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प्रश्न
Amit, Balan and Chander were partners in a firm sharing profits in the proportion of `1/2, 1/3 and 1/6`respectively. Chander retired on 1-4-2014. The Balance Sheet of the firm on the date of Chander's retirement was as follows:
| Balance Sheet of Amit, Balan and Chander as on 1-4-2014 | |||
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Sundry Creditors Provident Fund General Reserve Capitals Amit 40,000 Balan 36,500 Chander 2,000 |
12,600 3,000 9,000
96,500 |
Bank Debtors 30,000 Less: Provision 1,000 Stock Investments Patents Machinery |
4,100
29,000 25,000 10,000 5,000 48,000 |
| 1,21,100 | 1,21,100 | ||
It was agreed that:
(a) Goodwill will be valued at Rs 27,000.
(b) Depreciation of 10% was to be provided on machinery.
(c) Patents were to be reduced by 20%.
(d) Liability on account of Provident Fund was estimated at Rs 2,400.
(e) Chander took over investments for Rs 15,800.
(f) Amit and Balan decided to adjust their capitals in a proportion of their profit sharing ratio by
opening current accounts.
Prepare Revaluation Account and Partners' Capital Accounts on Chander's retirement.
उत्तर
| Revaluation Account | |||
| Dr. | Cr | ||
| Particulars | Rs | Particulars | Rs |
|
To Machinery A/c To Patents A/c To Profit transferred to: Amit’s Capital A/c 300 Balan’s Capital A/c 200 Chander’s Capital A/c 100 |
4,800 1,000
600 |
By Investments A/c By Provident Fund A/c
|
5,800 600
|
| 6,400 | 6,400 | ||
| Partner’s Capital Account | |||||||
| Dr. | Cr. | ||||||
| Particulars | Amit | Balan | Chander | Particulars | Amit | Balan | Chander |
|
To Investments A/c To Chander Capital A/c To Loan A/c To Current A/c To Balance c/d
|
2,700
48,000
|
1,800
5,900 32,000
|
15,800
10,300
|
By Balance b/d By Revaluation A/c (Profit) By General Reserve A/c By Amit’s Capital A/c By Balan’s Capital A/c By Current A/c |
40,000 300 4,500
5,900 |
36,500 200 3,000
|
20,000 100 1,500 2,700 1,800
|
|
|
50,700 |
39,700 |
26,100 |
|
50,700 |
39,700 |
26,100 |
Working Notes:
WN1: : Adjustment of Goodwill
Chander's Share of Goodwill = `27000 xx 1/6 = 4500`
Amit will pay = `4500 xx 3/5 = 2700`
Balan will pay = `4500 xx2/5 = 1800`
WN2 Adjustment of Capital:
Adjusted Old Capital of Amit = 44,800 (40,000 + 4,500 + 300) – 2,700 = 42,100
Adjusted Old Capital of Balan = 39,700 (36,500 + 3,000 + 200) – 1,800 =37,900
Total Adjusted Capital = 42,100 + 37,900 = 80,000
New Profit Sharing Ratio = 3:2
Amit's New Capital = `80000 xx 3/5 = 48000`
Balan's New Capital = `80000 xx 2/5 = 32000`
Note : Since, here no information is given regarding the share acquired by Amit and Balan, therefore, their gaining ratio is same as their new profit sharing ratio
APPEARS IN
संबंधित प्रश्न
P, Q and R were partners in a firm sharing profits in the ratio of 3:2:1. On 31-3-2015 their Balance Sheet was as follows :
Balance Sheet of P,Q and R as on 31-3-2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors General Reserve Capitals P 1,80,000 Q 1,20,000 R 60,000
|
2,52,000 63,000
3,60,000
|
Bank Debtors Stock Investments Furniture Machinery
|
51,000 69,000 3,30,000 90,000 30,000 1,05,000
|
| 6,75,000 | 6,75,000 |
On the above date S was admitted as a new partner and it was decided that:
(i) The new profit sharing ratio between P, Q, R and S will be 2:2:1:1.
