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Sagot :
To solve this problem, we need to make the necessary adjustments to the values of assets and liabilities as described, and prepare journal entries, capital accounts, and the revised balance sheet. Let's break this down step-by-step:
### Original Balance:
1. The initial value of fixed assets is \( 4,20,000 \).
### Adjustments:
1. Depreciation of Fixed Assets:
- Fixed assets need to be depreciated by \( 10\% \).
- Depreciation amount = \( 4,20,000 \times 10\% = 42,000 \)
- Revised value of fixed assets = \( 4,20,000 - 42,000 = 3,78,000 \)
2. Provision for Doubtful Debts on Debtors:
- There is no initial amount given for debtors, so the provision for doubtful debts = \( 0 \)
- Provision for Doubtful Debts = \( 0 \times 6\% = 0 \)
3. Revaluation of Stock:
- Stock is to be valued at Rs. \( 1,90,000 \).
4. Adjustment of Creditors:
- An amount of Rs. \( 3,700 \) included in creditors is not likely to be claimed.
- Revised value of creditors = \( 0 - 3,700 = -3,700 \)
5. Investment Taken by Partners A and B:
- Investment is worth Rs. \( 48,000 \) and it is taken equally by partners A and B.
- Amount taken by each partner = \( 48,000 \div 2 = 24,000 \)
### Journal Entries:
1. Depreciation on Fixed Assets:
- Dr. Depreciation \( 42,000 \)
- Cr. Fixed Assets \( 42,000 \)
2. Provision for Doubtful Debts:
- As the debtors' initial value is zero, the provision will also be zero.
- Dr. Provision for Doubtful Debts \( 0 \)
- Cr. Debtors \( 0 \)
3. Adjustment for Stock Value:
- Dr. Stock \( 1,90,000 \)
- Cr. Revaluation Reserve \( 1,90,000 \)
4. Reduction in Creditors:
- Dr. Creditors \( 3,700 \)
- Cr. Revaluation Reserve \( 3,700 \)
5. Investment Taken by Partners A and B:
- Dr. Investment \( 48,000 \)
- Cr. Partner A \( 24,000 \)
- Cr. Partner B \( 24,000 \)
### Capital Accounts:
Assuming initial amounts for C are 0 (they are admitted newly):
- Capital Account of Partner C: \( 4,20,000 \)
- Capital Account of Partner A: \( 24,000 \)
- Capital Account of Partner B: \( 24,000 \)
### Revised Balance Sheet:
1. Assets:
- Fixed Assets = \( 3,78,000 \)
- Debtors (after provision) = \( 0 \)
- Stock = \( 1,90,000 \)
2. Liabilities:
- Creditors = \( -3,700 \)
3. Capital Accounts:
- \( \text{C} : 4,20,000 \)
- \( \text{A} : 24,000 \)
- \( \text{B} : 24,000 \)
Putting it all together, we have:
### Journal Entries:
| Description | DR Amount | CR Amount |
|------------------------------------|-----------|-----------|
| Depreciation on Fixed Assets | 42,000 | 42,000 |
| Provision for Doubtful Debts | 0 | 0 |
| Stock Value | 1,90,000 | 1,90,000 |
| Reduction in Creditors | 3,700 | 3,700 |
| Investment taken by Partners A & B | 48,000 | 48,000 |
### Capital Accounts:
| Partner | Amount (Rs) |
|---------|-------------|
| C | 4,20,000 |
| A | 24,000 |
| B | 24,000 |
### Revised Balance Sheet:
| Item | Amount (Rs) |
|-----------------------------|-------------|
| Fixed Assets | 3,78,000 |
| Debtors (after provision) | 0 |
| Stock | 1,90,000 |
| Creditors | -3,700 |
| Capital Accounts | |
| - C | 4,20,000 |
| - A | 24,000 |
| - B | 24,000 |
Thus, all the necessary adjustments and updated accounts have been provided to admit C as a new partner and reflect the revised values in the accounting books.
### Original Balance:
1. The initial value of fixed assets is \( 4,20,000 \).
### Adjustments:
1. Depreciation of Fixed Assets:
- Fixed assets need to be depreciated by \( 10\% \).
- Depreciation amount = \( 4,20,000 \times 10\% = 42,000 \)
- Revised value of fixed assets = \( 4,20,000 - 42,000 = 3,78,000 \)
2. Provision for Doubtful Debts on Debtors:
- There is no initial amount given for debtors, so the provision for doubtful debts = \( 0 \)
- Provision for Doubtful Debts = \( 0 \times 6\% = 0 \)
3. Revaluation of Stock:
- Stock is to be valued at Rs. \( 1,90,000 \).
4. Adjustment of Creditors:
- An amount of Rs. \( 3,700 \) included in creditors is not likely to be claimed.
- Revised value of creditors = \( 0 - 3,700 = -3,700 \)
5. Investment Taken by Partners A and B:
- Investment is worth Rs. \( 48,000 \) and it is taken equally by partners A and B.
- Amount taken by each partner = \( 48,000 \div 2 = 24,000 \)
### Journal Entries:
1. Depreciation on Fixed Assets:
- Dr. Depreciation \( 42,000 \)
- Cr. Fixed Assets \( 42,000 \)
2. Provision for Doubtful Debts:
- As the debtors' initial value is zero, the provision will also be zero.
- Dr. Provision for Doubtful Debts \( 0 \)
- Cr. Debtors \( 0 \)
3. Adjustment for Stock Value:
- Dr. Stock \( 1,90,000 \)
- Cr. Revaluation Reserve \( 1,90,000 \)
4. Reduction in Creditors:
- Dr. Creditors \( 3,700 \)
- Cr. Revaluation Reserve \( 3,700 \)
5. Investment Taken by Partners A and B:
- Dr. Investment \( 48,000 \)
- Cr. Partner A \( 24,000 \)
- Cr. Partner B \( 24,000 \)
### Capital Accounts:
Assuming initial amounts for C are 0 (they are admitted newly):
- Capital Account of Partner C: \( 4,20,000 \)
- Capital Account of Partner A: \( 24,000 \)
- Capital Account of Partner B: \( 24,000 \)
### Revised Balance Sheet:
1. Assets:
- Fixed Assets = \( 3,78,000 \)
- Debtors (after provision) = \( 0 \)
- Stock = \( 1,90,000 \)
2. Liabilities:
- Creditors = \( -3,700 \)
3. Capital Accounts:
- \( \text{C} : 4,20,000 \)
- \( \text{A} : 24,000 \)
- \( \text{B} : 24,000 \)
Putting it all together, we have:
### Journal Entries:
| Description | DR Amount | CR Amount |
|------------------------------------|-----------|-----------|
| Depreciation on Fixed Assets | 42,000 | 42,000 |
| Provision for Doubtful Debts | 0 | 0 |
| Stock Value | 1,90,000 | 1,90,000 |
| Reduction in Creditors | 3,700 | 3,700 |
| Investment taken by Partners A & B | 48,000 | 48,000 |
### Capital Accounts:
| Partner | Amount (Rs) |
|---------|-------------|
| C | 4,20,000 |
| A | 24,000 |
| B | 24,000 |
### Revised Balance Sheet:
| Item | Amount (Rs) |
|-----------------------------|-------------|
| Fixed Assets | 3,78,000 |
| Debtors (after provision) | 0 |
| Stock | 1,90,000 |
| Creditors | -3,700 |
| Capital Accounts | |
| - C | 4,20,000 |
| - A | 24,000 |
| - B | 24,000 |
Thus, all the necessary adjustments and updated accounts have been provided to admit C as a new partner and reflect the revised values in the accounting books.
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