42 :- Arun and Vijay are partners in a firm sharing profits & loss in the ratio of 3 : 2.
If the value of machinery in the balance sheet is excess by 33 1/3%, find the value of machinery to be shown in the new balance sheet.
43 :- Pass entries in the firm’s journal for the following on admission of a partner:
(i) Machinery be reduced by Rs 16,000 and building be appreciated by Rs 40,000.
(ii) A provision be created for doubtful debts @5% of debtors amounting to Rs 80,000.
(iii) Provision for warranty claims be increased by Rs 12,000
(iv) Furniture (book value Rs 50,000) is to be reduced by 40%
(v) Furniture (book value Rs 50,000) is to be reduced to 40%
44 :- Pass entries in firm’s journal for the following on admission of a partner:
(i)Unrecorded investments of Rs 20,000 are to be accounted.
(ii)Unrecorded liability towards suppliers for Rs 5,000 is to be accounted.
(iii) An item of Rs 1,600 included in sundry creditors is not likely to be claimed and hence should be written back.
45 :- 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 Rs 80,000. Half of the investments to be taken by X and Y in their profit-sharing ratio at book value. Remaining investments were valued at Rs 50,000. Pass the necessary journal entries.
46 :- 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 Rs 50,000 and Rs 5,000 respectively. All debtors are good. Pass the necessary journal entries.