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प्रश्न
Shah, Lodha, and Dhole were partners sharing profits and losses in the ratio of 4:3:3. Their Balance Sheet as on 31st March 2019 is a given below.
| Balance Sheet as on 31st March, 2019 | |||||||
| Liabilities | Amount ₹ | Amount ₹ | Assets | Amount ₹ | Amount ₹ | ||
| Sundry Creditors | 20,000 | Cash | 9,000 | ||||
| Bills payable | 4,000 | Sundry Debtors | 10,000 | ||||
| Capital Account: | (−) R.D.D. | 1,000 | 9,000 | ||||
| Shah | 45,000 | Furniture | 25,000 | ||||
| Lodha | 35,000 | Computers | 43,000 | ||||
| Dhole | 27,000 | Vehicles | 45,000 | ||||
| 1,31,000 | 1,31,000 | ||||||
On 1st April 2019, Mr. Lodha retired from the firm on the following terms.
1. Goodwill is to be valued at average Profits and Losses of the last five years which were as follows.
| Years | Profit/Loss |
| 2015 | ₹ 35,000 |
| 2016 | ₹ 20,000 |
| 2017 | ₹ 30,000 |
| 2018 | ₹ 20,000 |
| 2019 | ₹ 25,000 |
2. Computers to be depreciated by 10%
3. Furniture to be revalued at ₹ 27,500
4. Vehicles appreciated by 20%
5. R.D.D. was no longer necessary
6. Shah and Dhole will share the future profits and losses in the ratio of 2:1
7. It was decided that goodwill should not appear in the books of a new firm and amount payable to Lodha is to be transferred to his Loan A/c
Prepare: Profit and Loss adjustment A/c, Partners capital accounts, Balance sheet of new firm.
उत्तर
In the books of Partnership Firm
| Dr. | Profit and Loss Adjustment Account | Cr. | ||||||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) | |||
| To Computers A/c | 4,300 | By Furniture A/c | 2,500 | |||||
| To Partners’ Capital A/cs: Profit | By Vehicles A/c | 9,000 | ||||||
| Shah | 3,280 | By R.D.D. A/c | 1,000 | |||||
| Lodha | 2,460 | |||||||
| Dhole | 2,460 | 8,200 | ||||||
| 12,500 | 12,500 | |||||||
| Dr. | Partner’s Capital Account | Cr. | |||||
| Particulars | Shah (₹) | Lodha (₹) | Dhole (₹) | Particulars | Shah (₹) | Lodha (₹) | Dhole (₹) |
| To Goodwill A/c | 17,333 | - | 8,667 | By Balance b/d | 45,000 | 35,000 | 27,000 |
| To Balance c/d | 41,347 | - | 28,593 | By Profit and Loss Adjustment A/c (Profit) | 3,280 | 2,460 | 2,460 |
| To Lodha’s Loan A/c | - | 45,260 | - | By Goodwill A/c | 10,400 | 7,800 | 7,800 |
| 58,680 | 45,260 | 37,260 | 58,680 | 45,260 | 37,260 | ||
| Balance Sheet as on 1st April 2019 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Asset | Amount (₹) | Amount (₹) |
| Partners’ Capital A/c: | Cash | 9,000 | |||
| Shah | 41,347 | Debtors | 10,000 | ||
| Dhole | 28,593 | 69,940 | Furniture | 25,000 | |
| Lodha’s Loan A/c | 45,260 | (+) Appreciation | 2,500 | 27,500 | |
| Sundry Creditors | 20,000 | Computers | 43,000 | ||
| Bills Payable | 4,000 | (-) Depreciation | 4,300 | 38,700 | |
| Vehicles | 45,000 | ||||
| (+) Appreciation | 9,000 | 54,000 | |||
| 1,39,200 | 1,39,200 | ||||
Working Note:
Goodwill is to be valued at an average profit and losses of the last Five Years which were as follows:
Average profit = `("Total Profit")/("Number of Years")`
= `(35,000 + 20,000+ 30,000 + 20,000 + 25,000)/5`
= `(1,30,000)/5`
= ₹ 26,000
∴ Goodwill = ₹ 26,000
Goodwill should not appear in the books of accounts.
Therefore, ₹26,000 was credited to the Partners’ Capital Account in the partners’ old profit and loss ratio. ₹ 26,000 will be debited in Partners’ Capital Account in partners’ new profit-loss ratio.
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| Balance Sheet (Extract) | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
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| Balance Sheet as on 31st March, 2020 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 32,700 | Bank | 19,800 |
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| Balance Sheet of Madhav and Girdhari as on 31st March, 2022 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Capital: | Machinery | 4,70,000 | |||
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| Employee's Provident Fund | 1,10,000 | Cash | 30,000 | ||
| 8,60,000 | 8,60,000 | ||||
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| Liabilities | Amount (₹) | Assets | Amount (₹) | ||
| Capital A/cs: | Fixed Assets (Tangible) |
3,60,000 | |||
| Rajinder | 3,00,000 | 4,50,000 | Goodwill | 50,000 | |
| Vijay | 1,50,000 | Investments | 40,000 | ||
| Current A/cs: | Stock | 74,000 | |||
| Rajinder | 50,000 | 60,000 | Debtors | 1,00,000 | 96,000 |
| Vijay | 10,000 | Less: Provision for Doubtful Debts |
4,000 | ||
| Creditors | 75,000 | Bank | 25,000 | ||
| General Reserve | |||||
| 6,45,000 | 6,45,000 |
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- Provision for doubtful debts is to be increased to 6% of debtors.
- An outstanding bill for repairs ₹ 50,000 to be accounted in the books.
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- Ranvijay will bring ₹ 1,00,000 as capital and his share of goodwill which was valued at twice the average profit of the last three years ended 31st March 2023, 2022 and 2021 were ₹ 1,50,000, ₹ 1,30,000 and ₹ 1,70,000 respectively.
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