51 :- Give the journal entry in the following cases;
(a) To distribute ‘workmen compensation reserve’ of Rs 90,000 at the time of admission of R, when there is no claim against it. The firm has two partners P and Q.
(b) To distribute ‘workmen compensation reserve’ of Rs 90,000 at the time of admission of R, when there is a claim of Rs 60,000 against it. The firm has two partners P and Q.
(c) To distribute ‘investment fluctuation reserve’ of Rs 60,000 at the time of admission of R, when investments (market value Rs 2,85,000) exists at Rs 3,00,000. The firm has two partners P and Q.
(d) To distribute ‘general reserve’ of Rs 60,000 at the time of R, when Rs 15,000 from general reserve is to be transferred to investment fluctuation reserve. The firm has two partners P and Q.
52 :- Ram and Shyam were partners in a firm sharing profits and losses in the ratio of 2:1. Mohan was admitted for 1/3rd share in the profits. On the date of Mohan’s admission, the balance sheet of Ram and Shyam showed General reserve of Rs 2,50,000 and a credit balance of Rs 50,000 in profit and loss account. Pass necessary journal entries on the treatment of these items on Mohan’s admission.
53 :- X and Y are partners in a firm sharing profits and losse in the ratio of 3:2. On 1st April 2024, they admit Z as a partner for 1/5th share in profits. On that date, there was a balance of Rs 1,50,000 in general reserve and a debit balance of Rs 20,000 in the profit and loss account of the firm. Pass necessary journal entries regarding adjustment of reserve and accumulated profit/loss.
54 :-
(a) An extract of the balance sheet of Murari and Vohra sharing profits and losses in the ratio of 3:2 was as under:
New partner Krishna was admitted for 1/5th share of profits. A claim on account of workmen compensation reserve is estimated for Rs 900
Pass the necessary journal entries to adjust accumulated profits and losses.
(c) A, B and C were partners sharing profits and losses in the ratio of 6 : 3 : 1. They take D into partnership with effect from 1st April, 2023. The new profit sharing ratio between A, B, C and D will be 3 : 3 : 3 : 1. They also decide to record the effect of the following without affecting their book values by passing an adjusting entry:
BOOK VALUES
General reserves 1,50,000
Contingency reserve 60,000
Profit and loss A/c (Cr.) 90,000
Advertisement suspense A/c (Dr.) 1,20,000
Pass the necessary adjustment entry through the partner’s current account.
Question 1 to 5 (Calculation of New Profit – Sharing Ratio and Sacrificing Ratio)
Question 6 to 10 (Calculation of New Profit – Sharing Ratio and Sacrificing Ratio)
Question 11 to 14 (Calculation of New Profit – Sharing Ratio and Sacrificing Ratio)
Question 15 to 18 (Calculation of New Profit – Sharing Ratio and Sacrificing Ratio)
Question 19 to 23 (Goodwill/Premium for Goodwill is brought in Cash by the New Partner and Retained in the Business)
Question 24 to 28 (Goodwill/Premium for Goodwill is brought in Cash by the New Partner and Retained in the Business)
Question 29 (Premium for Goodwill brought in Kind)
Question 30 to 32 (When Premium for Goodwill is brought by New or Incoming Partner and is withdrawn by Old Partners Fully or Partly)
Question 33 to 34 (When Only Part of Premium for Goodwill is brought by New Partner)
Question 35 to 36 (When New or Incoming Partner is not able to bring his Share of Premium for Goodwill)
Question 37 to 41 (Hidden Goodwill)
Question 42 to 46 (Revaluation of Assets and Reassessment of Liabilities)
Question 47 to 50 (Revaluation of Assets and Reassessment of Liabilities)
Question 51 to 54 (Reserves and Accumulated Profits/Losses and Preparation of Revaluation Account)
Question 55 to 56 (Preparation of Revaluation Account and Partner’s Capital Accounts)
Question 57 to 60 (Preparation of Revaluation Account, Partner’s Capital Accounts and Balance Sheet)
Question 61 to 64 (Preparation of Revaluation Account, Partner’s Capital Accounts and Balance Sheet)
Question 65 to 68 (Preparation of Revaluation Account, Partner’s Capital Accounts and Balance Sheet)
Question 69 to 73 (Adjustments of the Old Partner’s Capitals on the Basis of New or Incoming Partner’s Capital)
Question 74 to 76 (When the New Partner is required to bring Proportionate Capital)
Question 77 to 78 (When New Partner has to bring Capital on the basis of Combined Capitals of Old Partners)