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प्रश्न
Sanjana and Alok were partners in firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 their Balance Sheet was as follows:
Balance Sheet of Sanjana and Alok as on 31.3.2018
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Creditors | 60,000 | Cash | 1,66,000 |
| Work men's Compensation Fund | 60,000 | Debtors - 1,46,000 | |
| Less: Provision for doubtful debts - 2,000 | 1,44,000 | ||
| Capitals: | Stock | 1,50,000 | |
| Sanjana - 5,00,000 | Investments | 2,60,000 | |
| Alok - 4,00,000 | 9,00,000 | Furniture | 3,00,000 |
| 10,20,000 | 10,20,000 |
On 1st April 2018, they admitted Nidhi as a new partner for 1/4th share in the profits on the following terms:
(a) Goodwill of the firm was valued at ₹ 4,00,000 and Nidhi brought the necessary amount in cash for her share of goodwill premium, half of which was withdrawn by the old partners.
(b) Stock was to be increased by 20% and furniture was to be reduced to 90%.
(c) Investments were to be valued at ₹ 3,00,000. Alok took over investments at this value.
(d) Nidhi brought ₹ 3,00,000 as her capital and the capitals of Sanjana and Alok were adjusted in the new profit sharing ratio.
Prepare Revaluation Account, Partners Capital Accounts, and the Balance Sheet of the reconstituted firm on Nidhi's admission.
उत्तर
| Dr. | Revaluation Account | Cr. | |
| Particulars |
Amount(₹) |
Particulars | Amount(₹) |
| To Furniture (10% of 3,00,000) |
30,000 |
By Stock | 30,000 |
| To Profit on revaluation transferred to Old Partners’ | By Investments | 40,000 | |
| Capital Accounts | |||
| Sanjana - 24,000 | |||
| Alok - 16,000 |
40,000 |
||
|
70,000 |
70,000 | ||
| Dr. | Partners’ Capital Accounts | Cr. | |||||||
| Particulars | L.F. |
Sanjana (₹) |
Alok |
Nidhi |
Particulars | L.F. |
Sanjana (₹) |
Alok |
Nidhi |
| To Cash A/c |
30,000 |
20,000 |
|
By Balance b/d |
5,00,000 |
4,00,000 |
|
||
| To Investments A/c |
|
3,00,000 |
|
By Cash A/c |
|
|
3,00,000 |
||
| To Cash A/c |
1,40,000 |
- |
|
By WCF |
36,000 |
24,000 |
|
||
|
|
|
|
By Premium for Goodwill A/c |
60,000 |
40,000 |
|
|||
| To Balance c/d |
4,50,000 |
3,00,000 |
3,00,000 |
By Revaluation A/c |
24,000 |
16,000 |
|
||
|
|
|
|
By Cash A/c |
- |
1,40,000 |
|
|||
|
6,20,000 |
6,20,000 |
3,00,000 |
|
6,20,000 |
6,20,000 |
3,00,000 | |||
Balance Sheet as on 31st March 2018
| Liabilities |
Amount(₹) |
Assets | Amount(₹) |
| Creditors | 60,000 | Cash at Bank (1,66,000 + 3,00,000 + 1,00,000 – 50,000 + 1,40,000 – 1,40,000) | 5,16,000 |
| Partners’ Capital Accounts | Debtors - 1,46,000 | ||
| Sanjana - 4,50,000 | Less: Provision - (2000) | 1,44,000 | |
| Alok - 3,00,000 | Stock (1,50,000 + 30,000) | 1,80,000 | |
| Nidhi - 3,00,000 | 10,50,000 | Furniture (90% of 3,00,000) | 2,70,0000 |
| 11,10,000 | 11,10,000 |
Working Note:
Computation of the amount of goodwill to be brought in by Nidhi and adjusted to sacrificing partners
Revalued Goodwill of the firm = ₹ 4,00,000
Nidhi’s Share in Goodwill = `4,00,000 xx (1)/(4) = 1,00,000`
