Accounts
This query is : Resolved
06 June 2013
Could you please help me with the answers for below along with the calculations
1. Trial Balance shows following information
Sundry Creditors Rs.80000
Discount received Rs.5000
Reserve for discount on creditors Rs.5500
It is desired to maintain reserve for discount on creditors at Rs.6000
Sundyr creditors will appear in balancesheet at a figure of
2. When buyer returns goods on account of poor quality , he sends a note along with goods stating that no payment
would be made in respect of goods returned. The return note is called
a) Debit note
b) Credit note
c) Refund note
d) Return note
3.20. If goodwill appears in the balancesheet at Rs.15000 but valued and raised to Rs.18000
therefore the entry will be passed for
15000
18000
3000
NIL
1. Trial Balance shows following information
Sundry Creditors Rs.80000
Discount received Rs.5000
Reserve for discount on creditors Rs.5500
It is desired to maintain reserve for discount on creditors at Rs.6000
Sundyr creditors will appear in balancesheet at a figure of
2. When buyer returns goods on account of poor quality , he sends a note along with goods stating that no payment
would be made in respect of goods returned. The return note is called
a) Debit note
b) Credit note
c) Refund note
d) Return note
3.20. If goodwill appears in the balancesheet at Rs.15000 but valued and raised to Rs.18000
therefore the entry will be passed for
15000
18000
3000
NIL
13 June 2013
1. 74000
2. Debit Note
3. 3000
2. Debit Note
3. 3000
13 June 2013
Thank you very much sir.
Could you please help resolve my below queries asap.?
1) A and B are partnership in a firm sharing profits and losses in ratio of 3:2. They admitted C into partnership for 1/5 th share and New PSR =5:3:2
Goodwill appearing in the books at the time of C's admission amounted to Rs.20000/-
Goodwill is valued at Rs.50000 at the time of C's admission.
Please confirm -
In such case good will is written off Rs.20000 in the old profit sharing ratio.
C to bring his share considering Rs.50000 which will be given to the old partners in sacrificing ratio.
2.11. A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted C into partnership for 1/5th share and New PSR =5:3:2.
Goodwill appearing in the books at the time of C's admission amounted to Rs.20000. Goodwill is valued at Rs.50000 at the time of C's admission. C bring his share privately
Please confirm
In such case good will is written off Rs.20000 in the old profit sharing ratio.
No entry for goodwill as C will bring it privately.
3)12.The capital of A and B sharing profits and losses equally are Rs.90000 and Rs.30000 respectively. The value of goodwill of the firm at Rs.84000
which was not recorded in the books. If goodwill is to be raised now , by what amount each partner's capital account will be credited
4)3. X, Y and are partners sharing profits and losses in the ratio of 4:3:2 . Y retires and the good will of the firm is valued at Rs.21600
Assuming that X and Z will share future profits in the ratio of 5:3. Pass the entries in the following cases
A) When no goodwill account appears in the book
a ) Raise goodwill among all the partners in old PSR
b) Raise goodwill among remaining partners in new PSR
c) Write off goodwill among remaining partners in new PSR
d) Both a and b
B) When goodwill account appears at Rs.21600
a) Raise Rs.21600 among all partners in old PSR.
b) Raise Rs.21600 among remaining partners in new PSR.
c) Write off Rs.21600 among remaining partners in new PSR.
d) Both a and c
c) When goodwill account apperas in the book at Rs.14400
a) Raise Rs.7200 among all the partners in old PSR.
b) Raise Rs.21600 among remaining partners in New PSR.
c) write off Rs.21600 among remaining partners in new PSR.
d) Both a and C
Could you please help resolve my below queries asap.?
1) A and B are partnership in a firm sharing profits and losses in ratio of 3:2. They admitted C into partnership for 1/5 th share and New PSR =5:3:2
Goodwill appearing in the books at the time of C's admission amounted to Rs.20000/-
Goodwill is valued at Rs.50000 at the time of C's admission.
Please confirm -
In such case good will is written off Rs.20000 in the old profit sharing ratio.
C to bring his share considering Rs.50000 which will be given to the old partners in sacrificing ratio.
2.11. A and B are partners in a firm sharing profits and losses in the ratio of 3:2. They admitted C into partnership for 1/5th share and New PSR =5:3:2.
Goodwill appearing in the books at the time of C's admission amounted to Rs.20000. Goodwill is valued at Rs.50000 at the time of C's admission. C bring his share privately
Please confirm
In such case good will is written off Rs.20000 in the old profit sharing ratio.
No entry for goodwill as C will bring it privately.
3)12.The capital of A and B sharing profits and losses equally are Rs.90000 and Rs.30000 respectively. The value of goodwill of the firm at Rs.84000
which was not recorded in the books. If goodwill is to be raised now , by what amount each partner's capital account will be credited
4)3. X, Y and are partners sharing profits and losses in the ratio of 4:3:2 . Y retires and the good will of the firm is valued at Rs.21600
Assuming that X and Z will share future profits in the ratio of 5:3. Pass the entries in the following cases
A) When no goodwill account appears in the book
a ) Raise goodwill among all the partners in old PSR
b) Raise goodwill among remaining partners in new PSR
c) Write off goodwill among remaining partners in new PSR
d) Both a and b
B) When goodwill account appears at Rs.21600
a) Raise Rs.21600 among all partners in old PSR.
b) Raise Rs.21600 among remaining partners in new PSR.
c) Write off Rs.21600 among remaining partners in new PSR.
d) Both a and c
c) When goodwill account apperas in the book at Rs.14400
a) Raise Rs.7200 among all the partners in old PSR.
b) Raise Rs.21600 among remaining partners in New PSR.
c) write off Rs.21600 among remaining partners in new PSR.
d) Both a and C
13 June 2013
The treatment to one and two are correct.
13 June 2013
3 - In Profit Sharing Ratio
13 June 2013
4A - a&c
4B - c
4C -d
Please reconfirm the answers with the modules/material.
4B - c
4C -d
Please reconfirm the answers with the modules/material.
13 June 2013
Thank you. Seems logical.
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