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This section includes InterviewSolutions, each offering curated multiple-choice questions to sharpen your knowledge and support exam preparation. Choose a topic below to get started.
| 10101. |
A and B are partners sharing profits and losses in the proportion of 7 : 5. They agree to admit C, their Manager, into partnership who is to get 1/6th share in the business. C brings in ₹ 10,000 for his capital and ₹ 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and 1/8th from B. Their profits for the first year of the new partnership amount to ₹ 24,000. Pass necessary journal entries in connection with C’s admission and apportion the profits between the partners. |
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Answer» cing RATIO A and B is , Distribution of C’s SHARE of Goodwill in Sacrifice Ratio, A’s Goodwill is and B is and New Profit SHARING Ratio A, B and C is Explanation:1) Sacrificing Ratio A and B 2) Distribution of C’s Share of Goodwill in Sacrifice Ratio A’s Goodwill B’s Goodwill 3) New Ratio = Old Ratio - Sacrificing Ratio A’s New share B’s New share New Profit Sharing Ratio A, B and C 4) Distribution of profit earned in New Ratio A’s Goodwill B’s Goodwill C’s Goodwill |
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| 10102. |
A and B are partners in a firm sharing profits and losses in the ratio of 3 : 2. A new partner C is admitted. A surrenders 1/5th of his share and B surrenders 2/5th of his share and B surrenders 2/5th of his share in favour of C. For this purpose of C’s admission, goodwill of the firm is valued at ₹ 75,000 and C brings in his share of goodwill in cash which is retained in the firm’s books. Journalise the above transactions. |
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Answer» dwill = = B's GOODWILL = = EXPLANATION:Old Ratio A and B = A's Sacrifice = B's Sacrifice = Sacrificing Ratio A and B = New Ratio = Old Ratio - Sacrificing RatioA's New Share = B's New Share = C's share = A's Sacrifice + B's SacrificeC's share = New Ration is C's will bring Premium for Goodwill = Distribution of Premium for GoodwillA's Goodwill = = B's Goodwill = = |
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| 10103. |
M and J are partners in a firm sharing profits in the ratio of 3 : 2. They admit R as a new partner. The new profit-sharing ratio between M, J and R will be 5 : 3 : 2. R brought in ₹ 25,000 for his share of premium for goodwill. Pass necessary journal entries for the treatment of goodwill. |
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Answer» cing RATIO of M and J is and Distribution of R’s SHARE of GOODWILL is Explanation:1) Calculation of sacrificing ratio: Sacrificing Ratio = OLD Ratio-New Ratio M’s sacrificing ratio J’s sacrificing ratio Sacrificing Ratio of M and J 2) Distribution of R’s share of goodwill M’s Goodwill J's Goodwill |
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| 10104. |
P and Q are partners sharing profits in the ratio of 3 : 2 . They admit R, a new partner who acquires 1/5th of his share from P and 4/25th share from Q. Calculate New Profit-sharing Ratio and sacrificing ratio. |
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Answer» rificing ratio and new profit-sharing ratio is calculated below. Explanation:OLD Ratio between P and Q = 3:2 SHARE R acquires from P = 1/5th of his share and 4/25th from Q’s share R’s share P’s sacrifice Q’s sacrifice Calculation of New share:To calculate new share, need to deduct old ratio with their respective sacrifice.P’s new share Q’s new share R’s new share New Profit-sharing ratio becomes = 14/25: 6/25: 1/5 = 14: 6: 5 Thus, the Sacrificing ratio becomes 1:4 |
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| 10105. |
A and B are in partnership sharing profitsand losses in the ratio of 5 : 3. C is admitted as a partner who pays ₹ 40,000 as capital and the necessary amount of goodwill which is valued at ₹ 60,000 for the firm. His share of profits will be 1/5th which he takes 1/10th from A and 1/10th from B. Give journal entries and also calculate future profit-sharing ratio of the partners. |
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Answer» rificing Ratio of A and B is , New PROFIT Sharing Ratio A, B and C is and Distribution of C’s SHARE of GOODWILL is 6,000.Explanation:1) SACRIFICING Ratio A and B 2) Old Ratio A and B New Ratio = Old Ratio - Sacrificing Ratio A’s New share B’s New share New Profit Sharing Ratio A, B and C 3) Distribution of C’s Share of Goodwill (SACRIFICE Ratio) A’s Goodwill B’s Goodwill |
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| 10106. |
B and C are in Partnership sharing profits and losses as 3 : 1. They admit D into the firm, D paying a premium of ₹ 15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share the future profits and losses equally. Draft journal entries showing appropriations of the premium money. |
