Question : Apurva, Dimple, Komal and Saloni are partners in a firm sharing profits and losses in the ratio of 2: 2: 1: 1. Dimple and Komal decided to retire from the firm. The goodwill of the firm was valued at Rs.9,00,000. Apurva and Saloni decided to share future profits and losses in the ratio of 3: 2 Choose the correct Journal entry.
Option 1: Apurva's Capital A/c........Dr 2,40,000 Saloni's Capital A/c..........Dr 2,10,000 To Dimple's Capital A/c 3,00,000 To Komal Capital A/c 1,50,000
Option 2: Saloni's Capital A/c.........Dr 2,10,000 To Dimple's Capital A/c 60,000 To Komal Capital A/c 1,50,000
Option 3: Apurva's Capital A/c..........Dr 4,50,000 To Dimple's Capital A/c 3,00,000 To Komal Capital A/c 1,50,000
Option 4: None of the above.
Correct Answer: Apurva's Capital A/c........Dr 2,40,000 Saloni's Capital A/c..........Dr 2,10,000 To Dimple's Capital A/c 3,00,000 To Komal Capital A/c 1,50,000
Solution : Answer = Apurva's Capital A/c........Dr 2,40,000 Saloni's Capital A/c..........Dr 2,10,000 To Dimple's Capital A/c 3,00,000 To Komal Capital A/c 1,50,000 Apurva= $\frac{3}{5}-\frac{2}{6}=\frac{18-10}{30}=\frac{8}{30}$×9,00,000= 2,40,000 Saloni= $\frac{2}{5}-\frac{1}{6}=\frac{12-5}{30}=\frac{7}{30}$×9,00,000= 2,10,000 Dimple= $\left(9,00,000 \times \frac{2}{6}\right)$= 3,00,000. Komal= $\left(9,00,000 \times \frac{1}{6}\right)$= 1,50,000. Apurva's Capital A/c........Dr 2,40,000 Saloni's Capital A/c..........Dr 2,10,000 To Dimple's Capital A/c 3,00,000 To Komal Capital A/c 1,50,000 Hence, the correct option is 1.
Question : Maanika, Bhari and Komal are partners sharing profits in the ratio of 6:4:1. Komal is guaranteed a minimum profit of Rs 2,00,000. The firm incurred a loss of Rs 2,20,000 for the year ended March 31st, 2018. Choose an appropriate journal entry to be passed for deficiency.
Option 1: Maanika's capital a/c Dr 1,50,000 Bhari's capital a/c Dr 50,000 To Komal's capital a/c 2,00,000
Option 2: Maanika's capital a/c Dr 2,00,000 To Komal's capital a/c 2,00,000.
Option 3: Komal's capital a/c Dr 4,00,000 To Maanika's capital a/c 2,40,000 To Bhari's capital a/c 1,60,000
Option 4: Maanika's capital a/c Dr 2,40,000 Bhari's capital a/c Dr 1,60,000 To Komal's capital a/c 4,00,000.
Question : Akash, Naveen and Zaid are partners sharing profits in the ratio of 3: 2: 2. Zaid died on 1 st September 2016, The total amount owed by the firm to his executors was Rs. 60,000. The firm decided to pay him in three equal annual instalments carrying interest @ 6% p.a. beginning on 1st September 2017.
Choose the correct Journal.
Option 1: Zaid's Capital A/c Dr. 60,000 To Zaid's Executor's A/c 60,000
Option 2: Zaid's Capital A/c Dr. 60,000 To Zaid's Loan A/c 60,000
Option 3: Zaid's Capital A/c Dr. 60,000 To Bank A/c 60,00
Option 4: Zaid's Capital A/c Dr. 60,000 To Zaid's Executor's A/c 30,000 To Bank a/c 30,000
Question : A, B and C are partners sharing profit and losses in the ratio 2: 3: 4. On 31st December 2022. A retired and B and C decided to share future profit in the ratio of 2: 1. The following balances appeared in the books on this date Profit and loss (CR) 72,000 General reserve Rs 27,000 The correct journal entry for the above will be .........
Option 1: General reserve A/c.........Dr 27,000 Profit and loss A/c............Dr 72,000 To A's capital a/c 33,000 To B's capital a/c 33,000 To C's capital A/c 33,000
Option 2: General reserve A/c........Dr 27,000 Profit and loss A/c...........Dr 72,000 To A's capital a/c 22,000 To B's capital a/c 33,000 To C's capital A/c 44,000
Option 3: General reserve A/c........Dr 27,000 Profit and loss A/c..........Dr 72,000 To B's capital a/c 33,000 To C's capital A/c 66000
Option 4: None of the above
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