CA Foundation Exam > CA Foundation Questions > 4) Balance sheet after admission (10 marks) O...
Start Learning for Free
4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash?
Most Upvoted Answer
4) Balance sheet after admission (10 marks) OR c) A, B & C were in par...
And C are partners in a business. The balance sheet of the business as on 31st March, 2020 was as follows:
Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital: Cash in hand and at bank 60,000
A – 1,50,000 Stock 1,50,000
B – 1,00,000 Debtors 1,00,000
C – 50,000 Furniture and fixtures 50,000
Creditors 1,00,000 Building 2,00,000
Total 5,60,000
Total 3,00,000 Total 5,60,000
On 1st April, 2020, D was admitted as a partner and it was agreed that:
a) D will bring Rs. 2,00,000 as his capital and Rs. 50,000 as his share of goodwill.
b) The value of stock was to be increased by 25%.
c) The value of furniture and fixtures was to be decreased by 10%.
d) The value of building was to be appreciated by Rs. 50,000.
e) Creditors were to be paid Rs. 80,000 in full settlement.
Prepare the balance sheet of the new firm after D’s admission.
Solution:
Calculation of new values:
a) Total capital after D’s admission = A’s capital + B’s capital + C’s capital + D’s capital = Rs. 1,50,000 + Rs. 1,00,000 + Rs. 50,000 + Rs. 2,00,000 = Rs. 5,00,000
b) Value of stock after increasing by 25% = Rs. 1,50,000 x 125% = Rs. 1,87,500
c) Value of furniture and fixtures after decreasing by 10% = Rs. 50,000 x 90% = Rs. 45,000
d) Value of building after appreciation by Rs. 50,000 = Rs. 2,00,000 + Rs. 50,000 = Rs. 2,50,000
New balance sheet after D’s admission:
Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital: Cash in hand and at bank 60,000
A – 1,50,000 Stock 1,87,500
B – 1,00,000 Debtors 1,00,000
C – 50,000 Furniture and fixtures 45,000
D – 2,00,000 Building 2,50,000
Goodwill 50,000 Total 6,42,500
Creditors 80,000
Total (including goodwill) 6,92,500
Total 4,30,000
Note: The total of assets and liabilities should always be equal in a balance sheet. In this case, the total of assets and liabilities including goodwill is Rs. 6,92,500.
Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital: Cash in hand and at bank 60,000
A – 1,50,000 Stock 1,50,000
B – 1,00,000 Debtors 1,00,000
C – 50,000 Furniture and fixtures 50,000
Creditors 1,00,000 Building 2,00,000
Total 5,60,000
Total 3,00,000 Total 5,60,000
On 1st April, 2020, D was admitted as a partner and it was agreed that:
a) D will bring Rs. 2,00,000 as his capital and Rs. 50,000 as his share of goodwill.
b) The value of stock was to be increased by 25%.
c) The value of furniture and fixtures was to be decreased by 10%.
d) The value of building was to be appreciated by Rs. 50,000.
e) Creditors were to be paid Rs. 80,000 in full settlement.
Prepare the balance sheet of the new firm after D’s admission.
Solution:
Calculation of new values:
a) Total capital after D’s admission = A’s capital + B’s capital + C’s capital + D’s capital = Rs. 1,50,000 + Rs. 1,00,000 + Rs. 50,000 + Rs. 2,00,000 = Rs. 5,00,000
b) Value of stock after increasing by 25% = Rs. 1,50,000 x 125% = Rs. 1,87,500
c) Value of furniture and fixtures after decreasing by 10% = Rs. 50,000 x 90% = Rs. 45,000
d) Value of building after appreciation by Rs. 50,000 = Rs. 2,00,000 + Rs. 50,000 = Rs. 2,50,000
New balance sheet after D’s admission:
Liabilities Amount (Rs.) Assets Amount (Rs.)
Capital: Cash in hand and at bank 60,000
A – 1,50,000 Stock 1,87,500
B – 1,00,000 Debtors 1,00,000
C – 50,000 Furniture and fixtures 45,000
D – 2,00,000 Building 2,50,000
Goodwill 50,000 Total 6,42,500
Creditors 80,000
Total (including goodwill) 6,92,500
Total 4,30,000
Note: The total of assets and liabilities should always be equal in a balance sheet. In this case, the total of assets and liabilities including goodwill is Rs. 6,92,500.
Attention CA Foundation Students!
To make sure you are not studying endlessly, EduRev has designed CA Foundation study material, with Structured Courses, Videos, & Test Series. Plus get personalized analysis, doubt solving and improvement plans to achieve a great score in CA Foundation.
|
Explore Courses for CA Foundation exam
|
|
Similar CA Foundation Doubts
Top Courses for CA FoundationView all
4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash?
Question Description
4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash?.
4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash? for CA Foundation 2024 is part of CA Foundation preparation. The Question and answers have been prepared according to the CA Foundation exam syllabus. Information about 4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash? covers all topics & solutions for CA Foundation 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash?.
Solutions for 4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash? in English & in Hindi are available as part of our courses for CA Foundation.
Download more important topics, notes, lectures and mock test series for CA Foundation Exam by signing up for free.
Here you can find the meaning of 4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash? defined & explained in the simplest way possible. Besides giving the explanation of
4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash?, a detailed solution for 4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash? has been provided alongside types of 4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash? theory, EduRev gives you an
ample number of questions to practice 4) Balance sheet after admission (10 marks) OR c) A, B & C were in partnership sharing profits in the proportions of 5:4:3. The balance sheet of the firm as on 31st March, 2020 was under: Liabilities A Fixtures Inventories Trade receivables rade payables Rs. 40.000 1,35.930 8,200 95.120 1, 57,300 61,170 93.500 41,690 34,910 3,33,910 3,33,910 lad been suffering from ill-health and gave notice that he wished to retire. A ement was, therefore, entered into as on 31st March, 2020, the terms of which e as follows: Rs. Assets Capital account: Goodwill Cash? tests, examples and also practice CA Foundation tests.
|
|
Explore Courses for CA Foundation exam
|
|
Suggested Free Tests
Signup for Free!
Signup to see your scores go up within 7 days! Learn & Practice with 1000+ FREE Notes, Videos & Tests.
|
© EduRev
|
Education Revolution
|
|
Signup to see your scores
go up within 7 days!
Access 1000+ FREE Docs, Videos and Tests
Takes less than 10 seconds to signup