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Answer» Explanation:Old ration of B and C - 3:2They ADMIT D in PARTNERSHIP FIRM and D pays PREMIUM of 15000 for 1/3 share of profit. |
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| 10107. |
A and B are partners sharing profits in the ratio of 3 : 2. C is admitted as a partner. The new profit-sharing ratio among A, B and C is 4 : 3 : 2 . Find out the sacrificing ratio ? |
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Answer» cing RATIO is calculated as below Explanation:Old ratio for PARTNERS A and B is given as 3:2. When C is admitted as a new partner, the new ratio for A:B:C BECOMES= 4:3:2 To calculate sacrificing ratio, we need to deduct new ratio from old ratio. Calculation of Sacrificing Ratio:Sacrificing Ratio will be calculated as Old Ratio- New Ratio A’s sacrificing ratio B’s sacrificing ratio Thus, sacrificing ratio becomes This can also be written as 7:3 Thus, the sacrificing ratio will BECOME 7 : 3 |
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| 10108. |
Give Journal entries to record the following arrangements in the books of the firm: (a) B and C are partners sharing profits in the ratio of 3 : 2. D is admitted paying a premium (goodwill) of ₹ 2,000 for 1/4th share of the profits, shares shares of B and C remain as before. (b) B and C are partners sharing profits in the ratio of 3 : 2. D is admitted paying a premium of ₹ 2,100 for 1/4th share of profits which he acquires 1/6th from B and 1/12th from C. |
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Answer» 1. CASH a/c.... Dr. 2000To Premium for Goodwill a/c 2000(Being premium for goodwill brought in by D)2. Premium for Goodwill a/c..... Dr. 2000To B's Capital a/c 1200To C's Capital a/c 800(Being premium brought in by D distributed among the partners in the ratio of 3:2)WORKING note:Distribution of goodwill:B's share= 3/5 * 2000 = 1200C's share= 2/5 * 2000= 800(b) JOURNAL1. Cash a/c........ Dr. 2100To Premium for Goodwill a/c 2100(Being premium for goodwill brought in by D)2. Premium for Goodwill a/c..... Dr. 2100To B's Capital a/c 1400To C's Capital a/c 700(Being premium brought in by D distributed among the partners in the ratio of 2:1)Working note:1. Sacrificing ratio:B's SACRIFICE= 1/6C's sacrifice= 1/12Ratio= 2:12. Distribution of goodwill:B's share= 2/3 * 2100 = 1400C's share= 1/3 * 2100 = 700 |
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| 10109. |
A and B are partners sharing profits and losses in the ratio of 2 : 5. They admit C on the condition that he will bring in ₹ 14,000 as his share of goodwill in cash to be distributed between A and B. C’s share in the future profits or losses will be 1/4th. What will be the new profit-sharing ratio and what amount of goodwill brought in by C will be received by A and B. |
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| 10110. |
A and B are partners sharing profits and losses in the ratio of 2 : 1 . They take C as a partner for 1/5th share. The Goodwill Account appears in the books at its full value ₹ 15,000. C is to pay proportionate amount as premium for goodwill which he pays to A and B privately. Pass necessary entries. |
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| 10111. |
A and B are in partnership sharing profits and losses as 3 : 2. C is admitted for 1/4th share. Afterwards D enters for 20 paise in the rupee. Compute profit-sharing ratio of A, B, C and D after D admission. |
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Answer» fit-sharing ratio is calculated below. Explanation:Profit and Loss sharing ratio between A:B is given as 3:2 C’s share of profit after his ADMISSION = 1/4th of the profit CALCULATING combined share of A, B after C’s admission = 1- C’s share = 1- ¼ = ¾ Calculation of NEW Ratio:New Ratio = Old Ratio Combined share of A,B,C, D A’s new share B’s new shareNew profit-sharing ratio of A, B and C becomesNew Profit sharing rato after C's admission will be treated as old rato to determine the ratio after D's admission. Old Ratio (I.e. before D's admission) between A, B and C =9: 6: 5Now, D’s admission with share of 20/100 of profit Calculating combined share of A, B, C after D’s admission = 1- D’s share Calculation of New SHARES:New Ratio = Old Ratio Combined share of A, B, C, D A’s new share B’s new share C’s new shareAfter D’s admission, ratio becomes |
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| 10112. |
X and Y were partners sharing profits in the ratio of 3 : 2. They admitted P and Q as new partners X surrendered 1/3rd of his share in favour of P and Y surrendered 1/4th of his share in favour of Q. Calculate new profit-sharing ratio of X, Y , P and Q. |
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Answer» Profit sharing refers to various incentive plans introduced by businesses that PROVIDE direct or indirect PAYMENTS to employees that depend on COMPANY's PROFITABILITY in ADDITION to employees' regular salary and bonuses. In publicly traded companies these plans typically amount to allocation of shares to employees. |