(ii) Goodwill of the firm was valued at Rs.2, 70,000 and S will bring his share of goodwill premium in cash.
(iii) The market value of investments was Rs.64,000.
(iv) Machinery will be reduced to Rs.87,000.
(v) A creditor of Rs.9,000 was not likely to claim the amount and hence to be written-off.
(vi) S will bring proportionate capital so as to give him 1/6th share in the profits of the firm.
Prepare Revaluation Account. Partners' Capital Accounts and the Balance Sheet of P, Q, R and S.
A. B and C were partners in a firm sharing profits in the ratio of 5: 3: 2. On 31-3-2015 their Balance Sheet was as follows:
Balance Sheet of A,B and C as on 31-3-2015
| Liabilities | Amount(Rs) | Assets | Amount(Rs.) |
|
Creditors Investment Fluctuation Fund P & L Account Capitals A 1,50,000 B 1,20,000 C 60,000
|
63,000 30,000 1,20,000
3,30,000
|
Land & Building Motor Vans Investments Machinery Stock Debtors 1,20,000 Less : Provision 9,000 Cash
|
1,86,000 60,000 57,000 36,000 45,000
|
| 5,43,000 | 5,43,000 |
On the above date B retired and A and C agreed to continue the business on the following terms:
(1) Goodwill of the firm was valued at Rs.1, 53,000.
(2) Provision for bad debts was to be reduced by Rs.3,000.
(3) There was a claim of Rs.12,000 for workmen compensation.
(4) B will be paid Rs.24,600 in cash and the balance will be transferred to his loan account which will be paid in four equal yearly instalments together with interest 10% p.a.
(5) The new profit sharing ratio between A and C will be 3:2 and their capital will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of A and C.
Ashok, Bhim and Chetan were partners in a firm sharing profits in the ratio of 3:2:1.
Their Balance Sheet as on 31-3-2015 was as follows:
Balance Sheet of Ashok, Bhim and Chetan
as on 31-3-2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Bills Payable General Reserve Capitals Ashok 2,00,000 Bhim 1,00,000 Chetan 50,000 |
1,00,000 40,000 60,000
3,50,000 |
Land Building Plant Stock Debtors Bank
|
1,00,000 1,00,000 2,00,000 80,000 60,000 10,000
|
| 5,50,000 | 5,50,000 |
Ashok, Bhim and Chetan decided to share the future profits equally, w.e.f. April 1, 2015. For this it was agreed that:
(i) Goodwill of the firm be valued at 3,00,000
(ii) Land be revalued at 1, 60,000 and building be depreciated by 6%.
(iii) Creditors of 12,000 were not likely to be claimed and hence be written off
Prepare Revaluation Account Partners’ Capital Accounts and Balance Sheet of the reconstituted firm
X, Y and Z were partners in a firm sharing profit’s in the firm of 5:3:2. On 31-3-2015 their Balance Sheet was as follows:
Balance sheet of X,Y and Z as on 31st march,2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Investment Fluctuation Fund P & L Account Capital: X 50,000 Y 40,000 Z 20,000
|
21,000 10,000 40,000
1,10,000
|
Land and Building Motor Vans Investments Machinery Stock Debtors 40,000 Less: 3,000 Cash |
62,000 20,000 19,000 12,000 15,000
37,000 16,000 |
| 1,81,000 | 1,81,000 |
On the above date Y retired and X and Z agreed to continue the business on the following terms:
(1) Goodwill of the firm was valued at Rs.51,000
(2) There was a claim of 4,000 for Workmen’s Compensation.
(3) Provision for bad debts was to be reduced by 1,000
(4) Y will be paid 8,200 in cash and the balance will be transferred in his loan account which will be paid in four equally yearly instalments together with interest @ 10% p.a.
