Chintu was admitted on the following terms:
(i) He will bring 80,000 as capital and 30,000 for his share of goodwill premium.
(ii) Partners will share future profits in the ratio of 5 : 3 : 2.
(iii) Profit on revaluation of assets and reassessment of liabilities was 7,000.
(iv) After making adjustments, the Capital Accounts of the partners will be in proportion
to Chintu's capital. Balance to be paid off or brought in by the old partners by cheque
as the case may be.
Prepare the Capital Accounts of the partners and Bank Account.
Madhu's Capital
Vidhi's Capital
General Reserve
Bills Payable
5,20,000
3,00,000
30,000
1,50,000
Land and Building
Machinery
Stock
Debtors 3,00,000
Less: Provision 10,000
Bank
3,00,000
2,80,000
80,000
2,90,000
50,000
10,00,000
10,00,000
Madhu and Vidhi decided to admit Gayatri as a new partner from 1st April, 2016 and their profit ratio will be 2 : 3 : 5. Gayatri brought Rs. 4,00,000 as her capital and her share of goodwill premium
(a) Goodwill Of the firm was valued at Rs. 3,00,000
(b) Land and Building was found undervalued by Rs. 26,000.
(c) Provision for doubtful debts was to be made equal to 5% of the debtors.
(d) There was a claim of Rs. 6,000 on account of workmen compensation.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm
What are the factors affecting goodwill?
Explain various methods of valuation of goodwill.
Meaning of Undervalued and Overvalued (in case of an asset) and its treatment. Also are liabilities undervalued, overvalued too?
what is the treatment for investment fluctuation fund in partnership
expenses on revaluation amounted to 2100 is paid by A.. this is a loss and hence debited to revaluation account but why is this a loss?
what is aims and objectives of admission of partners
what are the provision of as-26 for the treatment of goodwill at the time of admission of a new partner ?
Why are assets and liabilities revalued at the time of admission of a partner? By revaluing the assets and liabilities dont we violate Going concern and Cost concept??
sir my book is of B.B. dam new course of AHSEC PART A THEORY ND PRACTICE OF ACCOUNTANCY in this book chapter 3 i cant find exercise question of pg no.3.149 plz sir tell me where i got the answers?
why is revaluation a/c prepared when we make the balance sheet as per all the adjustments
of the last year
admission of a partner question with solution?
Q. 28. Abha and Bimal are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st
March, 2015 they admitted Chintu into partnership for 1/5th share in the profits Of the firm.
On that date their Balance Sheet stood as under:
(i) He will bring 80,000 as capital and 30,000 for his share of goodwill premium.
(ii) Partners will share future profits in the ratio of 5 : 3 : 2.
(iii) Profit on revaluation of assets and reassessment of liabilities was 7,000.
(iv) After making adjustments, the Capital Accounts of the partners will be in proportion
to Chintu's capital. Balance to be paid off or brought in by the old partners by cheque
as the case may be.
Prepare the Capital Accounts of the partners and Bank Account.
x,y,z are partners in the ratio of 3:2:1. W is admitted for 1/6th share in profits . Z would retain his original share. Find out the new profit sharing ratio.
........please explain me this question as best as you can
Creditors were written back Rs. 5000.
Which side of the Revaluation a/c will this adjustment fall in?
what does exactly 'number of year purchase' mean in the valuation of goodwill?
amalgamation of partnership firms means?
give any two reasons for the prepartion of revaluation account on the admission of a new parter.
is there any difference between average profit or average super profit
pls give solutions of dk goel accountancy ch 4 fast
A provision for doubtful debts was to be made equal to 5% of the debtors??? what does it mean how to treat this??balance sheet-asset side- debtors-30,000.
how to treat bank overdraft?
stock is undervalued by 10% the amount of stock is 18000.
How come in revaluation its written 2000 ?
What is the meaning of Undervalued and Overvalued?????
A sum on partnership with journal , ledger, trial balance, trading, profit & loss, profit & loss appropriation ,balance sheet & partner's capital account.
lease give me solution of 85 question in dr.s.c sharma as i am not getting goodwill.
Vidhi's Capital
General Reserve
Bills Payable
3,00,000
30,000
1,50,000
Machinery
Stock
Debtors 3,00,000
Less: Provision 10,000
Bank
2,80,000
80,000
2,90,000
50,000
Madhu and Vidhi decided to admit Gayatri as a new partner from 1st April, 2016 and their profit ratio will be 2 : 3 : 5. Gayatri brought Rs. 4,00,000 as her capital and her share of goodwill premium
(a) Goodwill Of the firm was valued at Rs. 3,00,000
(b) Land and Building was found undervalued by Rs. 26,000.
(c) Provision for doubtful debts was to be made equal to 5% of the debtors.
(d) There was a claim of Rs. 6,000 on account of workmen compensation.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm
How to treat the following adjustment.
-Provision for bad debt found in excess by 400 Rs.
DK GOYAL
solution ts grewal grade 12 admission of partner q95 sollution
Partners' Capital Accounts, Revaluation Account and Balance Sheet
Q. 19. A and B are partners in a firm sharing profits and losses in the ratio 3 : 1. They admit C for 1/4th share on 31st March, 2014 when their Balance Sheet was as follows :
The following adjustments were agreed upon :
(a) C brings in Rs. 16,000 as goodwill and proportional capital.
(b) Bad debts amounted to Rs. 3,000.
(c) Market value of investment is Rs. 4,500.
(d) Liability on account of workmen compensation reserve amounted to Rs. 2,000.
Prepare Revaluation A/c and Partners Capital Accounts. (Sample Paper 2015)