Question: Admission of Partner
March 2018 HSC Board Paper (Q3)Please review the problem details in the images below.
In the books of the firm
Complete SolutionProfit and Loss Adjustment A/c
Swipe left/right to view details →
Dr.Particulars
| Particulars | Amount (Rs) |
|---|---|
| To R.D.D. A/c | 1,600 |
| To Loose Tools A/c | 18,040 |
| Total | 19,640 |
ParticularsCr.
| Particulars | Inner | Outer |
|---|---|---|
| By Live Stock A/c | 4,400 | |
| By Outstanding Rent A/c | 960 | |
| By Revaluation Loss: | ||
| Meena Capital A/c | 9,520 | |
| Heena Capital A/c | 4,760 | 14,280 |
| Total | 19,640 |
Partners Capital A/c
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Dr.Particulars
| Particulars | Meena | Heena | Seema |
|---|---|---|---|
| To Profit & Loss Adj. A/c | 9,520 | 4,760 | - |
| To Balance C/d | 1,53,280 | 1,29,640 | 1,20,000 |
| Total | 1,62,800 | 1,34,400 | 1,20,000 |
ParticularsCr.
| Particulars | Meena | Heena | Seema |
|---|---|---|---|
| By Balance b/d | 1,34,000 | 1,20,000 | - |
| By Reserve Fund A/c | 4,800 | 2,400 | - |
| By Bank A/c | - | - | 1,20,000 |
| By Goodwill A/c | 24,000 | 12,000 | - |
| Total | 1,62,800 | 1,34,400 | 1,20,000 |
Balance Sheet
As on 1st April 2016Swipe left/right to view amounts →
LiabilitiesAmount (Rs)
| Liabilities | Inner | Outer |
|---|---|---|
| Capital Accounts: | ||
| Meena | 1,53,280 | |
| Heena | 1,29,640 | |
| Seema | 1,20,000 | 4,02,920 |
| Creditors | 53,800 | |
| Total | 4,56,720 |
AssetsAmount (Rs)
| Assets | Inner | Outer |
|---|---|---|
| Leasehold Property | 20,000 | |
| Live Stock | 6,600 | |
| Add: Appreciation | 4,400 | 11,000 |
| Loose Tools | 90,200 | |
| Less: Depreciation | 18,040 | 72,160 |
| Stock | 86,800 | |
| Debtors | 48,000 | |
| Less: R.D.D. | 3,600 | 44,400 |
| Bank | 2,22,360 | |
| Total | 4,56,720 |
Cash account
ReplyDeleteYes
DeleteYaaaay
DeleteO/s Rent ka ek adjustment P/L a/c hai or dosra adjustment kaha ayga
DeleteBank account
DeleteBy outstanding rent 9040
Cash ac
DeleteThank you sir
ReplyDeleteYou welcome
DeleteCash account?
ReplyDeleteHow did you calculate goodwill?
ReplyDeleteBy profit sharing ratio
Delete144000 is firms goodwill k 144000x1/4 u will get u r ans
DeleteHow did u bring 120000 for goodwill??by nps ratio closing capital???
DeleteGoodwill ka Amt meena ka 96000 aur heena ka 48000 bank ka hai Amt 330360 tally karo hoga
DeleteBhai 144000×1/4=36000
Delete36000÷3 kar
2 of meena=24000
1 of heena=12000
Madarchod goodwill ka solution kon batayega tera baap
ReplyDelete😁😁😁 sahi hola bro mai bhi yahi malum karne ke liye aaya tha
DeleteHa na working note nahi banaya
DeleteSee in Textbook sum no. 10 for solution of journal entries
DeleteSir you have solutions of npo
DeleteGoodwill aaur cash/bank account as working note banaya hota to smj aata ye to bc Kisi aaur hee duniya Ka hai Bhai ham CA Nahi HSC KE solution ke liye Aaye hai step wise hee smj aata hai hamko
DeleteDid not understand the adjustment for outstanding rent? Someone plz clarify?
ReplyDeleteYes
DeleteLess from outstanding rent in liablity side as rs 9040 is paid and the balance 60 rs will go in credit side of revaluation
Delete60 0r 960?
