Question Description
A and B are partners sharing profits in ratio 5 : 3. Their Balance Sheet stood as under :
Liabilities
(Rs.)
Assets
(Rs.)
Capitals:
(Rs.)
Land
60,000
A
1,30,000
Buildings
88,000
B
70,000
2,00,000 Machinery
40,000
Reserve Fund
24,000 Stock
20,000
Creditors
16,000 Debtors
18,000
Cash & Bank
14,000
2,40,000
2,40,000
They admit C on the following terms :
(a)
Profit sharing ratio of A, B and C was 7 : 5 : 3.
(b)
Land is valued at Rs. 76,000 and Building at Rs. 80,000.
(c)
A Bill Receivable for Rs. 7,000 discounted from Bank was dishonoured on this date but no entry was
passed for it.
(d)
Crete provisions for doubtful debts on debtors @ 4 %.
(e)
Goodwill of firm was valued at Rs. 36,000, C brought his share of goodwill in cash.
(f)
C brought Rs. 60,000 as his capital.
Prepare Revaluation Account, Capital Accounts and Balance Sheet. Related: Adjustment of Revaluation of Assets and Liabilities (Part B)? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared
according to
the Commerce exam syllabus. Information about A and B are partners sharing profits in ratio 5 : 3. Their Balance Sheet stood as under :
Liabilities
(Rs.)
Assets
(Rs.)
Capitals:
(Rs.)
Land
60,000
A
1,30,000
Buildings
88,000
B
70,000
2,00,000 Machinery
40,000
Reserve Fund
24,000 Stock
20,000
Creditors
16,000 Debtors
18,000
Cash & Bank
14,000
2,40,000
2,40,000
They admit C on the following terms :
(a)
Profit sharing ratio of A, B and C was 7 : 5 : 3.
(b)
Land is valued at Rs. 76,000 and Building at Rs. 80,000.
(c)
A Bill Receivable for Rs. 7,000 discounted from Bank was dishonoured on this date but no entry was
passed for it.
(d)
Crete provisions for doubtful debts on debtors @ 4 %.
(e)
Goodwill of firm was valued at Rs. 36,000, C brought his share of goodwill in cash.
(f)
C brought Rs. 60,000 as his capital.
Prepare Revaluation Account, Capital Accounts and Balance Sheet. Related: Adjustment of Revaluation of Assets and Liabilities (Part B)? covers all topics & solutions for Commerce 2024 Exam.
Find important definitions, questions, meanings, examples, exercises and tests below for A and B are partners sharing profits in ratio 5 : 3. Their Balance Sheet stood as under :
Liabilities
(Rs.)
Assets
(Rs.)
Capitals:
(Rs.)
Land
60,000
A
1,30,000
Buildings
88,000
B
70,000
2,00,000 Machinery
40,000
Reserve Fund
24,000 Stock
20,000
Creditors
16,000 Debtors
18,000
Cash & Bank
14,000
2,40,000
2,40,000
They admit C on the following terms :
(a)
Profit sharing ratio of A, B and C was 7 : 5 : 3.
(b)
Land is valued at Rs. 76,000 and Building at Rs. 80,000.
(c)
A Bill Receivable for Rs. 7,000 discounted from Bank was dishonoured on this date but no entry was
passed for it.
(d)
Crete provisions for doubtful debts on debtors @ 4 %.
(e)
Goodwill of firm was valued at Rs. 36,000, C brought his share of goodwill in cash.
(f)
C brought Rs. 60,000 as his capital.
Prepare Revaluation Account, Capital Accounts and Balance Sheet. Related: Adjustment of Revaluation of Assets and Liabilities (Part B)?.
Solutions for A and B are partners sharing profits in ratio 5 : 3. Their Balance Sheet stood as under :
Liabilities
(Rs.)
Assets
(Rs.)
Capitals:
(Rs.)
Land
60,000
A
1,30,000
Buildings
88,000
B
70,000
2,00,000 Machinery
40,000
Reserve Fund
24,000 Stock
20,000
Creditors
16,000 Debtors
18,000
Cash & Bank
14,000
2,40,000
2,40,000
They admit C on the following terms :
(a)
Profit sharing ratio of A, B and C was 7 : 5 : 3.
(b)
Land is valued at Rs. 76,000 and Building at Rs. 80,000.
(c)
A Bill Receivable for Rs. 7,000 discounted from Bank was dishonoured on this date but no entry was
passed for it.
(d)
Crete provisions for doubtful debts on debtors @ 4 %.
(e)
Goodwill of firm was valued at Rs. 36,000, C brought his share of goodwill in cash.
(f)
C brought Rs. 60,000 as his capital.
Prepare Revaluation Account, Capital Accounts and Balance Sheet. Related: Adjustment of Revaluation of Assets and Liabilities (Part B)? in English & in Hindi are available as part of our courses for Commerce.
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Here you can find the meaning of A and B are partners sharing profits in ratio 5 : 3. Their Balance Sheet stood as under :
Liabilities
(Rs.)
Assets
(Rs.)
Capitals:
(Rs.)
Land
60,000
A
1,30,000
Buildings
88,000
B
70,000
2,00,000 Machinery
40,000
Reserve Fund
24,000 Stock
20,000
Creditors
16,000 Debtors
18,000
Cash & Bank
14,000
2,40,000
2,40,000
They admit C on the following terms :
(a)
Profit sharing ratio of A, B and C was 7 : 5 : 3.