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| 10113. |
A, B and C are partners sharing profits in the ratio of 4 : 3 : 2. D is admitted for 1/3rd share in future profits. What is the sacrificing ratio ? |
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Answer» cing Ratio is calculated as below Explanation:Ratio in which A, B and C share profits is GIVEN as 4:3:2. D’s share of profit = 1/3 of profit Combined share of A, B and C after D’s admission = 1 – D’ share Calculation of NEW ratio:New Ratio will be calculated as OLD Ratio Combined Share of A, B and C A’s new share B’s new share C’s new share Calculation of Sacrificing Ratio:Sacrificing Ratio will be calculated as Old Ratio- New Ratio A’s sacrificeB’s sacrifice C’s sacrificeThus, Sacrificing ratio of A:B:CTHUS, the sacrificing ratio will become 4 : 3 : 2 |
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| 10114. |
A, B, C and D are in partnership sharing profits and losses in the ratio of 36 : 24 : 20 : 20 respectively. E joins the partnership for 20 share and A, B, C and D in future would share profits among themselves as 3/10 : 4/10 : 2/10 : 1/10. Calculate new profit-sharing ratio after admission. |
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Answer» fit-sharing ratio is calculated below. Explanation:Profit and Loss sharing ratio between A:B:C:D is given as 36: 24: 20: 20. E’s share of profit after his admission = 20/100 CALCULATING combined share of A, B, C and D after E’s admission = 1- E’s share Calculation of new ratio:New Ratio = Combined share of A,B,C, D AGREED share of A,B,C,D as given A’s new share B’s new share C’s new share D’s new shareThus, new profit-sharing ratio becomesThis can be written as Thus, the new profit-sharing ratio after admission will be |
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| 10115. |
R and S are partners sharing profits in the ratio of 5 : 3. T joins the firm as a new partner. R gives 1/4th of his share and S gives 1/5th of his share to the new partner. Find out new profit-sharing ratio. |
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Answer» Profit sharing refers to various incentive plans introduced by businesses that PROVIDE DIRECT or indirect payments to employees that depend on company's profitability in ADDITION to employees' regular salary and bonuses. In publicly traded companies these plans typically AMOUNT to allocation of shares to employees. |
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| 10116. |
Rakesh and Suresh are sharing profits in the ratio of 4 : 3 . Zaheer joins and the new ratio among Rakesh, Suresh and Zaheer is 7 : 4 : 3. Find out the sacrificing ratio. |
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Answer» cing Ratio is calculated as below. Explanation:Ratio in which Rakesh and Suresh SHARE profits is GIVEN as 4:3. New ratio for Rakesh, Suresh and ZAHEER, after Zaheer joins = 7:4:3 Calculating Sacrificing Ratio:To calculate the Sacrificing Ratio, we need to deduct New ratio from Old ratio: Sacrificing Ratio = Old Ratio-New RatioRakesh’s share Suresh’s share Thus, Sacrificing ratio of Rakesh: Suresh Thus, the sacrificing ratio becomes 1:2. |
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| 10117. |
Find New Profit-sharing Ratio: (i) R and T are partners in a firm sharing profits in the ratio of 3 : 2. S joins the firm. R surrenders 1/4th of his share and T 1/5th of his share in favour of S. (ii) A and B are partners. They admit C for 1/4th share. In future , the ratio between A and B would be 2 : 1. (iii) A and B are partners sharing profits and losses in the ratio of 3 : 2 . They admit C for 1/5th share in the profit. C acquires 1/5th of his share from A and 4/5th share from B. (iv) X, Y and Z are partners in the ratio of 3 : 2 : 1. W joins the firm as a new partner for 1/6th share in profits. Z would retain his original share. (v) A and B are equal partners. They admit C and D as partners with 1/5th and 1/6th share respectively. (vi) A and B are partners sharing profits/losses in the ratio of 3 : 2. C is admitted for 1/4th share. A and B decide to share equally in future. |
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Answer» fit sharing RATIO is calculated below. Explanation:1. Old ratio = 3:2 Sacrificing Ratio = Old Ratio Surrender RatioSacrificing ratio for RSacrificing ratio for T New Ratio = Old ratio – Sacrificing ratio R’s share T’s share S's share = R's sacrifice + S's sacrificeS's share will be sacrifice done by R’s and T’sNew Profit Sharing Ratio R, T and SNew ratio can be written as 45: 32: 23 2. Old Ratio of A and B = 1:1 C = ¼ of the profit Combined share of A and B will be 1- ¼ = ¾ New ratio will be in ratio of 2 : 1 for A and B. A’s share B’s share New Profit Sharing Ratio A, B and CThus, new ratio becomes 2 : 1 : 1 3. Old ratio of A and B = 3:2 C’s share = 1/5 of profit New Ratio will be calculated when we