Sacrificing Ratio of old partners = Old Profit Sharing Ratio of old partners
Sanjan’s share in premium for goodwill = `1,00,000 xx (3)/(5) = 60,000`
Alok’s share premium for goodwill = `1,00,000 xx (2)/(5) = 40,000`
2) Computation of Partners’ adjusted Capital after Nidhi’ admission in the New Profit Sharing Ratio
New Profit Sharing Ratio of Sanjana = Remaining Profit Share after Nidhi’s Admission × Old Profit Sharing Ratio
New Profit Sharing Ratio of Sanjana = `(1-1/4) xx (3)/(5) = (3)/(4) xx (3)/(5) = (9)/(20);`
New Profit Sharing Ratio of Alok = `(1-1/4) xx (2)/(5) = (3)/(4) xx (2)/(5) = (6)/(20);`
Profit Sharing Ratio of Nidhi = `(1)/(4) = (5)/(20)`
So, New Profit Sharing Ratio among Sanjana, Alok and Nidhi = 9 : 6: 5
Total Adjusted Capital of Sanjana and Alok = 5,90,000 + 1,60,000 = 7,50,000
New Capital of Sanjana = `7,50,000 xx (9)/(15) = 4,50,000;`
New Capital of Alok = `7,50,000 xx (6)/(15) = 3,00,000`
APPEARS IN
संबंधित प्रश्न
Following is the Balance Sheet of R.S. Ltd. as at 31st March, 2016 :
|
R.S. Ltd. Balance Sheet as at 31-3-2016 |
|||
|
Particulars |
NoteNo. |
31-03-2016 (Rs) |
31-03-2015 (Rs) |
|
I. Equity and Liabilities : (1) Shareholder's Funds |
|||
|
(a) Share Capital |
9,00,000 |
7,00,000 |
|
|
(b) Reserves and Surplus |
1 |
2,50,000 |
1,00,000 |
|
(2) Non-current Liabilities |
|||
|
Long-term borrowings |
2 |
4,50,000 |
3,50,000 |
|
(3) Current Liabilities |
|||
|
(a) Short-term borrowings |
3 |
1,50,000 |
75,000 |
|
(b) Short-term provisions |
4 |
2,00,000 |
1,25,000 |
|
Total |
19,50,000 |
13,50,000 |
|
|
II. Assets |
|||
|
(1) Non-current Assets |
|||
|
(a) Fixed Assets |
|||
|
(i) Tangible |
5 |
14,65,000 |
9,15,000 |
|
(ii) Intangible |
6 |
1,00,000 |
1,50,000 |
|
(b) Non-current Investments |
1,50,000 |
1,00,000 |
|
|
(2) Current Assets |
|||
|
(a) Current Investments |
|
40,000 |
70,000 |
|
(b) Inventories |
7 |
1,22,000 |
72,000 |
|
(c) Cash and Cash Equivalents |
73,000 |
43,000 |
|
|
Total |
19,50,000 |
13,50,000 |
|
|
Note No. |
Particulars |
31-03-2016 (Rs) |
31-03-2015 (Rs) |
|
(1) |
Reserves and Surplus |
|
|
|
|
(Surplus i.e. Balance in Statement of Profit and Loss) |
2,50,000 |
1,00,000 |
|
|
|
2,50,000 |
1,00,000 |
|
|
|
|
|
|
(2) |
Long-term borrowings |
|
|
|
|
12% Debentures |
4,50,000 |
3,50,000 |
|
|
|
4,50,000 |
3,50,000 |
|
|
|
|
|
|
(3) |
Short-term borrowings |
|
|
|
|
Bank overdraft |
1,50,000 |
75,000 |
|
|
|
1,50,000 |
75,000 |
|
|
|
|
|
|
(4) |
Short-term provisions |
|
|
|
|
Proposed Dividend |
2,00,000 |
1,25,000 |
|
|
|
2,00,000 |
1,25,000 |
|
|
|
|
|
|
(5) |
Tangible Assets |
|
|
|
|
Machinery |
16,75,000 |
10,55,000 |
|
|
Accumulated Depreciation |
(2,10,000) |
(1,40,000) |
|
|
|
14,65,000 |
9,15,000 |
|
|
|
|
|
|
(6) |
Intangible Assets |
|
|
|
|
Goodwill |
1,00,000 |
1,50,000 |
|
|
|
1,00,000 |
1,50,000 |
|
|
|
|
|
|
(7) |
Inventories |
|
|
|
|
Stock in trade |
1,22,000 |
72,000 |
|
|
|
1,22,000 |
72,000 |
|
|
|
Additional Information :
(1) Rs 1,00,000, 12% Debentures were issued on 31-3-2016.
