Home
Class 12
ACCOUNTS
X and Y are partners in a firm sharing p...

X and Y are partners in a firm sharing profit and losses in the ratio of 3 : 2. On 1st April, 2019, they admit Z as a partner for 1/5th share in profis. 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.

Text Solution

Verified by Experts

(i) Dr. General Reserve A/c by RS.1,50,000, Cr. X's Capital A/c by RS.90,000 and Y's Capital A/c by RS.60,000, (ii) Dr. X's Capital A/c by RS.12,000 and Y's Capital A/c by RS.8,000, Profit and Loss A/c by RS.20,000.
Promotional Banner

Topper's Solved these Questions

  • Admission of a Partner

    TS GREWAL|Exercise VERY SHORT ANSWER QUESTIONS|33 Videos

  • ACCOUNTING RATIOS

    TS GREWAL|Exercise Exercise|147 Videos

  • CASH FLOW STATEMENT

    TS GREWAL|Exercise CASH FLOW FROM INVESTING ACTIVITES|1 Videos

Similar Questions

Explore conceptually related problems

Rajinder and Surinder are partners in a firm sharing profits in the ratio of 4:1. On April 15, 2017 they admit Narender as a new partner. On that date there was a balance of Rs. 20,000 in general reserve and a debit balance of Rs. 10,000 in the profit and loss account of the firm. Pass necessary journal entries regarding adjustment of a accumulate a profit or loss.

X and Y were partners in a firm sharing profits and losses in the ratio of 2 : 1. Z was admitted for 1/3rd share in the profits. On the date of Z's admission, the Balance Sheet of X and Y 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 Z's admission.

(a) X, Y and Z are partners sharing profits and losses in the ratio of 5 : 3 : 2. They admit W as partner for 1/6th share. Following is the extract of the Balance Sheet on the date of admission: Pass necessary Journal entries. (b) A and B were partners in a firm sharing porfit in 4 : 3 ratio. On 1st April, 2019, they admitted C as a new partnre. On the date of C's admission, the Balance Sheet of A and B showed a General Reserve of RS.84,000 and a debit balance of RS.8,400 in the 'Profit and Loss Account' Pass necessary Journal entries for the treatment of these on C's admission. (c) Give the Journal entry to distribute 'Workmen Compensation Reserve' of RS.72,000 at the time of admission of Z, when there is no claim of RS.48,000 against it. The firm has two partners X and Y. (d) Give the Journal entry to distribute 'Workmen Compensation Reserve' of RS.72,000 at the time of admission of Z, when there is claim of RS.48,000 against it . The firm has two partners X and Y. (e) Give the Journal entry to distribute 'Investment Fluctuation Reserv' of RS.24,000 at the time of admission of Z when Investment (Market Value RS.1,10,000) appears at RS.1,20,000. The firm has two partners X and Y. (f) Give the Journal entry to distribute 'General Reserve' of RS.4,800 at the time of admission of Z, when 20% of General Reserve is to be transferred to In vestment Fluctuatio Reserve. The firm has two partners X and Y. (g) A,B and C were partners sharing profits and losses in the ratio of 6 : 3 : 1. They decide to take D into partnership with effect from 1st April, 2019. The new profit-sharing ratio between A, B ,C and D will values, by passing a single adjustment entry: {:(,"Book Values RS"),("General Reserve","1,50,000"),("Contingency Reserve","60,000"),("Profit and Loos A/c (Cr.)","1,20,000"),("Pass the necessary single adjustment entry, through the Partner's Current Account.",):}

A and B are partners sharing profits and losses in the ratio of 2 : 1. From April 1, 2017, they decided to share the profits in the ratio of 3 : 2. On that date, profit and loss account showed a debit balance of Rs. 60,000. Record the necessary journal entry for the distribution of the balance in the Profit and Loss Account.

TS GREWAL-Admission of a Partner-EXERCISE
  1. X, Y and Z are partners sharing profit and losses in the ratio of 6 :...

    Text Solution

    |

  2. At the time of admission of a partner C assets and liabilities of A an...

    Text Solution

    |

  3. X and Y are partners in a firm sharing profit and losses in the ratio ...

    Text Solution

    |

  4. X and Y were partners in a firm sharing profits and losses in the rati...

    Text Solution

    |

  5. (a) X, Y and Z are partners sharing profits and losses in the ratio of...

    Text Solution

    |

  6. X, Y and Z are equal partners with capitals of RS.1,500, RS.1,750 and ...

    Text Solution

    |

  7. A and B are carruying on business in partnership and sharing profits a...

    Text Solution

    |

  8. Following was the Balance Sheet of A and B who were sharing profits in...

    Text Solution

    |

  9. Given below is the Balance Sheet of A and B, who are carrying partners...

    Text Solution

    |

  10. Balance Sheet of J and K who share profits in the ratio of 3 : 2 is as...

    Text Solution

    |

  11. Balance Sheet of Madhu and Vidhi who are sharing in profits in the rat...

    Text Solution

    |

  12. Shyamlal and Sanjay were in partnership business sharing profits and l...

    Text Solution

    |

  13. A, B and C are partners sharing profits and losses in the ratio of 3 :...

    Text Solution

    |

  14. On 31st March, 2017, the Balance Sheet of Abhir Divay, who were sharin...

    Text Solution

    |

  15. X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at...

    Text Solution

    |

  16. X and Y are partners in a firm sharing profit in the ratio of 3 : 2. T...

    Text Solution

    |

  17. Rajesh and Ravi are partners sharing profits in the ratio of 3 : 2. Th...

    Text Solution

    |

  18. A and B are partners in a firm shaing profits in the ratio of 3 : 2. T...

    Text Solution

    |

  19. Divay, Yasmin and Fatima are partners in a firm, sharing profits and l...

    Text Solution

    |

  20. A and B are partners in a firm. The net profit of the firm is divided ...

    Text Solution

    |