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प्रश्न
Raka, Seema, and Mahesh were partners sharing profits and losses in the ratio of 5: 3: 2. With effect from 1st April, 2019, they mutually agreed to share profits and losses in the ratio of 2: 2: 1.
On that date, there was a workmen's compensation fund of ₹ 90,000 in the books of the firm. It was agreed that:
(i) Goodwill of the firm be valued at ₹ 70,000.
(ii) Claim for workmen's compensation amounted to ₹ 40,000.
(iii) Profit on revaluation of assets and re-assessment of liabilities amounted to ₹ 40,000.
Pass necessary journal entries for the above transactions in the books of the firm.
उत्तर
In the books of Raka, Seema and Mahesh
Journal
| Date | Particulars | L.F. | Debit Amount (₹) |
Credit Amount(₹) |
|
| 2019 |
|
||||
| Apr. 01 | Seema’s Capital A/c (70,000 × 1/10) | Dr. | 7,000 |
|
|
| To Raka’s Capital A/c (70,000 × 1/10) | 7,000 | ||||
| (Being goodwill adjusted among partners) | |||||
| Apr. 01 | Workmen Compensation Fund A/c | Dr. | 90,000 | ||
| To Claim on the Fund A/c | 40,000 | ||||
| To Raka’s Capital A/c | 25,000 | ||||
| To Seema’s Capital A/c | 15,000 | ||||
| To Mahesh’s Capitals A/c | 10,000 | ||||
| (Being claim on workmen compensation provided and excess distributed) | |||||
| Apr. 01 | Revaluation A/c | Dr. | 40,000 | ||
| To Raka’s Capital A/c | 20,000 | ||||
| To Seema’s Capital A/c | 12,000 | ||||
| To Mahesh’s Capitals A/c | 8,000 | ||||
| (Being revaluation profit distributed) |
Working Notes:
1. Calculation of Gain/Sacrifice
| Particulars | Raka | Seema | Mahesh |
| Old Ratio | 5/10 | 3/10 | 2/10 |
| New Ratio | 2/5 | 2/5 | 1/5 |
| Gain/Sacrifice | (5/10 – 2/5) = 1/10 | (3/10 – 2/5)= −1/10 (Gain) | (2/10 – 1/5) = Nil |
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