(2) During the year a piece of machinery costing Rs 80,000 on which accumulated depreciation was Rs 40,000 was sold at a loss of Rs 10,000.
Prepare a Cash Flow Statement.
X, Y and Z are partners sharing profits and losses in the ratio of 6 : 3 : 1. They admitted W into partnership with effect from 1st April, 2019. New profit-sharing ratio between X, Y, Z and W was agreed to be 3 : 3 : 3 : 1. They also decide to record the effect of the following revaluations without affecting the book values of the assets and liabilities by passing an adjustment entry:
| Book Values (₹) | Revised Values (₹) | |
| Plant and Machinery | 3,50,000 | 3,40,000 |
| Land and Building | 5,00,000 | 5,50,000 |
| Trade Creditors | 1,00,000 | 90,000 |
| Outstanding Expenses | 85,000 | 1,00,000 |
Pass necessary adjustment entry.
Excess of the credit side over the debit side of the revaluation account.
Balance sheet prepared after new partnership agreement, assets and liabilities are recorded at:
Unrecorded Assets will be ____________ in Revaluation Account.
A decrease in the value of liability will be recorded on the ____________ side of the revaluation account.
State the ‘true’ statement:
Vedesh Ltd. purchased a running business of Vibhu Enterprises for a sum of ₹ 12,00,000. Vedesh Ltd. paid ₹ 60,000 by drawing a promissory note in favour of Vibhu Enterprises., ₹1,90,000 through bank draft and balance by issue of 8% debentures of ₹ 100 each at a discount of 5%. The assets and liabilities of Vibhu Enterprises consisted of Fixed Assets valued at ₹ 17,30,000 and Trade Payables at ₹ 3,20,000. You are required to pass necessary journal entries in the books of Vedesh Ltd.
Arun and Vijay are partners in firm sharing profits and losses in the ratio of 5 : 1.
| Balance Sheet (Extract) | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Machinery | 40,000 | ||
If the value of machinery in the balance sheet is undervalued by 20%, then at what value will machinery be shown in a new balance sheet?
Ajay, Vijay and Sanjay were partners sharing profits and losses in the ratio of 3 : 3 : 2. Their Balance Sheet as on 31st March 2020 is as follows:
| Balance Sheet as on 31st March, 2020 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 32,700 | Bank | 19,800 |
| Reserve Fund | 12,000 | Stock | 19,800 |
| Capital Accounts: | Debtors | 15,000 | |
| Ajay | 33,000 | Livestock | 30,000 |
| Vijay | 45,000 | Plant and Machinery | 62,100 |
| Sonjay | 24,000 | ||
| 1,46,700 | 1,46,700 | ||
On 1st April 2020 Sanjay retired from the firm on the following terms:
- R.D.D. is to be maintained at 10% on debtors.
- ₹ 300 to be written off from creditors.
- Goodwill of the firm is to be valued at ₹ 12,000. however only Sanjay's share in it is to be raised in the books and written off immediately.
- Assets to be revalued as: Stock ₹ 18,900, Plant and machinery ₹ 60,000, Live Stock ₹ 30,600.
- The amount payable to Sanjay is to be transferred to his Loan account after retirement:
Prepare:
- Revaluation Account
- Partners' Capitol Account
- Balance Sheet of the New firm.
On the reconstitution of a firm the value of furniture increased from ₹ 7,00,000 to ₹ 8,00,000 and stock reduced to ₹ 4,00,000 from ₹ 4,20,000. Gain or loss on revaluation will be ______.
On admission of a new partner, the old partners share the gain or loss on revaluation of assets and reassessment of liabilities in which of the following ratio :
Madhav and Girdhari were partners in a firm sharing profits and losses in the ratio of 3:1. Their balance sheet as at 31st March; 2022 was as follows :
| Balance Sheet of Madhav and Girdhari as on 31st March, 2022 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Capital: | Machinery | 4,70,000 | |||
| Madhav | 3,00,000 | 5,00,000 | Investment | 1,10,000 | |
| Girdhari | 2,00,000 | Debtors | 1,20,000 | 1,10,000 | |
| Workmen's Compensation Fund | 60,000 | Less: Provision for Doubtful Debts | 10,000 | ||
| Creditors | 1,90,000 | Stock | 1,40,000 | ||
| Employee's Provident Fund | 1,10,000 | Cash | 30,000 | ||
| 8,60,000 | 8,60,000 | ||||
On 1st April, 2022, they admitted Jyoti into partnership for 1/4th share in the profits of the firm. Jyoti brought ₹ 1,86,000 as her capital and ₹ 40,000 as her of goodwill premium in cash. The following terms were agreed upon:
- Stock was found undervalued by ₹ 23,000.