(5) The new profit sharing ratio between X and Z will be 3:2 and their capitals will be in their new profit sharing ratio. The Capital adjustments will be done by opening current Accounts
Prepare Revaluation Account. Partner’s Capital Accounts and the Balance Sheet of reconstituted firm.
J, H and K were partners in a firm sharing profits in the ratio of 5:3:2. On 31-3-2015 their Balance Sheet was as follows:
Balance Sheet of J,H and K as on 31-3-2015
| LIabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Investment Fluctuation Fund P & L Account Capital: J 1,00,000 H 80,000 K 40,000
|
42,000 20,000 80,000
2,20,000
|
Land and Building Motor Vans Investments Machinery Stock Debtors 80,000 Less: 6,000 Cash |
2,24,000 40,000 38,000 24,000 30,000
74,000 32,000 |
| 3,62,000 | 3,62,000 |
On the above data H retires and J and K agreed to continue the business on the following terms:
(i) Goodwill of the firm was valued at Rs.1,02,000.
(ii) There was a claim of Rs.8,000 for workmen's compensation.
(iii) Provision for bad debts was to be reduced by Rs.2,000.
(iv) H will be paid Rs.14,000 in cash and the balance will be transferred in his loan account which will be paid in four equal yearly installments together with interest @ 10% p.a.
(v) The new profit sharing ratio between J and K will be 3:2 and their capitals will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.
Mohan and Mahesh were partners in a firm sharing profit in the ratio 3:2. On 1st April 2012, they admitted Nusrat as a partner in the firm. The Balance Sheet of Mohan and Mahesh on that date was as under:
Balance Sheet of Mohan and Mahesh as on 1st April 2012
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Workman’s Compensation Fund General Reserve Capital: Mohan 1,00,000 Mahesh 80,000
|
2,10,000 2,50,000 1,60,000
1,80,000
|
Cash in hand Debtors Stock Machinery Building
|
1,40,000 1,60,000 1,20,000 1,00,000 2,80,000
|
| 8,00,000 | 8,00,000 |
It was agreed that:
i. The value of Building and Stock be appreciated to Rs.3,80,000 and Rs.1,60,000 respectively.
ii. The liabilities of workmen's compensation fund was determined at Rs.2,30,000.
iii. Nusrat brought in her share of goodwill Rs.1,00,000 in cash.
iv. Nusrat was to bring further cash as would make her capital equal to 20% of the combined capital of Mohan and Mahesh after above revaluation and adjustments are carried out.
v. The future profit sharing ratio will be Mohan 2/5, Mahesh 2/5, Nusrat 1/5.
Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the new firm. Also show clearly the calculation of Capital brought by Nusrat.
Chander and Damini were partners in a firm sharing profits and losses equally. On 31st March 2017 their Balance Sheet was as follows:
|
Balance Sheet of Chander and Damini as on 31.3.2017 |
|||
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Sundry Creditors Capitals: Chander 2,50,000 Damini 2,16,000
|
1,04,000
4,66,000
|
Cash at Bank Bills Receivable Debtors Furniture Land and Building
|
30,000
75,000 1,10,000 3,10,000 |
| 5,70,000 | 5,70,000 | ||
On 1.4.2017, they admitted Elina as a new partner for `1/3` rd share in the profits on the following conditions:
1) Elina will bring Rs 3,00,000 as her capital and Rs 50,000 as her share of goodwill premium, half of which will be withdrawn by Chander and Damini.
2) Debtors to the extent of Rs 5,000 were unrecorded.
3) Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on bills receivables and debtors.
4) Value of land and building will be appreciated by 20%.
5) There is a claim against the firm for damages, a liability to the extern of Rs 8,000 will be created for the same.
Prepare Revaluation Account and Partners Capital Accounts.
