Page No 5.90:
Question 46:
Answer:
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
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Cash A/c |
Dr. |
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3,01,000 |
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To Boman’s capital A/c To Premium for Goodwill A/c |
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2.80,000 21,000 |
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(Being Boman’s brought his share of goodwill and capital in cash) |
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Premium for Goodwill A/c |
Dr. |
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21,000 |
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To Aman’s Capital A/c |
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21,000 |
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(Being Aman’s share of Goodwill transferred in their sacrificing Ratio) |
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Working ratio:
Calculation of
Capital and Goodwill to be contributed by new partner Boman:
Opening Capital of Aman
Add; profit earned during the year
(-5000+13,000+17,000+20,000+25,000)
Less; Total drawing during last five years
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=
=
=
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2,50,000
70,000
40,000
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Boman will have to Bring as
capital for equal partnership
Add: Boman’s
contribution for ¼ share of goodwill
(70000×3/5×1/2=21,000)
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=
=
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2,80,000
21,000
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Boman will have to Bring as
capital and for goodwill
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=
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3,01,000
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Page No 5.90:
Question 47:
Pass entries in the firm's journal for the following on admission of a
partner:
(i) Machinery be reduced by ` 16,000 and Building be appreciated
by ` 40,000.
(ii) A provision be created for Doubtful Debts @ 5% of
Debtors amounting to ` 80,000.
(iii) Provision for warranty claims be increased by` 12,000.
Answer:
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
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(i) |
Revaluation
A/c |
Dr. |
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16,000 |
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To Machinery A/c |
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16,000 |
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(Value of
machinery decreased) |
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Building A/c |
Dr. |
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40,000 |
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To Revaluation A/c |
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40,000 |
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(Value of
building increased) |
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(ii) |
Revaluation
A/c |
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To Provision for Doubtful Debts A/c |
Dr |
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4,000 |
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(Provision
created on debtors) |
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4,000 |
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(iii) |
Revaluation
A/c |
Dr. |
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12,000 |
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To Provision for Warranty Claims A/c |
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12,000 |
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(Liability
recorded) |
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Page No 5.91:
Question 48:
Pass entries in firm's Journal for the following on admission of a partner:
(i) Unrecorded Investments worth `20,000 are to be accounted.
(ii) Unrecorded liability towards suppliers for ` 5,000 is to be accounted.
(iii) An item of `
1,600 included in Sundry Creditors is not likely to be claimed and hence should
be written back.
Answer:
|
Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
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(i) |
Investment A/c |
Dr. |
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20,000 |
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To Revaluation A/c |
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20,000 |
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(Investments
recorded) |
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(ii) |
Revaluation
A/c |
Dr. |
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5,000 |
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To Creditors A/c |
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5,000 |
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(Liability
recorded) |
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(iii) |
Creditors
A/c |
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To Revaluation A/c |
Dr |
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1,600 |
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(Liability
decreased) |
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1,600 |
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Page No 5.91:
Question 49:
X and Y are partners
in a firm sharing profits in the ratio of 3 : 2. They
admitted Z as a partner and fixed the new profit-sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors
and Provision for Doubtful Debts appeared at ` 50,000 and ` 5,000 respectively all debtors are good. Pass the necessary
Journal entries.
Answer:
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Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
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(i) |
Provision for
Doubtful Debts A/c |
Dr. |
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5,000 |
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To Revaluation A/c |
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5,000 |
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(Provision on
Debtors reduced) |
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(ii) |
Revaluation
A/c |
Dr. |
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5,000 |
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To
X’s Capital A/c |
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3,000 |
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To Y’s
Capital A/c |
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2,000 |
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(Profit on
Revaluation transferred to Partners’ Capital A/c) |
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Page No 5.91:
Question 50:
X and Y are partners
in a firm sharing profits in the ratio of 3 : 2. They
admitted Z as a partner for 1/4th share. At the time of admission of Z,
Stock (Book Value ` 1,00,000) is to be reduced by 40%
and Furniture (Book Value ` 60,000) is to be reduced to 40%. Pass the necessary Journal
entries.
Answer:
|
Journal |
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Date |
Particulars |
L.F. |
Debit Amount ` |
Credit Amount ` |
|
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Revaluation
A/c |
Dr. |
|
76,000 |
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To Stock A/c |
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40,000 |
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To Furniture A/c |
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36,000 |
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(Value of assets
decreased) |
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X’s
Capital A/c |
Dr. |
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45,600 |
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Y’s
Capital A/c |
Dr. |
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30,400 |
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To
Revaluation A/c |
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76,000 |
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(Loss on
Revaluation transferred to Partners’ Capital A/c) |
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