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What does creditors written back mean ? Is it a profit or loss , according to the answers of the previous question I asked it's a loss and the creditors would increase, but in the actual answer creditors are decreased and it's a profit
sacrificing ratio and gaining ratio.
accountancy solution of together with
A, B and C were in partnership sharing profits in proportion to their capitals Their Balancd Sheet on 31-03-2008 was as follows:
A's Capital: 90,000
B's Capital: 60,000
C's Capital: 30,00
less: Prov for doubtful debts 400 =19,600
On the above date B retired owing to ill health and the following adjustments were agreed upon
do you have the solutions of book S.C Sharma?
cbse questions of D.K goyal
plz show me accounting treatment of joint life policy and different methods of treating jlp at the time of retirement and death.
Pankaj, Naresh and Saurabh are partners sharing profits in the ratio of 3:2:1. Naresh retired from the firm due to his illness. On that date the Balance Sheet of the firm was as follows:
Books of Pankaj, Naresh and Saurabh
Balance Sheet as on March 31, 2007
Less: Provision for Doubtful Debt
Provision for Legal Damages
(i) Premises have appreciated by 20%, stock depreciated by 10% and provision for doubtful debts was to be made 5% on debtors. Further, provision for legal damages is to be made for Rs 1,200 and furniture to be brought up to Rs 45,000*.
(The amount of Rs 450 that is being given in the book for furniture is a mistake, as it should be Rs 45,000)
(ii) Goodwill of the firm be valued at Rs 42,000.
(iii) Rs 26,000 from Naresh’s Capital account be transferred to his loan account and balance be paid through bank; if required, necessary loan may be obtained from Bank.
(iv) New profit sharing ratio of Pankaj and Saurabh is decided to be 5:1.
Give the necessary ledger accounts and balance sheet of the firm after Naresh’s retirement.
how workmen compensation fund is treated if there is a liability in adj towards it
What is the difference between liability written off and written back , and what does unclaimed liability written off mean , it's a profit or loss ?
how to find sacrificing ratio of the partners
Nithya, Sathya and Mithya were partners sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet as on December 31, 2002 was as follows:
Books of Nithya, Sathya and Mithya
Balance Sheet at December 31, 2002
Mithya dies on May 1, 2002. The agreement between the executors of Mithya and the partners stated that:
(a) Goodwill of the firm be valued at times the average profits of last four years. The profits of four years were : in 1998, Rs 13,000; in 1999, Rs 12,000; in 2000, Rs 16,000; and in 2001, Rs 15,000.
(b) The patents are to be valued at Rs 8,000, Machinery at Rs 25,000 and Premises at Rs 25,000.
(c) The share of profit of Mithya should be calculated on the basis of the profit of 2002.
(d) Rs 4,200 should be paid immediately and the balance should be paid in 4 equal half-yearly instalments carrying interest @ 10%.
Record the necessary journal entries to give effect to the above and write the executor’s account till the amount is fully paid. Also prepare the Balance Sheet of Nithya and Sathya as it would appear on May 1, 2002 after giving effect to the adjustments.
how is executors account loan is prepare when it is given for equally installment?
what will be the entry of "bad debts amounted to Rs 2,000 were to be written off" in revaluation?????
Lalit, Madhur and Neena were partners sharing profits as 50%, 30% and 20%. On March 31st 2013 their Balance Sheet was as follows :
On this date, Madhur retired and Lalit and Neena agreed to continue on the following terms :
[a] The goodwill of the firm was valued at 51,000.
[b] There was a claim for workmen's compensation to the extent of 6,000.
[c] Investment were brought down to 15,000.
[d] Provision for bad debts was reduced by 1,000.
[e] Madhur was paid 10,300 in cash and the balance was transferred to his loan account payable in two equal instalments together with interest @ 12% p.a.
Prepare Revaluation A/C, Partner's capital Accounts and Madhur's loan A/C till the loan is finally paid off.
I need answer for TS grewal scanner questions. Chapter retirement . Meri book 2012 edition ki hai so quest no. alag hoga...still if u can help me...Three partners- vijay, vivek and vinay. Profit ratio- 2:2:1. It is under the topic "revaluation of assets n reassessment of liabilities..."
Pls tell me from where the bank balance of 22,920 has arisen? My b/s total differs by Rs. 400.
In order to be successful an organization must change its goals according to the needs of the environment. Which characteristic of management is highlighted in the statement?
give the journal entry to distribute ' WORKMEN COMPENSATION RESERVE' of Rs. 70,000 at the time of retirement of neeti when there is a claim of Rs. 25,000 against it. The firm has three partners raveena, neeti and rajat.
B is paid in full with the cash brought in by A and C in such a manner that their capitals are in proportion to their profit sharing ratio and Cash in Hand remains at rupees 10,000.what does it mean???
Question no 43 of TS Grewal. in this the bank balance in the answer is given 2,350 instead of 2,750 why ?
Reconstitution of a Partnership Firm --- Retirement/Death of a partnerNCERT numerical problem no.14Where is the solution.
IF BAD DEBTS IS A LIABILITY, THEN WHY IN -Q.NO.5 PG NO. 219- IT IS DEBITED IN REVALUATION A'C. IT HAS TO BE CR. NA BECAUSE IT IS A LIABILTY AND DECREASE IN THE VALUE OF LIAB. WILL B CR.?