Suresh, Ramesh, Mahesh and Ganesh were partners in a firm sharing profits in the ratio of 2:2:3:3. On 1.4.2016 their Balance Sheet was as follows
| Balance Sheet of Suresh, Ramesh, Mahesh and Ganesh as on 1.4.2016 |
|||
| Liabilities | Rs | Assets | Rs |
|
Capitals : Suresh 1,00,000 Ramesh 1,50,000 Mahesh 2,00,000 Ganesh 2,50,000 Sundry Creditors Workmen Compensation Reserve |
7,00,000 1,70,000 75,000 |
Fixed Assets Current Assets
|
6,00,000 3,45,000
|
| 9,45,000 | 9,45,000 | ||
From the above date, the partners decided to share the future profits equally. For this purpose, the goodwill of the firm was valued at Rs 90,000.
It was also agreed that:
1) Claim against Workmen Compensation Reserve will be estimated at Rs 1,00,000 and fixed assets will be depreciated by 10%.
2) The capitals of the partners will be adjusted according to the new profit sharing ratio. For this, necessary cash will be bought or paid by the partners as the case may be.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.
Kapil, Mohit, Roshan and Rakesh were partners in firm sharing profits in the ratio of 5:2:2:1. On 1.4.2016 their Balance Sheet was as follows :
| Balance Sheet of Kapil, Mohit, Roshan and Rakesh as on 1.4.2016 |
|||
| Liabilities | Rs | Assets | Rs |
|
Capitals : Kapil 3,50,000 Mohit 3,00,000 Roshan 2,50,000 Rakesh 2,00,000 Sundry Creditors Workmen Compensation Reserve |
11,00,000 50,000 50,000 |
Fixed Assets Current Assets
|
8,00,000 4,00,000
|
| 12,00,000 | 12,00,000 | ||
From the above date, the partners decided to share the future profits equally. For this purpose, the goodwill of the firm was valued at Rs 72,000. It was also agreed that:
1) Fixed assets will be depreciated by 10% and the claim against Workmen Compensation Reserve will be estimated at Rs 70,000.
2) The Capitals of the partners will be adjusted according to their new profit sharing ratio. For this, Partners' Current Accounts will be opened
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the reconstituted firm.
Charu and Harsha were partners in a firm sharing profits in the ratio of 3:2. On 1-4-2014 their Balance Sheet was as follows :
| Balance Sheet | |||
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors General Reserve Workmen Compensation Fund Investment Fluctuation Fund Provision for bad debts Capitals Charu 30,000 Harsha 20,000 |
17,000 4,000 9,000 11,000 2,000
50,000 |
Cash Debtors Investments Plant Land and building
|
6,000 15,000 20,000 14,000 38,000
|
| 93,000 | 93,000 | ||
On the above date, Vaishali was admitted for 1/4th share in the profits of the firm on the following terms:
(a) Vaishali will bring Rs 20,000 for her capital and Rs 4,000 for her share of goodwill premium.
(b) All debtors were considered good.
(c) The market value of investments was Rs 15,000.
(d) There was a liability of Rs 6,000 for workmen compensation.
(e) Capital accounts of Charu and Marsha are to be adjusted on the basis of Vaishali's capital by
opening current accounts.
Prepare Revaluation Account and Partners' Capital Accounts
Manu, Hary, Ali and Reshma were partners in a firm sharing profits in the ratio of 2 : 2 : 1 : 5. On 1.4.2016 their Balance Sheet was as follows:
|
Balance Sheet of Manu, Hary, Ali and Reshma as on 1.4.2016 |
||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capitals: |
|
Fixed Assets |
8,00,000 |
|
|
Manu |
2,00,000 |
|
Current Assets |
2,40,000 |
|
Hary |
2,50,000 |
|
|
|
|
Ali |
1,50,000 |
|
|
|
|
Reshma |
3,50,000 | 9,50,000 |
|
|
|
|
|
|
|
|
|
Sundry Creditors |
45,000 |
|
|
|
|
Workmen Compensation Reserve |
45,000 |
|
|
|
|
|
10,40,000 |
|
10,40,000 |
|
|
|
|
|
||
From the above date partners decided to share future profits equally. For this purpose the goodwill of the firm was valued at Rs 40,000. The partners also agreed for the following:
(i) Claims against Workmen Compensation Reserve was estimated at Rs 50,000. Fixed assets were to be depreciated by 10%.