deduct sacrificing ratio from old ratio A’s share B’s share Thus, new ratio would be calculated as: Thus, the new ratio becomes 14 : 6 : 54. Old ratio of X, Y, Z = 3:2:1 W would GET 1/6th share of profit Let combined share of all partner after W's admission be =1 Combined share X and Y in the new firm =1 - Z's share - W's ShareNew Ratio = Old Ratio Combined share of X and YX’s share Y’s share New profit-sharing ratio would be Thus, the New profit-sharing ratio becomes 12 : 8 : 5 : 55. Old Ratio A and B = 1:1 C would get 1/5 share and D would get 1/6 share Combined share of A and B after C and D gets in New Ratio will be combined share Old Ratio A’s share B’s share Thus, new profit-sharing ratio will be: Thus, the New profit-sharing ratio becomes 19 : 19 : 12 : 106. Old Ratio of A and B is 3:2. C’s share would be 1/4th of profit Combined share of A and B New Ratio for A and B will be: Combined share of A and B = ¾*1/2= 3/8 New Profit-sharing ratio will beThus, the New profit-sharing ratio becomes 3 : 3 : 2 |
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| 10118. |
Kabir and Farid are partners in a firm sharing profits and losses in the ratio of 7 : 3. Kabir surrenders 2/10th from his share and Farid surrenders 1/10th from his share in favour of Jyoti; the new partner. Calculate new profit-sharing ratio and sacrificing ratio. |
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Answer» fit sharing ratio is calculated below. Explanation:Old ratio between the partners Kabir and FARID is given as 7:3. Sacrifice by Kabir in favour of Jyoti Sacrifice by Farid in favour of Jyoti PROFIT share Jyoti would get after her ADMISSION = 2/10 + 1/10 (From Kabir and Farid RESPECTIVELY) = 3/10 Jyoti's share Calculating new share:- New Share = Old share - sacrificed share. Kabir’s share Farid’s share Z’ share = 3/10 Thus, new profit-sharing ratio for the three partners (Kabir, Farid and Jyoti) becomes = 5:2:3 Sacrificing Ratio Kabir and Farid are sacrificing 2/10 and 1/10 of their share respectively, therefore the sacrificing ratio becomes 2: 1 |
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| 10119. |
Amar sells goods to Bhola for ₹10,000 plus CGST and SGST @ 9% each. he receives the GST amount in cash and draws upon Bhola a bill for the balance amount payable 3 months after date. The bill is accepted by Bhola. Amar discounts the bill with his bank at a discount of ₹150 inclusive of all charges. Bhola fails to meet this bill on maturity. Amar pays off his bank and his expenses amounting to ₹100. Bhola gives a fresh bill of 2 months date to Amar for ₹10,250, which he meets at maturity. Show necessary Journal entries in Amar’s books. |
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Answer» the above GIVEN in the above |
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| 10120. |
Leena sold goods to Meena on 1st March, 2009 for ₹ 68,000 and drew two Bills of Exchange of the equal amount upon Meena payable after three months. Leena immediately discounted the first bill with her bank at 12% p.a. The bill was dishonoured by Meena and Bank paid ₹ 55 as noting charges. The second bill was retired on 4th May, 2009 under a rebate of 6% p.a. with mutual agreement. Journalise the above in the books of Leena and Meena. |
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| 10121. |
Ram owes ₹ 2,000 to Mohan on 1st January, 2018. On this date, he accepted a draft for the amount for 3 months. Mohan got the bill discounted at his bank @ 6% p.a. On the due date, the bill was dishonured, nothing charges ₹ 20. Ram agreed to pay ₹ 520 immediately and accept another bill for the remaining amount for 3 months together with interest at 9% p.a. This bill was met on the due tate. Give the Journal entries in the books of both the parties. |
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Answer» on BOOKS of ram 1. MOHAN 's account. dr 2000 bills payable AC 2 ,. bills payable ac dr noting CHARGES ac dr to mohan 3. |
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| 10122. |
A sold goods to B on 1st September, 2017 for ₹ 16,000. B immediately accepted a 3 months bill. On the due date, B requested that the bill be renewed for a further period of 2 months. A agreed provided interest at 9% p.a. was paid immediately in cash. To this B was agreeable. The second bill was met on the due date. Give the Journal entries in the books of A. |
| Answer» R to sales BILLS receivable AC to A sales ACTO a | |
| 10123. |
On 15th June, 2017, X sold to Y goods to the value of ₹ 15,000 drawing upon the latter two bills, one for ₹ 10,000 payable 2 months after date and other for ₹ 5,000 payable 3 months after date, X discounted the first bill with his bankers at 6% p.a. and endorsed the second bill in favour of his creditor, Z. The first bill was met on maturity but the second was dishonoured. Z paid ₹ 50 as noting charges. On 1st October, Y cleared his account to X by paying ₹ 5,100 which included ₹ 50 a s interest. |
