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प्रश्न
Given below is a Balance Sheet of A, B and C who were partners in a firm sharing profits and losses in the ratio 5 : 3 : 2.
Their Balance Sheet as on 31st March, 2023 was as follows :
| Balance Sheet as on 31-03-2023 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 5,600 | Cash | 3,800 |
| Bank Overdraft | 4,850 | Debtors | 9,000 |
| Reserve Fund | 7,500 | Stock | 8,750 |
| Capital A/c | Machinery | 15,000 | |
| A | 21,000 | Land | 35,000 |
| B | 18,500 | Furniture | 2,500 |
| C | 16,600 | ||
| 74,050 | 74,050 | ||
On 1st April, 2023 C retired on the following terms:
(1) Goodwill of the Firm will be raised in the books at ₹ 10,000.
(2) Stock be reduced by 10% and Furniture by 5% and Machinery by 11 %.
(3) R.B.D.D. be maintained at 5% on debtors.
(4) ₹ 100 to be written off from Creditors.
(5) Out of the amount due to C, ₹ 2,500 to be paid by cash and remaining amount to be transferred to his loan account.
Prepare Profit and Loss Adjustment Account, Partner's Capital A/c, Balance Sheet of new firm.
उत्तर
| Dr. | In the books of Partnership firm Profit and Loss Adjustment Account |
Cr. | ||
| Particulars | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Stock A/c | 875 | By Creditors A/c | 100 | |
| To Furniture A/c | 125 | By Partner's Capital A/c: (Loss) | ||
| To R.B.D.D. A/c | 450 | A | 1,500 | 3,000 |
| To Machinery A/c | 1,650 | B | 900 | |
| C | 600 | |||
| 3,100 | 3,100 | |||
| Dr. | Partner's Capital Accounts | Cr. | |||||
| Particulars | A (₹) | B (₹) | C (₹) | Particulars | A (₹) | B (₹) | C (₹) |
| To P and L adj. A/c (Loss) | 1,500 | 900 | 600 | By Balance b/d | 21,000 | 18,500 | 16,600 |
| To Cash A/c | - | - | 2,500 | By Reserve Fund A/c | 3,750 | 2,250 | 1,500 |
| To C’s Loan A/c | - | - | 17,000 | By Goodwill A/c | 5,000 | 3,000 | 2,000 |
| To Balance c/d | 28,250 | 28,250 | - | ||||
| 29,750 | 23,750 | 20,100 | 29,750 | 23,750 | 20,100 | ||
| Balance sheet as on 1st April, 2023 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 5,600 | 5,500 | Cash | 1,300 | |
| Less: Written off | 100 | Debtors | 9,000 | 8,550 | |
| Bank overdraft | 4,850 | Less : R.D.D. 5% | 450 | ||
| Partners Capital A/c | Stock | 8,750 | 7,875 | ||
| A | 28,250 | Less : Depreciation | 875 | ||
| B | 22,850 | Machinery | 15,000 | 13,350 | |
| C’s Loan A/c | 17,000 | Less : Depreciation | 1,650 | ||
| Land | 35,000 | ||||
| Furniture | 2,500 | 2,375 | |||
| Less : Depreciation | 125 | ||||
| Goodwill | 10,000 | ||||
| 78,450 | 78,450 | ||||
Working Notes:
(1) Goodwill ₹ 10,000 is to be distributed among partners in their profit and loss ratio.
(2) Just like debtors, deduct ₹ 100 from creditors (to be written off).