(ii) Capitals of the partners were to be adjusted according to the new profit sharing ratio, for this necessary cash will be brought or paid.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.
N, S and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31.3.2016 their Balance Sheet was as under:
|
Balance Sheet of N, S and G as on 31.3.2016 |
|||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Creditors |
1,65,000 |
Cash |
1,20,000 |
||
|
General Reserve |
90,000 |
Debtors |
1,35,000 |
|
|
|
Capitals: |
Less Provision |
15,000 |
1,20,000 |
||
|
N |
2,25,000 |
Stock |
1,50,000 | ||
|
S |
3,75,000 |
Machinery |
4,50,000 | ||
|
G |
4,50,000 | 10,50,000 |
Patents |
90,000 | |
|
|
Building |
3,00,000 | |||
|
|
Profit & Loss Account |
75,000 | |||
|
|
13,05,000 |
|
13,05,000 | ||
|
|
|
|
|||
G retired on the above date and it was agreed that:
(i) Debtors of Rs 6,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.
(ii) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.
(iii) An unrecorded creditor of Rs 30,000 will be taken into account.
(iv) N and S will share the future profits in the ratio of 2 : 3 ratio.
(v) Goodwill of the firm on G’s retirement was valued at Rs 90,000.
Pass necessary journal entries for the above transactions in the books of the firm on G’s retirement.
From the following items of Receipts and Payments A/c of South India Club, prepare an Income and Expenditure Account for the year ended 31.3.2010:
|
Particulars |
Rs |
|
Salaries Paid |
55,000 |
|
Lighting expenses |
5,500 |
|
Stationery (Including Rs 400 for the previous year) |
4,000 |
|
Subscription received (including 1,000 received in advance |
44,000 |
|
and Rs 750 for the previous year) |
|
|
Net Proceeds of Refreshment Room |
30,000 |
|
Miscellaneous Expenses |
3,000 |
|
Interest paid on loan for three months |
1,200 |
|
Rent and Rates (Including Rs 500 pre-paid) |
4,500 |
|
Lockers Rent received |
Additional Information:
Subscriptions in arrears on 31.3.2010 were Rs 4,700 and nine months interest on loan was also outstanding.
Khanna, Seth and Mehta were partners in a firm sharing profit in the ratio of 3 : 2 : 5. On
31.12.2010 the Balance Sheet of Khana, Seth and Mehta was as follows:
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
|
Capitals: |
|
Goodwill |
3,00,000 |
|
|
Khanna: |
3,00,000 |
|
Land and Building |
5,00,000 |
|
Seth: |
2,00,000 |
|
Machinery |
1,70,000 |
|
Mehta: |
5,00,000 |
10,00,000 |
Stock |
30,000 |
|
General Reserve |
1,00,0000 |
Debtors |
1,20,000 |
|
|
Loan from Seth |
50,000 |
Cash |
45,000 |
|
|
Creditors |
75,000 |
Profit and Loss Account |
60,000 |
|
|
|
12,25,000 |
|
||
On 14th March 2011, Seth died.
The partnership deed provides that on the death of a partner the executor of the deceased partners
is entitled to:
(i) Balance in Capital Account;
(ii) Share in profits upto the date of death on the basis of last year’s profit;
(ii) His share in profit/loss in revaluation of assets and re-assessment of liabilities which were as follows:
(a) Land and Building was to be appreciated by Rs 1,20,000;
(b) Machinery was to be depreciated to Rs 1,35,000 and stock to Rs 25,000;
(c) A provision of `2 1/2%` for bad and doubtful debts was to created on debtors;
(iv) The net amount payable to Seth’s executors was transferred to his loan account which was to be paid later.
