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Keta asked a question
Subject: Accountancy, asked on on 21/12/13
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Subject: Accountancy, asked on on 15/8/15
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Subject: Accountancy, asked on on 20/8/15
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Subject: Accountancy, asked on on 11/8/16
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Subject: Accountancy, asked on on 18/1/19
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Subject: Accountancy, asked on on 7/1/16
Drama Diva asked a question
Subject: Accountancy, asked on on 10/2/15
A, B & C are in partnership sharing profits in the ratio 5:3:2. The balance sheet of the firm as on 31st march 2014 was as follows:

Liabilities Rs. Assets Rs
Capital accounts bills receivables 15,000
A 40,000 machinery 82,000
B 61,000 furniture 4,000
C 24,000 debtors 70,000
Reserve 40,000 less: provision 3,000 67,000
Sundry creditors 50,000 stock 20,000
Profit and loss A/c 28,000 cash at bank 50,000
Bills payable 5,000 Advertisement suspense A/c 10,000
2,48,000 2,48,000



on 1st april 2014, B retires & A & C continued in partnership sharing profits and losses in the ratio 3:2. it was agreed that following adjustments were to be made on retirement of B:
A) The machinery was to be revalued at Rs.85,000
b) The stock was to be reduced by Rs.1,000
c) The furniture was to be reduced to Rs.1,600.
d) The provision for doubtful debts would be ^%
e) A provision of Rs.800 was to be made to outstanding expenses.
f) A liability n account of damages of Rs.7,000 included in creditors is settled at Rs.12,000.
The partnership agreement provides that in case of retirement of partner goodwill was to be valued at 3yrs purchase of a average profits which wRs.10,000but no goodwill is to be raised.
B was paid in full. A & C were to deposit such an amount in bank so as to make their capitals proportionate to the new profit sharing ratio, subject to the condition that a bank balance of Rs.40,000 was to be maintained as working capital.
Required: prepare revaluation account, partners capital account and balance sheet after retirement.
Jaidev asked a question
Subject: Accountancy, asked on on 6/3/17
Harry Sharma asked a question
Subject: Accountancy, asked on on 6/2/18
Can Any please Make the Capital Account..

Q19. Lokesh, Mansoor and Nihal  were partners in a firm sharing profit as 50%, 30% and 20% respectively. On 31st March, 2014, their Balance Sheet was as follows :
          
Liabilities   Rs.  Assets  Rs.
 Creditors
Provident Fund
Investment Fluctuation Fund
Capital A/c Lokesh                  1,40,000
                   Masoor                      80,000
                   Nihal                          50,000
  34,000
  10,000
  20,000


2,70,000
Cash
Stock
Debtors                   98,000
Less : Provision        6,000
Investment 
Goodwill
Profit and Loss
  68,000
  38,000

   88,000
   80,000
   40,000
   20,000
  3,34,000   3,34,000

     On the above date, Mansoor retired and Lokesh and Nihal agreed to continue on the following terms :

     (i) Firm's goodwill was valued at Rs. 1,02,000 and it was decided to adjust Mansoor's share of goodwill into the Capital Accounts of the continuing partners.

    (ii) There was a claim for Workmen's Compensation to the extent of Rs. 12,000 and  investments were brought down to Rs, 30,000.

    (iii) Provision for Bad Debts was to be reduced by Rs.2,000.

    (iv) Mansoor was to be paid Rs. 20,600 in cash and the balance will be transferred to his Loan Account which was paid in two equal instalments together with interest @10% per annum.

    (v) Lokes's and Nihal's capital were to be adjusted in their new profit-sharing ratio by bringing in or paying off cash as the case may be.

     Prepare Revaluation Account and Partners' Capital Accounts.
 
Dean Wen asked a question
Subject: Accountancy, asked on on 17/9/16

 

Digvijay, Brijeshand Parakaram were partners in a firm sharing profits in the ratio of 2:2:1.Their Balance Sheet as on March 31, 2007 was as follows:

 

Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

49,000

Cash

8,000

Reserves

18,500

Debtors

19,000

Digvijay’s Capital

82,000

Stock

42,000

Brijesh’s Capital

60,000

Buildings

2,07,000

Parakaram’s Capital

75,500

Patents

9,000

 

2,85,000

 

2,85,000

 

 

 

 

 

Brijesh retired onMarch 31, 2007 on the following terms:

(i)    Goodwill of the firm was valued at Rs70,000 and was not to appear in the books.

(ii)   Bad debts amounting to Rs 2,000 were to bewritten off.

(iii)  Patents were considered as valueless.

Prepare RevaluationAccount, Partners’ Capital Accounts and the Balance Sheet of Digvijay andParakaram after Brijesh’s retirement.

 

 

Shubham Jayswal asked a question
Subject: Accountancy, asked on on 28/6/10
Thahseen asked a question
Subject: Accountancy, asked on on 13/8/18
Sean Chan asked a question
Subject: Accountancy, asked on on 17/9/16

 

Following is theBalance Sheet of Prateek, Rockeyand Kushal as on March 31, 2007.

 

Books of Prateek, Rockey and Kushal

 

 

Balance Sheet as on March 31, 2007

 

 

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

16,000

Bills Receivable

16,000

General Reserve

16,000

Furniture

22,600

Capital Accounts:

 

Stock

20,400

Prateek

30,000

 

Sundry Debtors

22,000

Rockey

20,000

 

Cash at Bank

18,000

Kushal

20,000

70,000

Cash in Hand

3,000

 

1,02,000

 

1,02,000

 

 

 

 

 

Rockeydied on June 30, 2007. Under the terms of the partnership deed, the executorsof a deceased partner were entitled to:

a) Amount standingto the credit of the Partner’s Capital account.

b) Interest oncapital at 5% per annum.

c) Share ofgoodwill on the basis of twice the average of the past three years’ profit and

d) Share of profitfrom the closing date of the last financial year to the date of death on thebasis of last year’s profit.

Profits for theyear ending on March 31, 2005, March 31, 2006 and March 31, 2007 were Rs12,000, Rs 16,000 and Rs 14,000 respectively. Profits were shared in the ratioof capitals.

Pass the necessaryjournal entries and draw up Rockey’s capital accountto be rendered to his executor.

 

 

Shrusti Nanda asked a question
Subject: Accountancy, asked on on 15/6/10
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Subject: Accountancy, asked on on 27/11/15
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Subject: Accountancy, asked on on 21/6/10
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