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Q.6.
Balance Sheet as on 31 March, 2019
Liabilities
Capital A/c:
A
B
Profit and Loss A/c
1,10,000
Land
Assets
P
Amount
Amount
10,000
Amount
Amount
Plant
Building
1,25,000
60,000
2,20,000
3,30,000
60,000
Stock
Debitors
50,000
80,000
60,000
Creditors
25,000
Bank
Deferred Expenditure
30,000
4,15,000
4,15,000
A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.
1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.
ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.
Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.
iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.
Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the new
firm?
Balance Sheet as on 31 March, 2019
Liabilities
Capital A/c:
A
B
Profit and Loss A/c
1,10,000
Land
Assets
P
Amount
Amount
10,000
Amount
Amount
Plant
Building
1,25,000
60,000
2,20,000
3,30,000
60,000
Stock
Debitors
50,000
80,000
60,000
Creditors
25,000
Bank
Deferred Expenditure
30,000
4,15,000
4,15,000
A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.
1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.
ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.
Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.
iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.
Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the new
firm?
Most Upvoted Answer
Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit ...
Journal Entries:
1. To record C's capital introduction:
C's Capital A/c 1,10,000
To Stock A/c 30,000
To Bank A/c 80,000
2. To record goodwill brought in by C:
Goodwill A/c 56,000
To C's Capital A/c 56,000
3. To adjust for the withdrawal of goodwill by old partners:
A's Capital A/c 28,000
B's Capital A/c 28,000
To Goodwill A/c 56,000
4. To revalue Land, Building, and Stock:
Land A/c 1,00,000
Building A/c 25,000
Stock A/c 5,000
To Revaluation A/c 1,30,000
5. To create R.D.D. on Debtors:
R.D.D. A/c 8,000
To Debtors A/c 8,000
6. To record unrecorded Creditors:
Creditors A/c 24,000
To Creditors A/c 24,000
Revaluation Account:
Particulars Amount (Dr) Amount (Cr)
Land 1,00,000
Building 25,000
Stock 5,000
1,30,000
Capital Accounts:
A's Capital A/c
Particulars Amount (Dr) Amount (Cr)
Balance b/d 1,10,000
Goodwill 28,000
1,38,000
To B's Capital A/c
Balance b/d 1,10,000
Goodwill 28,000
1,38,000
B's Capital A/c
Particulars Amount (Dr) Amount (Cr)
Balance b/d 1,10,000
Goodwill 28,000
1,38,000
To A's Capital A/c
Balance b/d 1,10,000
Goodwill 28,000
1,38,000
Balance Sheet as on 31 March, 2019:
Liabilities Amount Assets Amount
Capital A/c
A 1,38,000 Land 3,30,000
B 1,38,000 Building 2,45,000
C 1,10,000 Stock 65,000
Profit and Loss A/c 1,10,000 Debtors 88,000
Creditors 24,000 Bank 15,000
R.D.D. 8,000
Goodwill 28,000
Total 7,69,000
Total 7,69,000
1. To record C's capital introduction:
C's Capital A/c 1,10,000
To Stock A/c 30,000
To Bank A/c 80,000
2. To record goodwill brought in by C:
Goodwill A/c 56,000
To C's Capital A/c 56,000
3. To adjust for the withdrawal of goodwill by old partners:
A's Capital A/c 28,000
B's Capital A/c 28,000
To Goodwill A/c 56,000
4. To revalue Land, Building, and Stock:
Land A/c 1,00,000
Building A/c 25,000
Stock A/c 5,000
To Revaluation A/c 1,30,000
5. To create R.D.D. on Debtors:
R.D.D. A/c 8,000
To Debtors A/c 8,000
6. To record unrecorded Creditors:
Creditors A/c 24,000
To Creditors A/c 24,000
Revaluation Account:
Particulars Amount (Dr) Amount (Cr)
Land 1,00,000
Building 25,000
Stock 5,000
1,30,000
Capital Accounts:
A's Capital A/c
Particulars Amount (Dr) Amount (Cr)
Balance b/d 1,10,000
Goodwill 28,000
1,38,000
To B's Capital A/c
Balance b/d 1,10,000
Goodwill 28,000
1,38,000
B's Capital A/c
Particulars Amount (Dr) Amount (Cr)
Balance b/d 1,10,000
Goodwill 28,000
1,38,000
To A's Capital A/c
Balance b/d 1,10,000
Goodwill 28,000
1,38,000
Balance Sheet as on 31 March, 2019:
Liabilities Amount Assets Amount
Capital A/c
A 1,38,000 Land 3,30,000
B 1,38,000 Building 2,45,000
C 1,10,000 Stock 65,000
Profit and Loss A/c 1,10,000 Debtors 88,000
Creditors 24,000 Bank 15,000
R.D.D. 8,000
Goodwill 28,000
Total 7,69,000
Total 7,69,000
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Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm?
Question Description
Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm?.
Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm? for UPSC 2024 is part of UPSC preparation. The Question and answers have been prepared according to the UPSC exam syllabus. Information about Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm? covers all topics & solutions for UPSC 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm?.
Solutions for Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm? in English & in Hindi are available as part of our courses for UPSC.
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Here you can find the meaning of Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm? defined & explained in the simplest way possible. Besides giving the explanation of
Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm?, a detailed solution for Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm? has been provided alongside types of Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm? theory, EduRev gives you an
ample number of questions to practice Q.6.Balance Sheet as on 31 March, 2019LiabilitiesCapital A/c:ABProfit and Loss A/c1,10,000LandAssetsPAmountAmount10,000AmountAmountPlantBuilding1,25,00060,0002,20,0003,30,00060,000StockDebitors50,00080,00060,000Creditors25,000BankDeferred Expenditure30,0004,15,0004,15,000A and B are partners in a firm sharing profits in the ratio 3:4. They decided to admit C on 1" April, 2019 for 1/8 share in the partnership on the following terms.1. He brings in 1,10,000 as his capital of which 30,000 is to be brought as stock and rest by cheque.ii. He is to bring 56,000 as goodwill by cheque 50% of which is withdrawn by old partners.Land is to be revalued upwards by 1,00,000, Building by 25,000 and Stock by ₹ 5,000.iv. Create R.D.D. at 10% on Debtors and record Creditors of 24,000 earlier unrecorded.Pass necessary Journal entries and prepare Revaluation Account, Capital Account and Balance Sheet of the newfirm? tests, examples and also practice UPSC tests.
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