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Answer» x ACCOUNT toto sales bills RECEIVABLE to x account x account dr to BILIS receivable |
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| 10124. |
A purchases goods worth ₹ 6,200 from B and gives him his acceptance for ₹ 6,000 in full satisfaction. B purchases goods worth ₹ 10,000 from C and endorses the bill to him, paying the balance by cheque. On maturity the bill is dishonoured, noting charges amounted to ₹ 100. Give the Journal entries in the books of A, B and C. |
| Answer» ANCE by cheque. On maturity the BILL is DISHONOURED, noting charges AMOUNTED to ₹ 100.Give the Journal entries in the BOOKS of A, B and C.HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ | |
| 10125. |
On 1st January, 2017, A draws a bill on B for ₹ 1,000 payable after 3 months. Immediately after its acceptance, A sends the bill to his bank for collection. On the due date, the bill was dishonoured. Record the transactions in the Journals of A and B. |
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Answer» jsjsdjddDDffggggExplanation:chgrotodkeorotofkrotogogogogeitofofofosidofoforid DOOR |
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| 10126. |
Find selling price if $1000=(SP-$20) * 500 - $20,000 |
| Answer» FOLLOW me so I will give you ANSWER for you QUESTION find selling PRICE | |
| 10127. |
Rama sold goods of ₹ 12,000, charged IGST @ 18% to Reshma on 1st January, 2018. On the same date Rama draws a bill on Reshma for ₹ 12,000 for a period of 3 months and received the balance amount by cheque. On receipt of the bill on 1st January, 2018 duly accepted by Reshma, Rama discounts it with a bank at 6% p.a. On the date of maturity, the bill was dishonoured, the bank having to pay ₹ 500 as noting charges. Reshma paid the due amount less ₹ 500 in full settlement. Show Journal entries arising from the above in the books of both Rama and Reshma. |
| Answer» SORRY L don't KNOW about this QUESTION | |
| 10128. |
Y owes X ₹ 4,000. On 1st January, 2017, Y accepts a 3 months bill for ₹ 3,900 in satisfaction of his full claim. On the same date, it was endorsed by X to Z in satisfaction of his claim of ₹ 3,980. The bill is dishonoured on the due date. Give the Journal entries in the books of X. |
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| 10129. |
B owes A ₹ 4,000. On 1st January, 2018, B accepts a 3 months bill for ₹ 3,900 being in full settlement of the claim. At its due date the bill is dishounoured. Nothing charges ₹ 50 are paid by A. Give the Journal entries in the books of A and B. |
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| 10130. |
On 1st January, 2018, A drew a bill on B for ₹ 10,000 payable after 3 months. B accepted the bill and returned it to A. After 10 days, A endorsed the bill to his creditor C. On the due date, the bill was dishonoured and C paid ₹ 50 as noting charges. Record the transactions in the books of A, B and C. |
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| 10131. |
A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted D as a new partner for 1/8th share in the profits, which he acquired 1/16th from C. Calculate the new profit-sharing ratio of A, B, C and D. |
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Answer» fit-sharing ratio is calculated below. Explanation:Old ratio between A, B and C is given as 3:2:1. A's Original Share D is to acquire 1/6 TH share each from B and CD's share Profit share D WOULD get after his admission = 1/8th of the profit To calculate new ratio, need to deduct 1/16th from C’s and B’s share. CALCULATION of new share: B’s new share C’s new share Thus, New profit-sharing ratio of A, B, C and D becomes This can ALSO be written as: 24:13: 5:6 Thus, the New profit-sharing ratio of A, B, C and D is |
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| 10132. |
X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2 . They admit A into partnership and give him 1/5th share of profits. Find the new profit-sharing ratio. |
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Answer» ❇️MARK AS BRAINLIST PLZ ❇️☺ ❣️✴️❣️✴️❣️✴️❣️✴️❣️ ☺X's OLD ratio= 5/10✴️Y's old ratio= 3/10✴️Z's old ratio= 2/10✴️A is admitted for 1/5th share in the profits.Hence, remaining share= 1-[1/5]= 4/5❇️New Profit sharing ratio:X's new share= 5/10 * 4/5= 2/5❇️Y's new share= 3/10 * 4/5= 6/25❇️Z's new share= 2/10 * 4/5= 4/25❇️A's new share= 1/5❇️New profit ratio= 10:6:4:5❇️ |
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| 10133. |
Ram, Mohan, Sohan and Hari were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1 . On 1st April, 2016 , their Balance Sheet was as follows: From the above date, the partners decided to share the future profits in the ratio of 1 : 2 : 3 : 4 . For this purpose the goodwill of the firm was valued at ₹ 1,80,000. The partners also agreed for the following: (a) The Claim for Workmen Compensation has been estimated at ₹ 1,50,000. (b) Adjust the Capitals of the partners according to the new profit-sharing ratio by opening Partners Current Accounts. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm. |
