Assertion: In Ophrys one petal of the flower bears an uncanny resemblance to the female bee. Reason: Two closely related species competing for the same resource can coexist simultaneously.
a. Both assertion and reason are true, and the reason is the correct explanation of the assertion.
b. Both assertion and reason are true, but the reason is not the correct explanation of the assertion. c. Assertion is true but reason is false.
d. Both assertion and reason are false
Answers
Answer:
Leena and Rohit are partners in a firm sharing profits in the ration of 3:2. On 31st march, 2018 their Balance Sheet was as follows:
Balance Sheet of Leena and Rohit as at 31st March, 2018
Liabilities Amount (₹) Assets Amount (₹)
Sundry Creditors 80,000 Cash 42,000
Bills Payable 38,000 Debtors 1,32,000
Capital: Less: Provision for doubtful debts 2000 1,30,000
Leena 1,60,000 Stock 1,46,000
Rohit 1,40,000 3,00,000 Plant and Machinery 1,50,000
4,68,000 4,68,000 On the above date Manoj was admitted as a new partner for 1/5th share in the profits of the firm on the following terms: (i) Manoj brought proportionate capital. He also brought his share of goodwill premium of ₹80,000 in cash. (ii) 10% of the general reserve was to be transferred to provision for doubtful debts. (iii) Claim on account of workmen's compensation amounted to ₹40,000. (iv) Stock was overvalued by ₹16,000. (v) Leena, Rohit and Manor will share future profits in the ratio of 5:3:2 Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.
Marks:8
Expert's answer
In the books of Leena, Rohit & Manoj
Revaluation Account
Dr.
Cr.
Particulars
(₹)
Particulars
(₹)
To Claim for Workmen Compensation
40,000
By Loss transferred to:
To Stock A/c
16,000
Leena’s Capital
33,600
Rohit’s Capital
22,400
56,000
56,000
56,000
Partner’s Capital Account
Particulars Leena Rohit Manoj Particulars Leena Rohit Manoj
₹ ₹ ₹ ₹ ₹ ₹
To Revaluation A/c
33,600
22,400
By Balance b/d
1,60,000
1,40,000
To Balance c/d
1,93,400
1,75,600
92,250
By General Reserve
27,000
18,000
By Premium for Goodwill A/c
40,000
40,000
By Cash A/c
92,250
2,27,000
1,98,000
92,250
2,27,000
1,98,000
92,250
Calculation of Gaining & Sacrificing Share
Leena's Sacrifice = Old Share − New Share = 35−510=6−510=110Rohit's Sacrifice = Old Share − New Share = 25−310=4−310=110Adjusted Capitals of Leena & Rohit = ₹1,93,400 + ₹1,75,600 = ₹3,69,000Manoj's Capital = ₹3,69,000 × 54 × 15= ₹92,250
Cash Account
Dr.
Cr.
Particulars
(₹)
Particulars
(₹)
To Balance b/d
42,000
To Premium for goodwill A/c
80,000
To Manoj’s Capital A/c
92,250
By Balance c/d
2,14,250
2,14,250
2,14,250
Balance sheet as on
Liabilities
(₹)
Assets
(₹)
Sundry Creditors
80,000
Cash
2,14,250
Bills Payable
38,000
Stock
1,30,000
Claim for Workmen compensation
40,000
Plant & Machinery
1,50,000
Capital:
Debtors
1,32,000
Leena
1,93,400
Less: Provision for bad & doubtful debts
(7,000)
1,25,000
Rohit
1,75,600
Manoj
92,250
4,61,250
6,19,250
6,19,250
both assertion and reason are true, and the reason is correct explanation of the assertion