question
Subject: Accountancy, asked on on 3/6/13
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Subject: Accountancy, asked on on 29/10/13
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Subject: Accountancy, asked on 4 days, 7 hours ago
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Subject: Accountancy, asked on on 24/6/18
Taufiq Toh asked a question
Subject: Accountancy, asked on on 17/9/16

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

 

Liabilites

Amount

Rs

Assets

Amount

Rs

Creditors

15,000

Land & Building

35,000

Bills Payable

10,000

Plant

45,000

Ashish Capital

80,000

Debtors

22,000

 

Dutta’s Capital

35,000

Less : Provision

2,000

20,000

 

 

Stock

35,000

 

 

Cash

5,000

 

1,40,000

 

1,40,000

 

 

 

 

 

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.

 

 

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