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Standard IX

Mathematics

Ratio and Proportion

X and Y are...

Question

$X$ and $Y$ are partners in a firm sharing profits in the ratio of $3 : 2$ . They admitted $Z$ as a new partner for $1 / 4^{t h}$ share. At the time of admission of $Z$ , Stock (Book Value $R s . 1, 00, 000$ ) is to be reduced by $40 %$ and Furniture (Book Value $R s .60, 000$ ) is to be reduced to $40 %$ . Pass the necessary Journal entries.

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Solution

(i) Revaluation a/c... Dr. 76000
To Stock a/c 40000
To Furniture a/c 36000
(Being stock and furniture revalued)

(ii) X's Capital a/c... Dr. 45600
Y's Capital a/c.... Dr. 30400
To Revaluation a/c 7600
(Being loss on revaluation distributed among the partners in the ratio of 3:2)

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Similar questions

Q. 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.

X

and

Y

are partners sharing profits in the ratio of

3 : 2

. They admitted

Z

as new partner for

1 / 4^{t h}

share of profits. At the time of admission of

Z

, investment appeared at

R s . 80, 000

. Half of the investments to be taken over by

X

and

Y

in their profit-sharing ratio at book value. Remaining investment were valued at

R s . 50, 000

. Pass the necessary Journal entries.

X

and

Y

are partners in a firm sharing profits in the ratio of

3 : 2

. On

1^{s t}

April, 2018, they admit

Z

as a new partner for

1 / 4^{t h}

share in the profits.

Z

contributes following assets towards his capital and for his share of goodwill:
Stock

R s . 60, 000

, Debtors

R s . 80, 000

, Land

R s . 1, 00, 000

, Plant and machinery

R s . 40, 000

. On the date of admission of

Z

, the goodwill of the firm was valued at

R s . 6, 00, 000

.
Pass necessary Journal entries in the books of the firm on

Z^{'} s

admission.

X

and

Y

are partners in firm sharing profits in the ratio of

3 : 2

. They admitted

Z

as a new partner and fixed the new profit-sharing ratio as

3 : 2 : 1

. At time of admission of

Z

, Debtors and Provision for Doubtful Debts appeared at

R s . 50, 000

and

R s . 5, 000

respectively All debtors are good. Pass the necessary Journal entries.

Arti and Bharti are partners in a firm sharing profits in 3 : 2 ratio. They admitted Sarthi as a new partner and the new profit-sharing ratio will be 2 : 1 : 1. Sarthi brought Rs 1,00,000 for her share of goodwill. Goodwill already appeared in the books of Arti and Bharti at Rs 60,000.

Pass the necessary Journal entries in the books of the new firm for the above transactions.

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(i) Revaluation a/c... Dr. 76000 To Stock a/c 40000 To Furniture a/c 36000(Being stock and furniture revalued)(ii) X's Capital a/c... Dr. 45600 Y's Capital a/c.... Dr. 30400 To Revaluation a/c 7600(Being loss on revaluation distributed among the partners in the ratio of 3:2)

(i) Revaluation a/c... Dr. 76000
To Stock a/c 40000
To Furniture a/c 36000
(Being stock and furniture revalued)

(ii) X's Capital a/c... Dr. 45600
Y's Capital a/c.... Dr. 30400
To Revaluation a/c 7600
(Being loss on revaluation distributed among the partners in the ratio of 3:2)