(b)
Land is valued at Rs. 76,000 and Building at Rs. 80,000.
(c)
A Bill Receivable for Rs. 7,000 discounted from Bank was dishonoured on this date but no entry was
passed for it.
(d)
Crete provisions for doubtful debts on debtors @ 4 %.
(e)
Goodwill of firm was valued at Rs. 36,000, C brought his share of goodwill in cash.
(f)
C brought Rs. 60,000 as his capital.
Prepare Revaluation Account, Capital Accounts and Balance Sheet. Related: Adjustment of Revaluation of Assets and Liabilities (Part B)? defined & explained in the simplest way possible. Besides giving the explanation of
A and B are partners sharing profits in ratio 5 : 3. Their Balance Sheet stood as under :
Liabilities
(Rs.)
Assets
(Rs.)
Capitals:
(Rs.)
Land
60,000
A
1,30,000
Buildings
88,000
B
70,000
2,00,000 Machinery
40,000
Reserve Fund
24,000 Stock
20,000
Creditors
16,000 Debtors
18,000
Cash & Bank
14,000
2,40,000
2,40,000
They admit C on the following terms :
(a)
Profit sharing ratio of A, B and C was 7 : 5 : 3.
(b)
Land is valued at Rs. 76,000 and Building at Rs. 80,000.
(c)
A Bill Receivable for Rs. 7,000 discounted from Bank was dishonoured on this date but no entry was
passed for it.
(d)
Crete provisions for doubtful debts on debtors @ 4 %.
(e)
Goodwill of firm was valued at Rs. 36,000, C brought his share of goodwill in cash.
(f)
C brought Rs. 60,000 as his capital.
Prepare Revaluation Account, Capital Accounts and Balance Sheet. Related: Adjustment of Revaluation of Assets and Liabilities (Part B)?, a detailed solution for A and B are partners sharing profits in ratio 5 : 3. Their Balance Sheet stood as under :
Liabilities
(Rs.)
Assets
(Rs.)
Capitals:
(Rs.)
Land
60,000
A
1,30,000
Buildings
88,000
B
70,000
2,00,000 Machinery
40,000
Reserve Fund
24,000 Stock
20,000
Creditors
16,000 Debtors
18,000
Cash & Bank
14,000
2,40,000
2,40,000
They admit C on the following terms :
(a)
Profit sharing ratio of A, B and C was 7 : 5 : 3.
(b)
Land is valued at Rs. 76,000 and Building at Rs. 80,000.
(c)
A Bill Receivable for Rs. 7,000 discounted from Bank was dishonoured on this date but no entry was
passed for it.
(d)
Crete provisions for doubtful debts on debtors @ 4 %.
(e)
Goodwill of firm was valued at Rs. 36,000, C brought his share of goodwill in cash.
(f)
C brought Rs. 60,000 as his capital.
Prepare Revaluation Account, Capital Accounts and Balance Sheet. Related: Adjustment of Revaluation of Assets and Liabilities (Part B)? has been provided alongside types of A and B are partners sharing profits in ratio 5 : 3. Their Balance Sheet stood as under :
Liabilities
(Rs.)
Assets
(Rs.)
Capitals:
(Rs.)
Land
60,000
A
1,30,000
Buildings
88,000
B
70,000
2,00,000 Machinery
40,000
Reserve Fund
24,000 Stock
20,000
Creditors
16,000 Debtors
18,000
Cash & Bank
14,000
2,40,000
2,40,000
They admit C on the following terms :
(a)
Profit sharing ratio of A, B and C was 7 : 5 : 3.
(b)
Land is valued at Rs. 76,000 and Building at Rs. 80,000.
(c)
A Bill Receivable for Rs. 7,000 discounted from Bank was dishonoured on this date but no entry was
passed for it.
(d)
Crete provisions for doubtful debts on debtors @ 4 %.
(e)
Goodwill of firm was valued at Rs. 36,000, C brought his share of goodwill in cash.
(f)
C brought Rs. 60,000 as his capital.
Prepare Revaluation Account, Capital Accounts and Balance Sheet. Related: Adjustment of Revaluation of Assets and Liabilities (Part B)? theory, EduRev gives you an
ample number of questions to practice A and B are partners sharing profits in ratio 5 : 3. Their Balance Sheet stood as under :
Liabilities
(Rs.)
Assets
(Rs.)
Capitals:
(Rs.)
Land
60,000
A
1,30,000
Buildings
88,000
B
70,000
2,00,000 Machinery
40,000
Reserve Fund
24,000 Stock
20,000
Creditors
16,000 Debtors
18,000
Cash & Bank
14,000
2,40,000
2,40,000
They admit C on the following terms :
(a)
Profit sharing ratio of A, B and C was 7 : 5 : 3.
(b)
Land is valued at Rs. 76,000 and Building at Rs. 80,000.
(c)
A Bill Receivable for Rs. 7,000 discounted from Bank was dishonoured on this date but no entry was
passed for it.
(d)
Crete provisions for doubtful debts on debtors @ 4 %.
(e)
Goodwill of firm was valued at Rs. 36,000, C brought his share of goodwill in cash.
(f)
C brought Rs. 60,000 as his capital.
Prepare Revaluation Account, Capital Accounts and Balance Sheet. Related: Adjustment of Revaluation of Assets and Liabilities (Part B)? tests, examples and also practice Commerce tests.