Revaluation Account or Profit and Loss A...

Revaluation Account or Profit and Loss Adjustment A/c is a

Real Account

Personal Account

Nominal Account

Asset Account

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Arun and Varun are partners sharing profits in the ratio of 4:3. Their Balance Sheet showed a balance of Rs 56,000 in the General Reserve Account and a debit balance of Rs14,000 in Profit and Loss Account. Then now decided to share the future profits equally. Instead of closing the General Reserve Account and Profit and Loss Account, it is decided to pass an adjustment entry for the same. In adjustment entry :

A, B and C are partner sharing profits in the ratio of 1:2:3. On 1-4-2019 they decided to share the profits equally. On the date there was a credit balance of Rs 1,20,000 in their Profit and Loss Account and a balance of Rs 1,80,000 in General Reserve Account. Instead of closing the General R eserve Account and Profit and Loss Account, it is decided to record an adjustment entry for the same. In the necessary adjestment entry to give effect to the above arrangement,

Following was the Balance Sheet of A and B who were sharing profits in the ratio of 2 : 1 as at 31st March, 2019: They admit C into partnership on the following terms: (a) C was bring RS.7,500 as his capital and RS.3,000 as goodwill for 1/4th share in the firm. (b) Values of the Stock and Plant and Machinery were to be reduced by 5%. (c) A Provision for Doubtful Debts was to be created in respect of Sundry Debtors RS.375. (d) Building was to be appreciated by 10%. Pass necessary Journal entries to give effect to the arrangements. Prepare Profit and Loss Adjustment Account (or Revaluation Account), Partners' Capital Accounts and Balance Sheet of the new firm.

DK GOEL-ADMISSION OF A PARTNER -MCQ Treatment of Goodwill :

When a new partner brings goodwill in Cash, it is credited to :
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If the incoming partner brings the amount of goodwill in Cash and also...
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If, at the time of admission, the revaluation A/c shows a profit, it s...
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Revaluation Account or Profit and Loss Adjustment A/c is a
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In case of admission of a partner, the entry for unrecorded investment...
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When the balance sheet is prepared after the new partnership agreement...
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Goodwill of a firm of A and B is valued at Rs. 30,000. Goodwill is app...
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A and B are partners of a partnership firm sharing profits in the rati...
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X and Y are partners sharing profits in the ratio 5 : 3. They admitted...
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Ramesh and Suresh are partners sharing profits in the ratio of 2 : 1 r...
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A and B are partners in a firm having a capital of ₹ 54,000 and ₹ 36,0...
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A and B are in partnership sharing profits in the ratio of 3 : 2. They...
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X and Y are partners sharing profits in the ratio of 4 : 3. Z is admit...
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A and B are partners sharing profits in the ratio of 2 : 3. Their Bala...
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A, B and C are partners sharing profits in ratio of 3 : 2 : 1. They ag...
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X and Y are partners sharing profits in the ratio 2 : 3. They admitted...
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A, B, C and D are partners. A and B share 2/3rd of profits equally and...
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Sacrificing ratio is used to distribute ………. In case of admisstion of ...
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X and Y are partners in a firm with capital of Rs.1,80,000 and Rs.2,00...
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A and B are partners profits and losses in the ratio of 5 : 3. On admi...
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