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Answer» ❇️THIS IS YOUR REQUIRE ANSWER ✌❇️MARK ASBRAIN LIST PLZ ❇️❣️❣️❣️❣️❣️❣️❣️❣️❣️❣️❣️❣️❣️❣️❣️❣️❣️Ram, Mohan, Sohan and HARI were partners in a firm sharing PROFITS in the ratio of 4 : 3 : 2 : 1 . On 1st April, 2016 , their Balance Sheet was as FOLLOWS: From the above DATE, the partners decided to share the future profits in the ratio of 1 : 2 : 3 : 4 . For this purpose the goodwill of the firm was valued at Rs. |
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| 10134. |
A and B are partners sharing profits in the ratio of 4 : 3 . Their Balance Sheet as at 31st March, 2018 stood as: They decided that with effect from 1st April, 2018, they will share profits and losses in the ratio of 2 : 1 . For this purpose they decided that: (i) Fixed Assets are to be depreciated by 10%. (ii) A Provision for Doubtful Debts of 6% be made on Sundry Debtors. (iii) Stock be valued at ₹ 1,90,000. (iv) An amount of ₹ 3,700 included in Creditors is not likely to be claimed. Partners decided to record the revised values in the books. However, they do not want to disturb the Reserve. You are required to pass journal entries , prepare Capital Accounts of Partners and the revised Balance Sheet. |
| Answer» 23 in the BALANCE SHEET of the DAY in2:1 | |
| 10135. |
A, B and C are partners sharing profits and losses in the ratio of 2 : 2 : 1 . They decided to share profit w.e.f 1st April, 2018 in the ratio of 5 : 3 : 2 . They also decided not to change the values of assets and liabilities in the books of account . The book values and revised values of assets and liabilities as on the date of change were as follows: Pass an adjustment entry. |
| Answer» A2+ B2 SQUARE formule HAI kitne | |
| 10136. |
X, Y and Z share profits as 5 : 3 : 2 . They decide to share their future profits as 4 : 3 : 3 with effect from 1st April, 2018. On this date the following revaluations have taken place : Pass necessary adjustment entry to be made because of the above changes in the values of assets and liabilities. However, old values will continue in the books. |
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Answer» X, Y and Z share profits as 5 : 3 : 2 . They DECIDE to share their future profits as 4 : 3 : 3 with effect from 1st April, 2018. On this date the following REVALUATIONS have taken PLACE :Pass necessary adjustment entry to be made because of the above changes in the values of assets and liabilities. Explanation:old values will continue in the books. |
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| 10137. |
On 15th June, 2017, Mohan sold goods to Sohan valued at ₹ 2,000. He drew a bill at 3 months for the amount and discounted the same with his bankers at ₹ 1,960. On the due date the bill was dishonoured and Mohan paid to the bank the amount due plus the noting charges of ₹ 10. Draft the Journal entries in the books of all parties. |
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Answer» On 15th June, 2017, Mohan SOLD goods to Sohan valued at ₹ 2,000. He DREW a bill at 3 months for the amount and discounted the same with his bankers at ₹ 1,960. On the due DATE the bill was dishonoured and Mohan PAID to the bank the amount due plus the noting charges of ₹ 10.Draft the Journal entries in the books of all parties. |
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| 10138. |
On 1st July, 2017, A drew a bill for ₹ 5,000 on B payable after 3 months. A discounted it with the Bank for ₹ 4,850. On maturity B failed to pay the amount of his acceptance and the bank had to pay ₹ 50 as noting charges. Draw up the necessary Journal entries in the books of A and B. |
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Answer» Due date would be OCTOBER 4, 2017In the books of A:Date:2017 JULY 1Particulars:(1)Bills receivable A/C dr. 5000 To B. 5000(2)Bank A/C dr. 4850 Discounting charges A/C dr. 150 To bills receivable A/C. 5000(3)Date: 2017 October 4Particulars:B. dr. 5050 To bank A/C. 5050In the books of B:Date:2017 July 1Particulars:(1)A. dr. 5000 To bills payable. 5000(2)No entry in the books of B when A DISCOUNTS the bill from bank(3)Date:2017 October 4Particulars:Bills payable A/C. dr. 5000Noting charges A/C. dr. 50 To A. 5050 |
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| 10139. |
X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. Z is admitted as partner with 1/4 share in profit. Z acquires his share from X and Y in the ratio of 2 : 1. Calculate new profit-sharing ratio. |
| Answer» X's old SHARE= 3/5Y's old share= 2/5Z is admitted for 1/4th shareSacrificing ratio is 2:1Z acquired 2/3 * 1/4 = 2/12 from XZ acquired 1/3 * 1/4 = 1/12 from YHence,X's new ratio= 3/5-2/12= 26/60Y's new ratio= 2/5-1/12= 19/60Z's share= 15/60New PROFIT SHARING ratio= 26:19:15 | |
| 10140. |
