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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
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
sacrificing ratio and gaining ratio.
X.Y and Z are in partners sharing profits in the ratio of 5:3:2.Their balance sheet on 1.1.10 the yY decided to retire was as follows:-
X's capital 30000 Building 25000
Y's capital 20000 Plant and Machinery 15000
Z's capital 20000 Investment 10000
General Reserve 10000 Joint Life Policy 15000
creditors 7000 Debtors 10000
Bills Payable 3000 Stock 5000
the terms of retirement are:-
(a)Y sells share of goodwill to X for Rs.8000 and to Z for Rs.4000
(b)Stock to be appreciated by 20% and building by 5000
(c)J.L.P was surrendered to the insurance co. for Rs.7000 and investment were sold for 22000
(d)Y is paid off in cash
prepare revaluation a/c,capital a/c of partners and balance sheet.
do you have the solutions of book S.C Sharma?
cbse questions of D.K goyal
how workmen compensation fund is treated if there is a liability in adj towards it
plz show me accounting treatment of joint life policy and different methods of treating jlp at the time of retirement and death.
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
Capitals : Vinod
how is executors account loan is prepare when it is given for equally installment?
The Balance – Sheet of A, B and C who are sharing profits in the ratio of 2:3:1 as at 31st March,2005 is given below:
LIABILITIES AMOUNT ASSETS AMOUNT
Capitals: Goodwill 12,000
A 1,00,000 Land and Building 2,50,000
B 2,00,000 Investments 50,000
C 3,00,000 6,00,000 Stock 80,000
Workmen comp. Res. 20,000 Debtors 3,00,000
Inv. Fluc. Reserve 10,000 Bank 2,96,000
Prov. for D/D 10,000 Adv. Susp. a/c 12,000
C retires from the firm on 1st april,2005 and A and B decided to share future profit and losses in the ratio of 3:2 . 50% is to be paid immediately and the balance in two equal annual instalments together with interest @ 10%p.a.
A] G/w is to be valued at 2 years’ purchase of avg. Profits of last three years. The profits were 48,000, 93,000 and 1,38,000 respectively.
B] Land and Building was found overvalued by RS. 25,000 and stock was found undervalued by Rs. 8,000
C] Provision for D/D is to be made equal to 5% of the debtors
D] Claim on account of workmen compensation reserve is Rs. 8,000
Prepare Revaluatio A/C , Partner’s Capital A/C and Balance- Sheet.
The balance sheet of A,B and C who were sharing profits and losses in the ratio fo therir capitals stood as follows on 31st December, 2005
Sundry Creditors: 6,900
Cash at Banks: 5,500
Sundry Debtors: 5,000
less: provison: 100 =4,900
Plant and Machinery: 8,500
Land and Building: 25,000
B retires on the above date and the following was agreed upon:
Pass necessary journal entries and show capital Accounts of the partners after transferring B's share to a separate loan account in his name and prepare a Balance Sheet of A and C.
what will be the entry of "bad debts amounted to Rs 2,000 were to be written off" in revaluation?????
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?
X ltd. Invited applications for 11,000 shares of Rs 10 each issued at 20% premium payable as:
on application Rs 3 (including 1 rs premium)
on allotment Rs 4 (incuding 1rs. premium)
on 1st call Rs. 3 and on 2nd call Rs. 2
Applications were received for 24000 shares.
Category A : 1/4 th shares applied for alloted 2000 shares.
Category B : 3/4 th of the shares applied for alloted 9000 shares.
Remaining applicants were rejected. Mr mohan who was holding 300 shares out of category B failed to pay allotment money and two calls and his shares were forfeited. Later on his shares were reissued @ rs. 11 fully paid up. Pass the necessary journal entries.
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.
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.
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
X, Y , and Z are partners sharing profits and losses in the ratio of 2:2:1 . Their balance sheet as at 31st march 2012 was :
Liabilities = Creditors - 49000, Reserve - 18500, Capital accounts : X - 82000; Y- 60000 ; Z- 75500 , TOTAL = 285000
Assets = Cash- 8000, debtors - 19000, Stock - 42000, building - 207000, Patents - 9000, TOTAL= 285000
Y retired on 1st april 2012 on the following terms :
(a). Goodwill of the firm was valued at Rs.70000 and was not to appear in the books.
(b). Bad debts amounted to rs.2000 were to be written off.
(c). Patents were considered as valueless.
Prepare the revalutaion account , partners capital account and the balance sheet of X and Z after Y's retirement.
Example: Gaurav, Rahul and Saurav were carrying on a business in partnership sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at March 31, 2012 was as follows:
as on March 31, 2012
Land and Building
Plant and Machinery
Investment Fluctuation Fund
Less: Provision for Doubtful Debts
Investments (Market Value Rs 18,000)
Saurav desired to retire from the firm. Remaining partners decided to continue the business on following terms:
Prepare Revaluation Account, Partners Capital Accounts, Cash Account and Balance Sheet of the new firm.
WN2Adjustment of Capital
Total Capital of New Firm (after Sauravs retirement) =Rs 80,000
New Capital Balance
Adjusted Old Capital Balance
Cash brought in by/paid to the partner
pleaase correct it the oepning balances are different according to the question given
gaurav old capital is 56500
rahul old capital is 29000
as in ur solution set it is represented as 52000 and 26000 as old capital
PLEASE EXPLAIN ME HOW DID IT HAPPEN ??
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.
Question no 43 of TS Grewal. in this the bank balance in the answer is given 2,350 instead of 2,750 why ?
at what rate is interest payable on the amount remaining unpaid to the executor of deceased partner?????
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.?
x,y and z are patners sharing profits in the ratio of 1/9 : 1/3 and 5/9. z retires and surrenders 3/4th of his share in favour of x and remaining in favour of y. calculate new ratio and gaining ratio.
P, Q and R were partners in a firm sharing profits in the ration of 2:3:5. On 31-03-2004, thier balance sheet was as follows
Creditors - 70,000
Total : 2,80,000
Less 5000 = 35000
Profit And Loss A/c: 10,000
On the above date, R retired from the firm due to illness on the following terms:
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of P and Q after R's Retirement.
A,B,C are partners sharing profits and losses equally.B retired from the firm,C gained 1/3 of B's share and 1/6 of B's share was transferred to Reserve.Remaining was taken over by A. Calculate New profit sharing ratio.
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 ...........
Explain the modes of
payment to a retiring 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
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.
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