Delete960
DeleteHow come 9040 deducted from 10000 is 9040? It's supposed to be 60only
DeleteDid not understand outstanding rent adjustement??plzz help
ReplyDeleteOutstanding rent is 10,000 and is paid in 9,040 means after discount is paid then pass the entry 960rs is our profit that will be shown in partners capital account credit and second effect on cash/bank account because we pay the amount
DeleteComments keys Karna hai
DeleteHow to calculate debtors give in detail please
ReplyDeleteIt's given in adjustment
Deletevash account mein 222360 kaise aya
ReplyDeletevash account mein 222360 kaise aya
ReplyDeleteHaa muze bhi nahi samja
DeleteCash goodwill coloum n rent ki dusri entry ? ???
ReplyDeletehow did you calculate goodwill? and what is the entry for outstanding rent
ReplyDeleteCan u tell me how was your bank account 222360 came?
ReplyDelete75400 +120000+36000 -9040
ReplyDeleteIn order cash+cap+goodwill-rent
Thank you very much dear
DeleteThank u so much
DeleteGoodwill = 144000÷1/4
ReplyDelete= 144000÷4
= 36000
Raito=2:1
36000÷3×2 = 24000
36000÷3×1 = 12000
Thank you
DeleteThank you
DeleteWhy we have 1/4shares
Deletecash a/c
ReplyDeleteParticulars /amt/ Particulars /amt/
To bal b/d 75400. outstanding rent
To seems cap 120000 . 9040
To meena goodwill 24000 .
To Helena 12000
------- by bal c/d
222360
231400
Thank you for this working note I have clear my doubt now
DeleteHow is the goodwill calculated here..
ReplyDeleteGoodwill
DeleteOf Firm = 144000 (Given)
Seema's share
Capital = 1/4* 144000
Ans : 36000
Where is the cash and goodwill a/c
ReplyDeleteIn the answer
DeleteGuys why we divide 36000 among the partners that is seema's share na?
ReplyDeleteWhy stock wasn't increased by 4400
ReplyDeleteThe adjustment no two in the paper says that " Seema agreed to bring her share in the firm’s
ReplyDeletegoodwill by a cheque" why is the goodwill credited in the name of meena and heena?
The answer is wrong because there should be 9040 instead of 904 in profit and loss adjustment
ReplyDeleteWorking note plz! Dijiye NPS ratio ka
ReplyDelete😳
ReplyDeleteWhere is cash account??
ReplyDeleteWhere is cash/bank a/c and goodwill a/c ??
ReplyDeleteI need solution for that
Why outstanding rent not came in liabilities and how directly it go in revaluation a/c
ReplyDeleteIt is paid by Bank account(Rs9040) and rest is profit so Rs 960 in P&L Adj A/c
DeleteSo entry is
Outstanding rent 10000
To P&L. 960
To Bank 9040
Thank You sir
ReplyDeleteOutstanding rent 960kaise aaya
ReplyDeleteQ ke 10000 bharna tha or hmne 9040 bhre 960 k faida hua, toh entry aesi aayegi,profit and loss adjustment a/c credit side, to outstanding rent 960, 2nd entry, cash a/c credit side 9040.
DeleteBank ka amount kaise aya
ReplyDeleteRDD kaise aye
ReplyDelete1600kaisa aaya
DeleteDebtors se jab 7.5% less karenge toh ayega 444000..
Delete7.5% ka Amt hai 3600
Toh 2000 old rdd ko new rdd ke Amt 3600 se minus karo toh ayega 1600
Pls give working notr
ReplyDeleteRdd working note
ReplyDeleteDebtors-48000
Delete(-)7.5%-3600=44400
(2000 - 3600)
Old rdd. New rdd
Debtors :48000 _3600 = 44400. Ok
DeleteGoodwill ac tayar karayache nahi ka
ReplyDeleteif anyone have problem in this admission sum go youtube channel of jayant waybhase of admission sum
ReplyDeleteThis comment has been removed by the author.
ReplyDeletehow to do 2 adjustment ?? bceause goodwill is given 144000 and in the value of goodwill is 3600
ReplyDeleteO/s rent ki entry kaha hogi?? In asset or cash/bank a/c..???
ReplyDeleteAsset
Delete2nd effect cash account mai
Deletehii sir
ReplyDeleteCash a/c Nahi banaya aur Good will a/c bhi Nahi banaya kyo
ReplyDelete