47 :- 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 Rs 76,000 and Rs 8,000 respectively. Rs 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.
48 :- At the time of admission of partner Suresh, assets and liabilities of Ramesh and Naresh were revalued as follows:
(a) Provision for doubtful debts @10% was made on sundry debtors (sundry debtors = Rs 50,000)
(b) Creditors were written back by Rs 5,000
(c) Building was appreciated by 20% (book value of bulding Rs 2,00,000)
(d) Unrecorded investments were valued at Rs 15,000
(e) A provision of Rs 2,000 was made for an outstanding bill for repairs.
(f) Unrecorded liability towards suppliers was Rs 3,000
Pass necessary journal entries.
49 :- Om and Shiv are partners in a firm sharing profits equally.
An amount of Rs 12,000 is due from Mohan, a debtor, is to be written off as no longer receivable. Provision for doubtful debts on remaining debtors is to be maintained at the current rate.
What amount of provision for doubtful debts should be credited to maintain its current rate ?
50 :- Ashish and Vishesh were partners sharing profits and losses in the ratio of 3;2. Their balance sheet as at 31st March, 2022, was as under
On 1st April 2022, Manya was admitted into the firm with 1/4th share in the profits on the following terms:
(i)Manya will bring Rs 1,00,000 as her capital and Rs 50,000 as her share of goodwill premium in cash.
(ii)Outstanding electricity bill will be paid off.
(iii)Stock was found overvalued by Rs 12,000
Pass the necessary journal entries in the books of the firm on Manya’s admission.