Veena and Somesh were partners in a firm with capitals of ₹ 1,00,000 and ₹ 80,000 respectively. They admitted Nisha on 1st April, 2019 as a new partner for th share in the future profits of the firm. Nisha brought ₹ 90,000 as her capital. Nisha acquired her share as th from Veena and the remaining from Somesh.
Calculate the value of goodwill of the firm and pass the necessary journal entries on Nisha’s admission.
Raman and Rohit were partners in a firm sharing profits and losses in the ratio of 2 : 1. On 31st March, 2022, their Balance Sheet was as follows:
Balance Sheet of Raman and Rohit as at 31st March, 2022
Liabilities | Amount (₹) | Assets | Amount (₹) | ||
Capital: | Plant and Machinery | 1,75,000 | |||
Raman | 1,40,000 | Furniture and Fixtures | 65,000 | ||
Rohit | 1,00,000 | 2,40,000 | Stock | 47,000 | |
Workmen Compensation Fund | 40,000 | Debtors | 1,10,000 | ||
Creditors | 1,60,000 | Less: Provision for doubtful debts | (7,000) | 1,03,000 | |
Bank Balance | 50,000 | ||||
4,40,000 | 4,40,000 |
On the above date, Saloni was admitted in the partnership firm. Raman surrendered th of his share and Rohit surrendered th of his share in favour of Saloni. It was agreed that:
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the reconstituted firm.
Aditi and Bobby were partners with capitals of ₹ 30,000 each. They admitted Chetan as a new partner for share in the profits of the firm. Chetan brought ₹ 48,000 as his capital. On Chetan's admission, the Profit and Loss Account of the firm showed a credit balance of ₹ 24,000. Value of goodwill of the firm on Chetan's admission will be:
Ashok and Sudha were partners in a firm sharing profits and losses in the ratio of 3 : 1. They admitted Bani as a new partner. Ashok sacrificed th of his share and Sudha sacrificed th of her share is favour of Bani. Bani's share in the profits of the firm will be:
Sun and Star were partners in a firm sharing profits in the ratio of 2 : 1. Moon was admitted as a new partner in the firm. New profit sharing ratio was 3 : 3 : 2. Moon brought the following assets towards his share of goodwill and his capital:
₹ | |
Machinery | 2,00,000 |
Furniture | 1,20,000 |
Stock | 80,000 |
Cash | 50,000 |
If his capital is considered as ₹ 3,80,000, the goodwill of the firm will be:
Manas and Mili are partners in a firm sharing profits in the ratio of 3 : 2. Anita is admitted as a new partner for th share in future profits. Capitals of Manas and Mili were ₹ 3,00,000 and ₹ 1,50,000 respectively. Anita brought ₹ 2,00,000 as her capital. The value of goodwill of the firm on Anita's admission.
S, B and J were partners in a firm. T was admitted as a partner in the partnership firm for th share of profits. Calculate the sacrificing ratio of S, B and J.
Badal and Bijli were partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as at 31st March 2019 was as follows:
Balance Sheet of Badal and Bijli
as at 31st March 2019
Liabilities | ₹ | Assets | ₹ | |
Capitals: | Building | 1,50,000 | ||
Badal | 1,50,000 | Investments | 73,000 | |
Bijli | 90,000 | 2,40,000 | Stock | 43,000 |
Badal’s Current A/c | 12,000 | Debtors | 20,000 | |
Investment Fluctuation Reserve | 24,000 | Cash | 22,000 | |
Bills Payable | 8,000 | Bijli’s Current A/c | 2,000 | |
Creditors | 26,000 | |||
3,10,000 | 3,10,000 |
Raina was admitted on the above date as a new partner for th share in the profits of the firm. The terms of the agreement were as follows:
Prepare the Revaluation Account and Current and Capital Accounts of Badal, Bijli and Raina.
Assertion (A): Increase in the value of liabilities on reconstitution of a firm is debited to Revaluation Account.
Reason (R): Increase in the value of liabilities is a loss.
Select the correct alternative from the following:
Atal and Madan were partners in a firm sharing profits in the ratio of 5 : 3. On 31st March, 2011 they admitted Mehra as a new partner for 1/5th share in the profit. The new profit sharing ratio was 5 :3 :2 . On Mehra’s admission, the balance sheet of the firm was as follows
Balance Sheet
as at 31st March, 2011
Liabilities | Amt(Rs) | Assets | Amt(Rs) | |
Provision for Bad Debt | 1,200 | Land and Building | 1,50,000 | |
Creditors | 20,000 | Machinery | 40,000 | |
Workmen Compensation Fund | 32,000 | Patents | 5,000 | |
Capital A/cs | Stock | 27,000 | ||
Atal | 1,50,000 | Debtors | 47,000 | |
Madan | 90,000 | 2,40,000 | Cash | 4,200 |
Profit and Loss A/c | 20,000 | |||
2,93,200 | 2,93,200 |
On Mehra’s admission, it was agreed that