A and B are partners sharing profits and losses in the proportion of 7 : 5 . They agree to admit C, their manager, into partnership who is to get 1/6th share in the profits. He acquires this share as 1/24th from A and 1/8th from B. Calculate new profit-sharing ratio. |
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Answer» A and B are PARTNERS sharing profits and LOSSES in the PROPORTION of 7 : 5Explanation:NEW profit-sharing ratio. is 234327 |
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| 10141. |
Following is the Balance Sheet of A and B, who shared Profits and Losses in the ratio of 2 : 1 , as at 1st April, 2018: On the above date , the partners changed their profit-sharing ratio to 3 : 2 . For this purpose, the goodwill of the firm was valued at ₹ 3,00,000 . The partners also agreed for the following: (a) The value of Land and Building will be ₹ 5,00,000; (b) Reserve is to be maintained at ₹ 3,00,000. (c) The total capital of the partners in the new firm will be ₹ 6,00,000, which will be shared by the partners in their new profit-sharing ratio. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm. |
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Answer» AS BRAINLIST PLZ ❇️❣️❇️❣️❇️❣️❇️❣️❇️❣️❇️❣️❇️Revaluation A/c❇️➡️Particulars Amt. Particulars Amt.To Partner's Capital A/c: 210000 By LAND and Bldg A/c 210000A -140000 B- 70000 210000 210000➡️Partner's Capital A/c➡️Particulars A B Particulars A B➡️To Reserve A/c 180000 120000 By BAL b/d 300000 200000➡️To A's Capital A/c 20000 By Revaluation A/c 140000 70000➡️To Cash A/c 20000 By Reserve A/c 100000 50000✴️➡️To Bal c/d 360000 240000 By B's Capital A/c (GOODWILL) 20000 ❇️➡️By Cash A/c 60000➡️560000 380000 560000 380000❇️Balance SheetLiabilities Amount Assets AmountCapital A/cs:A - 360000B - 240000 600000 Land and Building 500000Reserves 300000 FURINITURE 80000Creditors 200000 Stock 240000Debtor 150000Cash 70000Bank 600001100000 1100000Workings:A's sacrificing ratio: 3/5 - 2/3 = (1/15) |
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| 10142. |
Balance Sheet of X and Y, who share profits and losses as 5 : 3 , as at 1st April, 2017 is : On the above date, they decided to change their profit-sharing ratio to 3 : 5 and agreed upon the following: (a) Goodwill be valued on the basis of two years purchase of the average profit of the last three years. Profits for 2014-15 : ₹ 7,500; 2015-16 : ₹ 4,000; 2016-17 : ₹ 6,500. (b) Machinery and Stock be revalued at ₹ 45,000 and ₹ 8,000 respectively. (c) Claim on account of workmen compensation is ₹ 6,000. Prepare Revaluation Account Partners Capital Accounts and the Balance Sheeet of the new firm. |
| Answer» TE YOUR ANSWER ISyears.Profits for 2014-15 : ₹ 7,500; 2015-16 : ₹ 4,000; 2016-17 : ₹ 6,500.(B)HOPE THIS HELPS ❤️PLEASE MARK AS BRAINLIEST ❤️❤️FOLLOW ME | |
| 10143. |
A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1 . Their Balance Sheet as on 31st March, 2015 was as follows: From 1st April, 2015, A, B and C decided to share profits equally. For this it was agreed that: (i) Goodwill of the firm will be valued at ₹ 1,50,000. (ii) Land will be revalued at ₹ 80,000 and building be depreciated by 6%. (iii) Creditors of ₹ 6,000 were not likely to be claimed and hence should be written off. Prepare Revaluation Account , Partners Capital Accounts and Balance Sheet of the reconstituted firm. |
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Answer» ce of the A = Old RATIO- New ratio = - = Sacrifice of the B = Old ratio- New ratio = - = NilSacrifice of the C = Old ratio- New ratio = - = EXPLANATION:Old ratio : 3 :2 :1New ratio : 1: 1 :1Sacrifice of the A = Old ratio- New ratio = - = Sacrifice of the B = Old ratio- New ratio = - = NilSacrifice of the C = Old ratio- New ratio = - = |
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| 10144. |
On 1st March, 2018, R accepted a Bill of Exchange of ₹ 20,000 from S payable 3 months after date in full settlement of his dues. On the same day S endorsed the Bill of Exchanges to T together with a cheque for ₹ 5,000 in settlement of his debt to the latter. On 2nd March, 2018, T discounted the Bill of Exchange @ 6% p.a. with his bankers. On maturity the Bill of Exchange was dishonoured. Journalise the transactions in the books of R and T. |
| Answer» THW above GIVEN is the ANSWER just CHECK it outn AHI hshus | |
| 10145. |
Bharati and Astha were partners sharing profits in the ratio of 3 : 2. They admitted Dinkar as a new partner for 1/5th share in the future profits of the firm which he got equally from Bharati and Astha. Calculate the new profit-sharing ratio of Bharati, Astha and Dinkar. |
| Answer» BHARATI and Astha were partners sharing profits in the ratio of 3 : 2. They admitted Dinkar as a new partner for 1/5th share in the FUTURE profits of the firm which he GOT equally from Bharati and Astha | |
| 10146. |
Ravi and Mukesh are sharing profits in the ratio of 7 : 3. They admit Ashok for 3/7th share in the firm which he takes 2/7th from Ravi and 1/7th from Mukesh. Calculate new profit-sharing ratio. |
