Let true value = x. Overvaluation of 3331% means book value = x+31x=34x.
So 34x=80,000 which gives x=80,000×43=60,000.
The correct value to be shown in the new Balance Sheet is Rs. 60,000.
CUET UG 2022 — Accountancy Partnership
Ram and Balram are partners in a firm sharing profit and losses in the ratio of 2:1.
An extract of Balance Sheet as of 31st March 2022
| Liabilities | Rs. | Assets | Rs. |
|---|---|---|---|
| Furniture | 80,000 |
If the value of above furniture is overvalued by 3331%, choose the value of furniture to be shown in the new Balance Sheet out of the following:
Held on 15 Jul 2022 · Verified 13 Jul 2026.
Rs. 1,06,667
Rs. 60,000
Rs. 1,00,00
Rs. 26,667
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As per AS-26 Intangible assets like goodwill should be written off.
Match List-I with List-II | List-I | List-II | |---|---| | Revaluation of assets and reassessment of liabilities at the time of admission of a new partner | Journal Entry | | (A) For increase in the value of an asset | (I) Revaluation A/c Dr. To Asset A/c | | (B) For reduction in the amount of a liability | (II) Revaluation A/c Dr. To Liability A/c | | (C) For reduction in the value of an asset | (III) Asset A/c Dr. To Revaluation A/c | | (D) For appreciation in the amount of a liability | (IV) Liability A/c Dr. To Revaluation A/c | Choose the correct answer from the options given below:
Amount of Assets realized debited to Bank Account will be:
Match List-I with List-II If the partnership deed is silent regarding the items provided in List-I | List-I | List-II | |---|---| | (A) Interest on Capital | (I) to be shared equally | | (B) Interest on Loan | (II) not charged | | (C) Interest on Drawings | (III) not payable | | (D) Sharing of Profits | (IV) @6% p.a. | Choose the correct answer from the options given below:
Match List-I with List-II | List-I | List-II | |---|---| | (A) Sacrificing ratio | (I) Dissolution of Partnership | | (B) Gaining Ratio | (II) Admission of a New Partner | | (C) Executors Account | (III) Retirement of a Partner | | (D) Realisation Account | (IV) Death of a Partner | Choose the correct answer from the options given below:
Work through every CUET UG Partnership PYQ, year by year.