Advertisements
Advertisements
प्रश्न
Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4: 5: 6. On 31st March 2014, Girdhari retired. On that date, the capitals of Banwari, Girdhari and Murari before the necessary adjustments stood at Rs 2,00,000, Rs 1,00,000 and Rs 50,000 respectively. On Girdhari's retirement, goodwill of the firm was valued at Rs 1,14,000. Revaluation of assets and re-assessment of liabilities resulted in a profit of Rs 6,000. General Reserve stood in the books of the firm at Rs 30,000.
The amount payable to Girdhari was transferred to his loan account. Banwari and Murari agreed to pay Girdhari two yearly instalments of Rs 75,000 each including interest @ 10% p.a. on the outstanding balance during the first two years and the balance including interest in the third year. The firm closes its books on 31st March every year.
Prepare Girdhari's loan account till it is finally paid showing the working notes clearly.
उत्तर
Capital of Girdhari = Rs 1,00,000
Girdhari's Share of Goodwill = `114000 xx 5/15 = 38000`
Girdhari's Share in Revaluation Profit = `6000 xx 5/15 = 2000`
Girdhari's Share in General Reserve = `30000 xx 5/15 = 10000`
Total Amount Payable to Girdhari = Rs 1,00,000 + rs 38,000 + Rs 2,000 + Rs 10,000 = Rs 1,50,000
|
In books of Banwari & Murari Girdhari's Loan Account |
|||||
| Dr. | Cr. | ||||
| Date | Particulars | Rs | Date | Particulars | Rs |
|
2015 March 31 March 31 |
To Cash and Bank A/c To Balance c/d |
75,000 90,000 |
2014 April 1 2015 March 31 |
By Girdhari's Capital A/c By Interest A/c
|
1,50,000 15,000 |
| 1,65,000 | 1,65,000 | ||||
|
2016 March 31 March 31
|
To Cash and Bank A/c To Balance c/d
|
75,000 24,000
|
2015 April 1 2016 March 31 |
By Balance b/d
By Interest A/c |
90,000
9,000 |
| 99,000 | 99,000 | ||||
|
2016 March 31
|
To Cash and Bank A/c
|
26,400
|
2016 April 1 2016 March 31 |
By Balance b/d
By Interest A/c |
24,000
2,400 |
| 26,400 | 26,400 | ||||
Working Notes:
1) Interest for Year 1 = `150000 xx 10/100 = 15000`
2) Interest for Year 2 = `90000 xx 10/100 = 9000`
3) Interest for Year 1 = `24000 xx 10/100 = 2400`
APPEARS IN
संबंधित प्रश्न
If the opening capital is Rs. 80,000, closing capital is Rs. 1,80,000, withdrawals are Rs. 10,000 and additional capital brought in is Rs. 20,000, the profit will be Rs. ______________.
a. 90,000
c. 70,000
Write the term / word / phrase which can substitute the following statement :
Capital account of a retiring partner always shows balance.
Select the most appropriate answer from the alternatives given below :
Increase in the value of assets should be ___________ to profit and loss adjustment account.
Give a word / term / phrase which can substitute the following statements :
Excess of proportionate at capital over actual capital.
Give a word / term / phrase which can substitute the following statements :
The account to which deceased partners capital balance is transferred.
Select the most appropriate answer from the alternatives given below:
Share of profit of a deceased partner till the date of death is _____________.
Select the most appropriate answer from the alternatives given below :
An amount received from the Insurance Company against the joint life policy is __________.
State whether the following statements is true or false :
The capital account of a retiring partner always shows a debit balance.
On retirement, the balance at a current Account of a partner is transferred to his _______ account.
Following is the balance sheet of Arun, Suresh and Samyak who were sharing profits and losses equally.
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
| Capital A/c: | Goodwill | 12,000 | ||
| Arun | 43,600 | Plant & Machinery | 10,000 | |
| Suresh | 35,000 | Furniture | 20,000 | |
| Samyak | 32,000 | Land & Building | 70,000 | |
| General Reserve | 13,500 | Computer | 17,500 | |
| Creditors | 20,300 | Debtors | 18,000 | 17,100 |
| Bills Payable | 10,600 | Less: RDD | 900 | |
| Bank | 8,400 | |||
| 1,55,000 | 1,55,000 |
On 1st April 2019, Suresh retired from the firm on the following terms:
- Land and Building be appreciated by 10% and Computer be reduced by ₹ 1,900.
- Debtors were all good and RDD was no longer required.
- Plant & Machinery be revalued at ₹ 9,400.
- Goodwill of the firm be valued at ₹ 16,500.
- Furniture were sold at ₹ 21,800 and part payment of ₹ 15,000 was made to Suresh by R.T.G.S. and balance was transferred to his Loan Account.
Prepare Revaluation A/c, Partners' capital A/c and the Balance Sheet of Arun and Suresh.
Retiring Partner's share of goodwill is ______ to remaining Partner's Capital Account.
Kale, Gore and Pandhare were partners in Shyam Traders, Pune sharing Profit and Losses in the ratio 3:3:2. Their Balance Sheet as on 31st March, 2019 is as follows:
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital A/c: | Building | 10,000 | |
| Kale | 11,000 | Plant & Machinery | 10,700 |
| Gore | 15,000 | Livestock | 10,000 |
| Pandhare | 8,000 | Debtors | 5,000 |
| Creditors | 8,900 | Stock | 6,600 |
| Bills Payable | 2,000 | Bank | 6,600 |
| Reserve Fund | 4,000 | ||
| 48,900 | 48,900 |
On 1st April 2019, Mr. Pandhare retired from the firm on the following terms:
- Assets to be revalued as Stock ₹ 6,300, Plant and Machinery ₹ 10 000 Livestock ₹ 10,200.
- Goodwill of the firm is to be valued at ₹ 4,000. however only Pandhare's share in it is to be raised in the books and written off immediately.
- RDD to be maintained at 10% on debtors.
- ₹ 100 to be written off from Creditors.
- The amount payable to Mr. Pandhare to be transferred to his Loon Account.
Prepare: Profit and Loss Adjustment Account, Partners Capital Account, Balance Sheet of new firm.
M, B and V were partners in a firm sharing profits & losses in the ratio of 6 : 3 : 1. On 30th September, 2022, V died. Their partnership deed provided for the following payments on the death of a partner:
- Balance in partner's capital account. Balance in V's capital account on 31st March, 2022 was ₹1,50,000.
- Salary till the date of death. V was allowed a monthly salary of ₹50,000.
- Share of goodwill which will be calculated on the basis of three years purchase of average profits of three completed years prior to death.
The total profit of last three completed years was ₹1,50,000. - Share in the profits of the firm till the date of death calculated on the basis of average profits of the last three completed years.
- v had withdrawn ₹10,000 on 1st July, 2022 for personal use. Intereston her drawings amounted to ₹500.
Firm closes its accounts every year on 31st March.
Prepare V's capital account to be presented to her executors.
Share of profit of a deceased partner fill the date of death is ______ to Profit and Loss Suspense A/c.