Prepare Revalution Account, Partners Capital Accounts, Seth’s Executors Account and the
Balance Sheet of Khanna and Mehta who decided to continue the business keeping their capital balances in their new profit sharing ratio. Any surplus of deficit to be transferred the current account of the partners.
The Balance Sheet of Ram and Shyam, who were sharing profits in the ratio of 3 : 1 on 31st March, 2009 was as follows:
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Creditors |
2,800 |
Cash at bank |
2,000 |
||
|
Employees’ provident fund |
1,200 |
Debtors |
6,500 |
|
|
|
General Reserve |
2,000 |
Less: Reserve for bad debts |
(500) |
6,000 |
|
|
Capitals |
|
Stock |
3,000 |
||
|
Ram |
6,000 |
|
Investments |
5,000 |
|
|
Shyam |
4,000 |
10,000 |
|
|
|
|
|
16,000 |
|
16,000 |
||
|
|
|
|
|||
Susan, Geeta and Rashi are partners sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet as at 31st March, 2017, is as under:
Balance Sheet of Susan, Geeta and Rashi As at 31st March, 2017
| Liabilities | Amount | Assets | Amount |
| Sundry Creditors | 50,000 | Cash at Bank | 70,000 |
| Workmen Compensation Reserve | 25,000 |
Sundry Debtor 65,000 Less Provision for Doubtful Debts (5,000 |
60,000 |
| Employees Provident Fund | 5,000 | Goodwill | 50,000 |
| Bank Loan | 55,000 | Furniture | 1,00,000 |
|
Capital A/C Susan 2,20,000 Geeta 1,70,000 Rashi 1,35,000 |
5,25,000 |
Building | 3,80,000 |
| 6,60,000 | 6,60,000 |
The partners decided to dissolve their partnership on 31st March, 2017. The following transactions took place at the time of dissolution :
(a) Realization expenses of 2,000 were paid by Susan on behalf of the firm.
(b) Geeta took over the goodwill for her own business at 40,000.
(c) Building was taken over by Rashi at 3,00,000.
(d) Only 80% of the debtors paid their dues.
(e) Furniture was sold for 97,000.
(f) Bank Loan was settled along with interest of 5,000. You are required to prepare the Realization Account.
Gita, Radha, and Garv were partners in firm sharing profits and losses in the ratio of 3: 5: 2. On 31st March 2019, their balance sheet was as follows:
Balance Sheet of Gita, Radha & Garv as on 31st March 2019
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Sundry Creditors |
60,000 |
Cash | 50,000 |
| General Reserve |
40,000 |
Stock | 80,000 |
| Capitals : |
|
Debtors | 40,000 |
| Gita - 3,00,000 |
|
Investments | 30,000 |
| Radha - 2,00,000 |
|
Buildings | 5,00,000 |
| Garv - 1,00,000 |
6,00,000 |
||
| 7,00,000 | 7,00,000 |
Radha retired on the above date and it was agreed that:
(a) Goodwill of the firm be valued at ₹ 3,00,000 and Radha's share be adjusted through the capital accounts of Gita and Gary.
(b) Stock was to be appreciated by 20%.
(c) Buildings were found undervalued by ₹ 1,00,000.
(d) Investments were sold for ₹ 34,000.
(e) Capital of the new firm was fixed at ₹ 5,00,000 which will be in the new profit sharing ratio of the partners; the necessary adjustments for this purpose were to be made by opening current accounts of the partners.
Prepare Revaluation Account, Partner's Capital Accounts, and the Balance Sheet of the reconstituted firm on Radha's retirement.
On the date of admission of Ajay as a partner, the Balance Sheet of the firm of Nita and Rita showed a balance of ₹ 80,000 in the Workmen Compensation Reserve.
Choose the correct option to record the effect of a workmen compensation claim of ₹ 90,000 on the accounts of the partnership firm.
