a) X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit W as partner for 1/6th share, Following is the extract of the Balance Sheet on the date of admission:
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X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 1st April 2023, they admit Z as a partner for 1/5th share in profits. On that date, there was a balance of ₹ 1,50,000 in General Reserve and a debit balance of ₹ 20,000 in the Profit & Loss Account of the firm. Pass necessary Journal entries regarding adjustment of reserve and accumulated profit/loss.
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Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 2 : 1. Mohan was admitted for 1/3rd share in the profits. On the date of Mohan’s admission, the Balance Sheet of Ram and Shyam showed General Reserve of ₹ 2,50,000 and a credit balance of ₹ 50,000 in Profit & Loss Account. Pass necessary Journal entries on the treatment of these items on Mohan’s admission.
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Om and Shiv are partners ina firm sharing profits equally.
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At the time of admission of a partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows: a) A Provision for Doubtful Debts @ 10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000). b) Creditors were written back by ₹ 5,000. c) Building was appreciated by 20% (Books value of Building ₹ 2,00,000). d) Unrecorded Investments were valued at ₹ 15,000. e) A provision of ₹ 2,000 was made for an Outstanding Bill for repairs. f) Unrecorded Liability towards suppliers was ₹ 3,000. Pass necessary Journal entries.
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Ashok and Bhaskar are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Chaman as a partner for 1/4th share of profits. At the time of admission of Chaman, Sundry Debtors and Provision for Doubtful Debts existed at ₹ 76,000 and ₹ 8,000 respectively. ₹ 6,000 of the debtors proved bad. A provision of 5% is to be created on Sundry Debtors for Doubtful debts. Pass the necessary Journal entries.
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X and Y are partners sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share of profits. At the time of admission of Z, Investments appeared at ₹ 80,000. Half of the investments to be taken by X and Y in their profit sharing at book value. Remaining investments were valued at ₹ 50,000. Pass the necessary Journal entries.
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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 (Books value ₹ 1,00,000) is to be reduced by 40% and Furniture (Books Value ₹ 60,000) is to be reduced to 40%. Pass the necessary Journal entries.
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X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner and fixed new profit sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts existed at ₹ 50,000 and ₹ 5,000 respectively. All debtors are good. Pass the necessary Journal entries.
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Pass entries in firm’s Journal for the following on admission of a partner: i) Unrecorded Investments of ₹ 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.
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