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प्रश्न
Anita and Anil are partners in a firm. On 1st April, 2024, they admitted Jia as a third partner. The capital accounts of the partners after considering the following adjustments on Jia’s admission are given below:
- Loss on revaluation due to depreciation on machinery @ 20% per annum.
- The General Reserve maintained in the old firm was not to be disturbed in the reconstituted firm.
Partners’ Capital Accounts
| Particulars | Anita (₹) | Anil (₹) | Jia (₹) | Particulars | Anita (₹) | Anil (₹) | Jia (₹) |
| To Goodwill A/c | 10,000 | 10,000 | - | By Balance b/d | 90,000 | 80,000 | - |
| To P&L A/c | 5,000 | 5,000 | - | By Bank A/c | - | - | 75,000 |
| To Revaluation A/c | 7,500 | 7,500 | - | By Premium for Goodwill A/c | 25,000 | 25,000 | - |
| To Balance c/d | 1,17,500 | 1,07,500 | 75,000 | By Jia’s Current A/c | 25,000 | 25,000 | - |
| 1,40,000 | 1,30,000 | 75,000 | 1,40,000 | 1,30,000 | 75,000 |
Additional information:
On 31st March, 2024, the firm of Anita and Anil, apart from plant and machinery and a bank balance of ₹ 2,15,000, had no other asset. You are required to prepare the Balance Sheet of the reconstituted firm on the date of Jia’s admission after considering the information given above.
उत्तर
| Balance Sheet of Anita, Anil and Jia As at 1st April, 2024 | ||||
| Liabilities | (₹) | Assets | (₹) | |
| Capital Accounts: | Cash at Bank | 3,40,000 | ||
| Anita | 1,17,500 | 3,00,000 | Plant & Machinery | 60,000 |
| Anil | 1,07,500 | Jia’s Current A/c | 50.000 | |
| Jia | 75,000 | |||
| General Reserve | 1,50,000 | |||
| 4,50,000 | 4,50,000 | |||
Working Notes:
Value of Machinery = `15,000 xx 100/20` = ₹ 75,000
Amount of General Reserve = `50,000 xx 3` = ₹ 1,50,000
APPEARS IN
संबंधित प्रश्न
On 1.4.2013 Mohan and Sohan entered into a partnership for doing a business of dry fruits. Mohan introduced Rs 1,00,000 as capital and Sohan introduced Rs 50,000. Since Sohan could introduce only Rs 50,000 it was further agreed that as and when there will be a need Sohan will introduce further capital. Sohan was also allowed to withdraw from his capital when the need for the capital was less. During the year ended 31.3.2014, Sohan introduced and withdrew the following amounts of capital:
| Date | Capital Introduced | Capital Withdrawn |
| 01.5.2013 | 10,000 | - |
| 30.6.2013 | - | 5,000 |
| 30.9.2013 | 97,000 | - |
| 01.2.2014 | - | 87,000 |
The Partnership deed provided for interest on capital @ 6% per annum. Calculate interest on capitals of the partners
Seems, Tanuja and Tripti were partners in a firm trading in garments. They were sharing profits in the ratio of 5:3:2. Their capitals on 1st April, 2012 were Rs 3,00,000, Rs 4,00,000 and Rs 8,00,000 respectively. After the flood in Uttarakhand, all partners decided to help the flood victims personally. For this Seema withdrew Rs 20,000 from the firm of 15th September 2012. Tanuja instead of withdrawing cash from the firm took garments amounting to Rs 24,000 from the firm and distributed those to the flood victims. On the other hand, Tripti withdrew Rs 2,00,000 from her capital on 1st January 2013 and provided a mobile medical van in the flood affected area. The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were prepared it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also, state any two values which the partners wanted to communicate to the society.
Anju, Manju and Ruchi were partners in a firm trading in medicines. They were sharing profits in the ratio of 5 : 3: 2. Their capitals on 1st April, 2012 were Rs 3,00,000; Rs 5,00,000 and Rs 7,00,000 respectively. After the flood in Uttarakhand; all partners decided to help the flood victims personally. For this Anju withdrew Rs 30,000 from the firm of 1st August 2012. Manju instead of withdrawing cash from the firm took medicines amounting to Rs 25,000 from the firm and distributed those to the flood victims. On the other hand, Ruchi withdrew Rs 1,50,000 from her capital on 1st December;2012 and provided the necessary items of daily use in the flood affected area. The partnership deed provides for charging interest on drawings @ 6% p.a. After the final accounts were prepared it was discovered that interest on drawings had not been charged. Give the necessary adjusting journal entry and show the working notes clearly. Also, state any two values which the partners wanted to communicate to the society
Mona, Nisha and Priyanka are partners in a firm. They contributed Rs 50,000 each as capital three years ago. At that time Priyanka agreed to look after the business as Mona and Nisha were busy. The profits for the past three years were Rs 15,000, Rs 25,000 and Rs 50,000 respectively. While going through the books of accounts Mona noticed that the profit had been distributed in the ratio of 1:1:2. When the enquired from Priyanka about this, Priyanka answered that since she looked after the business she should get more profit. Mona disagreed and it was decided to distribute profit equally retrospectively for the last three years.
1) You are required to make necessary corrections in the books of accounts of Mona, Nisha and Priyanka by passing an adjustment entry.
2) Identify the value which was not practiced by Priyanka while distributing profits
A Partnership deed provides for the payments of interest on Capital but there was a loss instead of profit during the year 2010-2011. At what rate will the interest on capital be allowed?
State any one purpose for admitting a new partner in a firm.
Choose the appropriate alternative from the given options:
Disha and Abha were partners in a firm. Farad was admitted as a new partner for 1/5th share in the profits of the firm. Farad brought proportionate capital. Capitals of Disha and Abha after all adjustments were ₹ 64,000 and ₹ 46,000 respectively. Capital brought by Farad was:
Nikita, Mankrit, and Pulkit were partners in firm sharing profits and losses in the ratio 4 : 3: 2. Their balance sheet as on 31st March 2019 was as follows:
Balance Sheet of Nikita, Mankrit, and Pulkit as on 31st March 2019
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Capitals : | Plant and Machinery | 6,40,000 | |
| Nikita - 4,00,000 | Stock | 2,30,000 | |
| Mankrit - 3,00,000 | Sundry debtors | 1,40,000 | |
| Pulkit - 2,00,000 | 9,00,000 | Cash at bank | 40,000 |
| General Reserve | 90,000 | ||
| Creditors | 60,000 | ||
| 10,50,000 | 10,50,000 |
Mankrit died on 31st July 2019. According to the partnership deed, the executors of the deceased partner are entitled to:
(a) Balance of partner's capital account
(b) Salary @ ₹ 6,000 per quarter.
(c) Share of goodwill calculated on the basis of twice the average of past three years' profits and share of profits from the closure of the last accounting year till the date of death calculated on the basis of the average of three completed years' profits before death.
Profits for 2016-17, 2017-18 and 2018-19 were ₹ 80,000, ₹ 90,000 and ₹ 1,00,000 respectively.
(d) Mankrit withdrew ₹ 6,000 on 15th May, 2019.
Prepare Mankrit's capital account to be rendered to her executors.
What would be the journal entry of when a retiring partner's whole amount is treated as a loan?
P, Q and R are partners in a firm sharing profits and losses in the ratio of 2: 2: 1. For the year ended 31st March, 2022, interest on capital was credited to them @ 10% p.a. instead of 5% p.a. Their fixed capitals were ₹ 2,00,000; ₹ 1,00,000; ₹ 50,000 respectively. The necessary adjustment entry to rectify the error will be:
