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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.
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
at what rate is interest payable on the amount remaining unpaid to the executor of deceased partner?????
how is executors account loan is prepare when it is given for equally installment?
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.
what will be the entry of "bad debts amounted to Rs 2,000 were to be written off" in revaluation?????
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.
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.
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.
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?
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.
Question no 43 of TS Grewal. in this the bank balance in the answer is given 2,350 instead of 2,750 why ?
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 ...........
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.?
Nandan,John and Rosa are partners sharing profits inthe ratio of 4:3:2. On 1st April 2012,John gave a notice to retire from the firm. Nandan and Rosa decided to share future profits in the ratio of 1:1. The capital of Nandan and Rosa after all adjustments showed a balance of Rs 43,000 and Rs 80,500 respectively.
The total amount to be paid to John was Rs 95,500. This amount was to be paid by Nandan and Rosa in such a way that their capital become propor tionate to their new profit sharing ratio. Pass necessary journal entries in the books of the firm for the above transactions. Show your working notes clearly.
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.
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
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
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.
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.
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..
Capitals : Vinod
y provident fund is not divided in partners capital account??
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