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Olivia Roy asked a question
Subject: Accountancy, asked on on 1/6/16
Y.s asked a question
Subject: Accountancy, asked on 2 weeks, 5 days ago
Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. The balance sheet of the firm as on 31st March 2018 was as follows:
Balance Sheet As at 31.3.2018
Liabilities                               Amt(₹)          Assets                         Amt(₹)
Sundry creditors                  50,000           Furniture                      60,000
Bills payable                         30,000           Stock                           1,40,000
Capitals:                                                       Debtors                         80,000
Gautam         4,00,000                                Cash in hand               90,000
Yashica         1,00,000       5,00,000           Machinery                 2,10,000
                                             5,80,000                                              5,80,000
Asma is admitted as a partner for 3/8th share in the profits with a capital of ₹2,10,000 and ₹50,000 for her share of goodwill. It was decided that:
i. New profit sharing ratio will be 3:2:3
ii. Machinery will depreciated by 10% and Furniture by ₹5,000.
iii. Stock was re-valued at ₹ 2,10,000.
iv. Provision for doubtful debts is to be created at 10% of debtors.
v. The capitals of all the partners were to be in the new profit sharing ratio on basis of capital of new partner any adjustment to be done through current accounts.
Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm.
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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.

 

 

Celina asked a question
Subject: Accountancy, asked on on 11/7/19
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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 on 18/7/12
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.

 

 

Aditya Raj asked a question
Subject: Accountancy, asked on on 10/7/17
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