What will be the entry of "out of insurance which was debited to the profit & loss A/c, Rs. 1500 be carried forward as unexpired insurance." in revaluation A/c??? also tell me the reason ...........
Sita , Geeta and Meeta were partners in a firm sharing profits in the ratio of 7:6:7. Geeta retired and her share was divided equally b/w sita and meeta. Calculate new profit - sharing ratio
Following is theBalance Sheet of Prateek, Rockeyand Kushal as on March 31, 2007.
Books of Prateek, Rockey and Kushal
Cash at Bank
Cash in Hand
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.
Explain the modes of
payment to a retiring partner.
The Balance Sheetof Rajesh, Pramod and Nishantwho were sharing profits in proportion to their capitals stood as on March 31,2007:
Books of Rajesh, Pramod and Nishant
Balance Sheet as on March 31, 2007
Plant and Machinery
Pramodretired on the date of Balance Sheet and the following adjustments were made:
a) Stock was valuedat 10% less than the book value.
b) Factorybuildings were appreciated by 12%.
c) Reserve fordoubtful debts be created up to 5%.
d) Reserve forlegal charges to be made at Rs 265.
e) The goodwill ofthe firm be fixed at Rs 10,000.
f) The capital ofthe new firm be fixed at Rs 30,000. The continuingpartners decide to keep their capitals in the new profit sharing ratio of 3:2.
Pass journalentries and prepare the balance sheet of the reconstituted firm aftertransferring the balance in Pramod’s Capital accountto his loan account.
at what rate is interest payable on the amount remaining unpaid to the executor of deceased partner?????
Q no. 47 of T.S Grewal [Retirement/Death of a Partner]Is there any one kind enough to help me solve this problem
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:
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.
Narang, Suri and Bajaj are partners in a firm sharing profits and losses in proportion of 1/2 , 1/6 and 1/3 respectively. The Balance Sheet on April 1, 2007 was as follows:
Books of Suri, Narang and Bajaj
Balance Sheet as on April 1, 2007
for Bad Debt
Bajaj retires from the business and the partners agree to the following:
a) Freehold premises and stock are to be appreciated by 20% and 15% respectively.
b) Machinery and furniture are to be depreciated by 10% and 7% respectively.
c) Bad Debts reserve is to be increased to Rs 1,500.
d) Goodwill is valued at Rs 21,000 on Bajaj’s retirement.
e) The continuing partners have decided to adjust their capitals in their new profit sharing ratio after retirement of Bajaj. Surplus/deficit, if any, in their capital accounts will be adjusted through current accounts.
Prepare necessary ledger accounts and draw the Balance Sheet of the reconstituted firm.
*In the given Question Suri’s Capital is Rs 30,000 instead of Rs 20,000.
retired partner's share of goodwill adjusted through the capital account of continuing partners in which ratio and why(in treatment of goodwill)
how to find gaining ratio
In TS grewal, pg 5.90 Sum no 29, i need the Revaluation A/c, Partners Capital A/c of M, N, O and the Balance Sheet of the firm on M's retirement..
Arti,Bharti and Seema arepartners sharing profits in the proportion of 3:2:1 and their Balance Sheet ason March 31, 2003 stood as follows:
Books of Arti, Bharti and Seema
Balance Sheet as on March 31, 2003
Bhartidied on June 12, 2003 and according to the deed of the said partnership, herexecutors are entitled to be paid as under:
(a) The capital toher credit at the time of her death and interest thereon @ 10% per annum.
(b) Herproportionate share of reserve fund.
(c) Her share ofprofits for the intervening period will be based on the sales during thatperiod, which were calculated as Rs 1,00,000. The rateof profit during past three years had been 10% on sales.
(d) Goodwillaccording to her share of profit to be calculated by taking twice the amount ofthe average profit of the last three years less 20%. The profits of theprevious years were:
2001 – Rs 8,200
2002 – Rs 9,000
2003 – Rs 9,800
The investmentswere sold for Rs 16,200 and her executors were paid out. Pass the necessaryjournal entries and write the account of the executors of Bharti.
Puneet, Pankaj and Pammy are partners in a business sharing profits and losses in the ratio of 2:2:1 respectively. Their balance sheet as on March 31, 2007 was as follows:
Books of Puneet, Pankaj and Pammy
Cash at Bank
Mr. Pammy died on September 30, 2007. The partnership deed provided the following:
The deceased partner will be entitled to his share of profit up to the date of death calculated on the basis of previous year’s profit.
He will be entitled to his share of goodwill of the firm calculated on the basis of 3 years’ purchase of average of last 4 years’ profit. The profits for the last four financial years are given below: for 2003–04; Rs 80,000; for 2004–05, Rs 50,000; for 2005–06, Rs 40,000; for 2006–07, Rs 30,000.
The drawings of the deceased partner up to the date of death amounted to Rs 10,000. Interest on capital is to be allowed at 12% per annum.
Surviving partners agreed that Rs 15,400 should be paid to the executors immediately and the balance in four equal yearly instalments with interest at 12% p.a. on outstanding balance.
Show Mr. Pammy’s Capital account, his Executor’s account till the settlement of the amount due.
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