- 20% of the investments were taken over by Girdhari at book value.
- Claim on account of workmen's compensation amounted to ₹ 70,000, which was to be paid later.
- Creditor included a sum of ₹ 27,000 which was not likely to be claimed.
Prepare Revaluation A/c and Partners' Capital Accounts on Jyoti's admission.
On reconstitution of a firm, the value of machinery was depreciated by ₹1,00,000 and investments increased to ₹70,000 from ₹20,000. Gain or loss on revaluation will be ______.
On the reconstitution of a firm, the value of the land was appreciated by ₹ 2,00,000 and plant and machinery reduced to ₹ 7,00,000 from ₹ 10,00,000. Gain or loss on revaluation will be ______.
X, Y and Z are partners sharing profits and losses in the ratio of 2: 3: 1. They decided to share future profits in the ratio of 3:2: 1 with effect from 1st April, 2022. At the time of change of profit sharing ratio, unrecorded furniture will be recorded in the books of Accounts by ______.
The Balance Sheet of M, N and 0 who shared profits and Josses as 4 : 3 : 3 respectively.
| Balance Sheet as on 31st March, 2023 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 14,000 | Cash on Hand | 9,000 | ||
| Bank Loan | 10,000 | Sundry Debtors | 10,000 | 9,000 | |
| General Reserve | 12,500 | Less: R.D .D | 1,000 | ||
| Capital Accounts : | Livestock | 25,000 | |||
| M | 40,000 | Motor Car | 8,000 | ||
| N | 30,000 | Furniture | 35,000 | ||
| O | 24,500 | Plant and Machinery | 45,000 | ||
| 1,31,000 | 1,31,000 | ||||
N retires on 1st April, 2023 on the following terms:
(1) The share of N in Goodwill of the firm is valued at ₹ 5,400.
(2) Furniture to be depreciated by 10% and Motor Car by 12.5%.
(3) Livestock to be appreciated by 10% and Plant by 20%.
(4) A provision of ₹ 4,000 to be made for a claim of compensation.
(5) R.D.D. is no longer necessary.
(6) The amount payable to N should be transferred to his Loan A/c.
Prepare Profit and Loss Adjustment Ne, Partner's Capital Ncs and Balance Sheet of the new firm.
The Balance Sheet of Snehal, Samir and Shera is as follows and the partners are sharing profits and losses in the proportion of 2 : 2 : 1 respectively.
| Balance Sheet as on 31st March, 2023 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 12,000 | Bank | 7,500 | ||
| Bills Payable | 3,000 | Debtors | 30,000 | 28,500 | |
| General Reserve | 7,500 | Less: R.D.D. | 1,500 | ||
| Capital Accounts: | Furniture | 22,500 | |||
| Snehal | 60,000 | Machinery | 6,000 | ||
| Samir | 45,000 | Freehold Property | 40,500 | ||
| Shera | 22,500 | Goodwill | 45,000 | ||
| 1,50,000 | 1,50,000 | ||||
Shera retires from the firms on 1st April, 2023 on the following terms:
(1) The assets are to be revalued as: Freehold Property ₹ 45,000, Machinery ₹ 7,500 Furniture ₹ 18,000, All debtors are good.
(2) Goodwill of the firm be valued at thrice the average profit of given below : Profits of the firm for five years.
| 2018-19 | ₹ 1,500 |
| 2019 - 20 | ₹ 15,750 |
| 2020-21 | ₹ 15,000 |
| 2021-22 | ₹ 24,000 |
| 2022-23 | ₹ 15,000 |
(3) Shera should be paid ₹ 4,500 by cheque.
(4) The Balance of Shera's Capital Ale should be kept in the business as his loan.
Prepare Profit and Loss Adjustment A/c, Capital Accounts of Partners, Balance Sheet of the new firm.