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Answer» fit SHARING is calculated below. Explanation:OLD ratio between Ravi and Mukesh is GIVEN as: Share Ashok WOULD take = 3/7th of profit New Ratio = Old Ratio - Sacrifing RatioSo, new ratio will be calculated by deducting 2/7th from Ravi’s ratio and 1/7th from Mukesh. Sacrifice by Ravi = Sacrifice by Mukesh = Ravi’s share Mukesh’s shareThus, the new profit-sharing ratio would be =Thus, the new profit - sharing ratio is 29 : 11 :30 |
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| 10147. |
Suresh, Ramesh, Mahesh and Ganesh were partners in a firm sharing profits in the ratio of 2 : 2 : 3 : 3 . On 1st April, 2016 , their Balance Sheet was as follows: From the above date, the partners decided to share the future profits equally. For this purpose the goodwill of the firm was valued at ₹ 90,000. It was also agreed that: (a) Claim against Workmen Compensation Reserve will be estimated at ₹ 1,00,000 and fixed assets will be depreciated by 10%. (b) The Capitals of the partners will be adjusted according to the new profit-sharing ratio. For this, necessary cash will be brought or paid by the partners as the case may be. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm. |
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Answer» will be ESTIMATED at ₹ 1,00,000 and fixed assets will be DEPRECIATED by 10%.(b) The CAPITALS of the partners will be adjusted according to the new profit-sharing RATIO. For this, necessaryHOPE THIS HELPS ❤️PLEASEMARK AS BRAINLIEST ❤️❤️ |
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| 10148. |
X, Y and Z are partners in a firm sharing profits and losses as 5 : 4 : 3 . Their Balance Sheet as at 31st March, 2018 was: From 1st April, 2018, they agree to alter their profit-sharing ratio as 4 : 3 : 2 .It is also decided that: (a) Furniture be taken at 80% of its value. (b) Stock be appreciated by 20%. (c) Plant and Machinery be valued at ₹ 4,00,000. (d) Outstanding Expenses be increased by ₹ 13,000. Partners agreed that altered values are not to be recorded in the books and they also do not want to distribute the General Reserve. You are required to pass a single journal entry to give effect to the above . Also, prepare Balance Sheet of the new firm. |
| Answer» X, Y and Z are partners in a firm sharing PROFITS and losses as 5 : 4 : 3 | |
| 10149. |
X, Y and Z are partners sharing profits and losses in the ratio of 7 : 5 : 4 . Their Balance Sheet as at 31st March, 2018 stood as: Partners decided that with effect from 1st April, 2018 , they will share profits and losses in the ratio of 3 : 2 : 1. For this purpose, goodwill of the firm was valued at ₹ 1,50,000. The partners neither want to record the goodwill nor want to distribute the General Reserve and profits. |
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Answer» to X's Capital = Rs.15,000Debited to Y's Capital =Rs.5,000Credited to Z's Capital = Rs.20,000Explanation:CALCULATION of GAINING/Sacrificing Ratio Old Ratio between X,Y and Z is 7:5:4New Ratio between X,Y and Z is 3:2:1Sacrificing or Gaining Ratio = Old ratio - New ratioX's SHARE = - = -Y's Share = - = -Z's Share = - = ADJUSTMENT of General reserve ,PROFIT,loss Account and Good willTotal amount for Adjustment = General reserve +Profit and loss Account + Good will = 65,000+ 25,000+ 1,50,000 = 2,40,000.Debited to X's Capital = 2,40,000 × = Rs.15,000Debited to Y's Capital =2,40,000 × = Rs.5,000Credited to Z's Capital 2,40,000 × = Rs.20,000 |
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| 10150. |
A, B and C are partners sharing profits and losses in the ratio of 5 : 3 : 2 . Their Balance Sheet as at 31st March, 2017 stood as follows: They decided to share profits equally w.e.f 1st April, 2017. They also agreed that: (i) Value of Land and Building be decreased by 5%. (ii) Value of Machinery be increased. by 5%. (iii) A Provision for Doubtful Debts be created @ 5% on Sundry Debtors. (iv) A Motor Cycle valued at ₹ 20,000 was unrecorded and is now to be recorded in the books. (v) Out of Sundry Creditors, ₹ 10,000 is not payable. (vi) Goodwill is to be valued at 2 years purchase of last 3 years profits. Profits being for 2016-17 – ₹ 50,000 (Loss); 2015-16 – ₹2,50,000 and 2014-15 – ₹ 2,50,000. (vii) C was to carry out the work for reconstituting the firm at a remuneration ( including expenses) of ₹ 5,000. Expenses came to ₹ 3,000. Pass journal entries and prepare Revaluation Account. |
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Answer» v) Out of Sundry Creditors, ₹ 10,000 is not payable.(vi) GOODWILL is to be VALUED at 2 years purchase of LAST 3 years profits. Profits being for2016-17 – ₹ 50,000 (Loss);2015-16 – ₹2,50,000 and2014-15 – ₹ 2,50,000.(vii) C was to CARRY out the work for reconstituting theHope this helps ❤️PLEASE MARK AS BRAINLIEST ❤️❤️ |
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