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Syllabus
Adjustments:-
On 1st April 2018 they admitted sham as a new partner and offered him 1/5th share in the future profit
a) He has to bring Rs 10000 as a capital and 5000 towards goodwill.
b) Appreciate building by 20%.
c) Mentain 5% provision on doubtful depths (PDD) on debtor's.
d) Provide for outstanding repair bill Rs 1000
Prepair revaluation account partners, capital account and new balance sheet.
Liabilities:
Creditors 40000 Reserve 15000 Capital: Vani 60000 Veena 40000 Total 155000
Assets:
Cash at bank 6000 stock 24000 debtors 30000 debtors 30000 furniture 20000 machinery 60000 goodwill 15000 Total 155000
On 01/04/2017, they admit Rani as new partner in the firm on the following terms:
A. Rani is to bring in Rs. 30000 as capital and offer 1/6 th share in future profits.
B. Goodwill of the firm is valued at Rs. 25000
C. Machinery is appreciated by 10 percent and stock is reduced by 10 percent.
D. Furniture is revalued at Rs. 18000 and investment worth Rs. 2000 is not recorded in the books, now it is to be taken into account.
E. PDD is created at 5 percent on debtors.
Prepare: 1. Revaluation account
2. Partner's capital account
3. Bank account
4. New balance sheet of the firm
Their balance sheet as on 31.03.2017 was as follows.
Balance Sheet as on 31.03.2017
Liabilities Rs Assets Rs
Creditors 100,000 Cash at Bank 17,000
Reserve 32,000 Bills Receivable 19,000
Bank OD 8,000 Debtors 1,20,000
Capitals: Less: PDD 6,000 114,000
A 40,000 Stock 80,000
B 50,000 Buildings 60,000
C 60,000
290,000 290,000
On 01.04.2017 they admitted ?D? into the partnership on the following terms.
a. Mr. ?D? brings Rs. 50,000 as his capital.
b. A Goodwill account is created for Rs. 64,000 and written off by all partners in their
new profit sharing ratio i.e., 6:9:9:8.
c. Reduce stock by 10% and increase buildings to Rs. 69,000.
d. Provision for doubtful debts decreased by Rs. 2,000.
Prepare: i). Revaluation Account
ii). Partners Capital Account.
iii). New Balance sheet of the new firm.
(Ans: Profit on Revaluation Account Rs. 3,000, Partners Capital Account balance
A - Rs. 67,600, B - Rs. 61,700, C - Rs. 71,700, D - Rs. 34,000, Bank Account Rs.
67,000, Balance Sheet total Rs. 3,43,000)
Please Send Me Answer
balance sheet as on 31/3/2018 was as follows:
Fastly please
B. Depreciate Machinery by 10%
C. Increase provision for doubtful debts by Rs.4000
D.buildings are revalued at Rs. 120500.
Prepare:i)Revaluation account
ii) partners capital account
iii) balance sheet of the firm.
3. Suresh and Shankar are partners in a firm sharing profits and losses ratio of 1 : 1. Their balance sheet as on 31.03.2017 was as follows.
Balance Sheet as on 31.3.2017
Bills Payable
Reserve Fund
Capital Accounts:
Suresh 60,000
Shankar 40,000
Profit and Loss A/c
45,000
15,000
100,000
30,000
Stock
Debtors 40,000
Less PDD 2,000
Furniture
Machinery
Buildings
Patents
25,000
38,000
10,000
15,000
92,000
20,000
On 01.04.2017, they admit Jagadish as a new partner for 1/4th share in the future profits on the following terms: