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प्रश्न
Susan, Geeta and Rashi are partners sharing profits and losses in the ratio of 5:3:2. Their Balance Sheet as at 31st March, 2017, is as under:
Balance Sheet of Susan, Geeta and Rashi As at 31st March, 2017
| Liabilities | Amount | Assets | Amount |
| Sundry Creditors | 50,000 | Cash at Bank | 70,000 |
| Workmen Compensation Reserve | 25,000 |
Sundry Debtor 65,000 Less Provision for Doubtful Debts (5,000 |
60,000 |
| Employees Provident Fund | 5,000 | Goodwill | 50,000 |
| Bank Loan | 55,000 | Furniture | 1,00,000 |
|
Capital A/C Susan 2,20,000 Geeta 1,70,000 Rashi 1,35,000 |
5,25,000 |
Building | 3,80,000 |
| 6,60,000 | 6,60,000 |
The partners decided to dissolve their partnership on 31st March, 2017. The following transactions took place at the time of dissolution :
(a) Realization expenses of 2,000 were paid by Susan on behalf of the firm.
(b) Geeta took over the goodwill for her own business at 40,000.
(c) Building was taken over by Rashi at 3,00,000.
(d) Only 80% of the debtors paid their dues.
(e) Furniture was sold for 97,000.
(f) Bank Loan was settled along with interest of 5,000. You are required to prepare the Realization Account.
उत्तर
Realisation Account
| Particulars | Amount | Particulars | Amount |
|
To Sundry Assets S. Debtors 65,000 Goodwill 50,000 Furniture 1,00,000 Building 3,80,000 |
5,95.000 |
By Provision for bad debts | |
| To Susan’s Cap. (Real exp) | 2,000 |
By Sundry Liabilities Creditors 50,000 Bank Loan 55,000 EPF 5,000 |
1,10,000 |
|
To Bank Creditors 50,000 Bank Loan 60,000 BPF 5,000 |
1,15,000 |
By Geeta’s Capital (GW) | 40,000 |
| By Rashi’s Capital (Bldg) | 3,00,000 | ||
|
By Bank Debtors 52,000 Furniture 97,000 |
1,49,000 |
||
| By Susan’s Capital A/c | 54,000 | ||
| By Geeta’s Capital | 32,400 | ||
| By Rashi’s Capital | 21,600 | ||
| 7,12,000 | 7,12,000 |
APPEARS IN
संबंधित प्रश्न
Ajay, Aman and Anand were partners in a firm sharing profits in the ratio of 5:1:4. Their Balance Sheet as on 31-3-2015 was as follows :
Balance Sheet of Ajay,Aman and Anand as on 31-3-2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Bills Payable General Reserve Capitals Ajay 5,00,000 Aman 1,00,000 Anand 1,60,000 |
1,47,000 33,000 2,10,000
7,60,000 |
Land Building Plant Stock Debtors Bank
|
5,40,000 2,70,000 1,90,000 75,000 60,000 15,000
|
| 11,50,000 | 11,50,000 |
From 1-4-2015 Ajay. Aman and Anand decided to share future profits equally. For this it was agreed that:
(i) Goodwill of the firm be valued at Rs1, 80,000.
(ii) Land be revalued at Rs.6,00,000 and building be depreciated by 10%.
(iii) Creditors of Rs.15,000 were not likely to be claimed and hence be written-off.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.
Chander and Damini were partners in a firm sharing profits and losses equally. On 31st March 2017 their Balance Sheet was as follows:
|
Balance Sheet of Chander and Damini as on 31.3.2017 |
|||
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Sundry Creditors Capitals: Chander 2,50,000 Damini 2,16,000
|
1,04,000
4,66,000
|
Cash at Bank Bills Receivable Debtors Furniture Land and Building
|
30,000
75,000 1,10,000 3,10,000 |
| 5,70,000 | 5,70,000 | ||
On 1.4.2017, they admitted Elina as a new partner for `1/3` rd share in the profits on the following conditions:
1) Elina will bring Rs 3,00,000 as her capital and Rs 50,000 as her share of goodwill premium, half of which will be withdrawn by Chander and Damini.
2) Debtors to the extent of Rs 5,000 were unrecorded.
3) Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on bills receivables and debtors.
4) Value of land and building will be appreciated by 20%.
5) There is a claim against the firm for damages, a liability to the extern of Rs 8,000 will be created for the same.
Prepare Revaluation Account and Partners Capital Accounts.
Amit, Balan and Chander were partners in a firm sharing profits in the proportion of `1/2, 1/3 and 1/6`respectively. Chander retired on 1-4-2014. The Balance Sheet of the firm on the date of Chander's retirement was as follows:
| Balance Sheet of Amit, Balan and Chander as on 1-4-2014 | |||
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Sundry Creditors Provident Fund General Reserve Capitals Amit 40,000 Balan 36,500 Chander 2,000 |
12,600 3,000 9,000
96,500 |
Bank Debtors 30,000 Less: Provision 1,000 Stock Investments Patents Machinery |
4,100
29,000 25,000 10,000 5,000 48,000 |
| 1,21,100 | 1,21,100 | ||
It was agreed that:
(a) Goodwill will be valued at Rs 27,000.
(b) Depreciation of 10% was to be provided on machinery.
(c) Patents were to be reduced by 20%.
(d) Liability on account of Provident Fund was estimated at Rs 2,400.
(e) Chander took over investments for Rs 15,800.
(f) Amit and Balan decided to adjust their capitals in a proportion of their profit sharing ratio by
opening current accounts.
Prepare Revaluation Account and Partners' Capital Accounts on Chander's retirement.
Xavier, Yusuf and Zaman were partners in a firm sharing profits in the ratio of 4:3: 2. On 1.4.2014 their Balance sheet was as follows:
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Sundry Creditors Capital Accounts Xavier 1,20,000 Yusuf 90,000 Zaman 60,000
|
41,400
2,70,000
|
Cash at Bank Sundry Debtors 30,450 Less: Prov. For Bad debts 1,050 Stock Plant and Machinery Land and Building |
33,000
29,400 48,000 51,000 1,50,000 |
| 3,11,400 | 3,11,400 |
Yusuf had been suffering from ill health and thus gave notice of retirement from the firm. An agreement was, therefore, entered into as on 1.4.2014, the terms of which were as follows:
1) That land and building be appreciated by 10%
2) The provision for bad debts is no longer necessary
3) That stock be appreciated by 20%
4) That goodwill of the firm be fixed at Rs 54,000. Yusuf share of the same be adjusted into Xavier's and Zamna's Capital Accounts, who are going to share future profits in the ratio of 2:1
5) The entire capital of the newly constituted firm be readjusted by bringing in or paying necessary cash so that the future capitals of Xavier and Zaman will be in their profit sharing ratio.
Prepare Revaluation Account and Partner's Capital Account
A, B and C were partners in a firm sharing profits in the ratio of 3:2:1. On 1.4.2014 their Balance Sheet was as follows :
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors Provident Fund General Reserve Capital Accounts A 80,000 B 73,000 C 40,000 |
25,200 3,000 21,000
1,93,000 |
Bank Debtors 60,000 Less: Provision 2,000 Stock Investment Patents Machinery |
8,200
58,000 50,000 20,000 10,000 96,000 |
| 2,42,200 | 2,42,200 |
On the above date, C retired. It was agreed that:
(i) Goodwill of the firm will be valued at Rs 5,400.
(ii) Depreciation of 10% was to be provided on machinery.
(iii) Patents were to be reduced by 20%.
(iv) Liability on account of Provident Fund was estimated at Rs 2,500.
(v) C took over investments for Rs 31,700.
(vi) A and B decided to adjust their capitals in proportion to their profit sharing ratio. For this
purpose, current accounts were opened.
Prepare Revaluation Account and Partners' Capital Accounts on C's retirement
X, Y and Z were partners in a firm sharing profits in the ratio of 5 : 3 : 2. The firm closes its books on 31st March every year. On 30.9.2016, Z died. The partnership deed provided that on the death of a partner his executors will be entitled to the following :
(i) Balance in his capital account and interest @ 12% per annum. On 1.4.2016 balance in Z's Capital account was Rs 80,000.
(ii) His share in the profits of the firm in the year of his death, which will be calculated on the basis of rate of net profit on sales of the previous year which was 25%. The sales of the firm till 30.9.2016 were Rs 4,00,000.
(iii) His share on the goodwill of the firm. The goodwill of the firm on Z's death was valued at Rs 3,00,000.
The partnership deed also provided that the following deductions will be made from the amount payable to the executor of the deceased partner:
(i) His drawing in the year of his death. Z has withdrawn Rs 30,000 till 30.9.2016.
(ii) Interest on drawing @ 12% per annum which was calculated as Rs 2,000.
The accountant of the firm prepared Z's Capital Account to be presented to his executor but in a hurry did not complete it. Z's Capital Account as prepared by the firm's accountant is presented below :
|
Dr. |
Z’s Capital Account |
Cr. |
|||
|
Date |
Particulars |
Amount (Rs) |
Date |
Particulars |
Amount (Rs) |
|
2016 |
|
|
2016 |
|
|
|
Sep. 30 |
…………… |
30,000 |
April 1 |
…………… |
80,000 |
|
Sep. 30 |
…………… |
2,000 |
Sep. 30 |
…………… |
4,800 |
|
Sep. 30 |
…………… |
……... |
Sep. 30 |
…………… |
20,000 |
|
|
|
|
Sep. 30 |
…………… |
……... |
|
|
|
|
Sep. 30 |
…………… |
……... |
|
|
|
1,64,800 |
|
|
1,64,800 |
|
|
|
|
|
|
|
You are required to complete Z's Capital Account.
Manu, Hary, Ali and Reshma were partners in a firm sharing profits in the ratio of 2 : 2 : 1 : 5. On 1.4.2016 their Balance Sheet was as follows:
|
Balance Sheet of Manu, Hary, Ali and Reshma as on 1.4.2016 |
||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capitals: |
|
Fixed Assets |
8,00,000 |
|
|
Manu |
2,00,000 |
|
Current Assets |
2,40,000 |
|
Hary |
2,50,000 |
|
|
|
|
Ali |
1,50,000 |
|
|
|
|
Reshma |
3,50,000 | 9,50,000 |
|
|
|
|
|
|
|
|
|
Sundry Creditors |
45,000 |
|
|
|
|
Workmen Compensation Reserve |
45,000 |
|
|
|
|
|
10,40,000 |
|
10,40,000 |
|
|
|
|
|
||
From the above date partners decided to share future profits equally. For this purpose the goodwill of the firm was valued at Rs 40,000. The partners also agreed for the following:
(i) Claims against Workmen Compensation Reserve was estimated at Rs 50,000. Fixed assets were to be depreciated by 10%.
(ii) Capitals of the partners were to be adjusted according to the new profit sharing ratio, for this necessary cash will be brought or paid.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.
N, S and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31.3.2016 their Balance Sheet was as under:
|
Balance Sheet of N, S and G as on 31.3.2016 |
|||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Creditors |
1,65,000 |
Cash |
1,20,000 |
||
|
General Reserve |
90,000 |
Debtors |
1,35,000 |
|
|
|
Capitals: |
Less Provision |
15,000 |
1,20,000 |
||
|
N |
2,25,000 |
Stock |
1,50,000 | ||
|
S |
3,75,000 |
Machinery |
4,50,000 | ||
|
G |
4,50,000 | 10,50,000 |
Patents |
90,000 | |
|
|
Building |
3,00,000 | |||
|
|
Profit & Loss Account |
75,000 | |||
|
|
13,05,000 |
|
13,05,000 | ||
|
|
|
|
|||
G retired on the above date and it was agreed that:
(i) Debtors of Rs 6,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.
(ii) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.
(iii) An unrecorded creditor of Rs 30,000 will be taken into account.
(iv) N and S will share the future profits in the ratio of 2 : 3 ratio.
(v) Goodwill of the firm on G’s retirement was valued at Rs 90,000.
Pass necessary journal entries for the above transactions in the books of the firm on G’s retirement.
Achla and Bobby were partners in a firm sharing profits and losses in the ratio of 3: 1. On 31st March 2019, their balance sheet was as follows:
Balance Sheet of Achla and Bobby as on 31st March 2019
| Liabilities |
Amount(₹) |
Assets |
Amount(₹) |
| Creditors |
1,10,000 |
Cash at bank |
60,000 |
| General Reserve |
40,000 |
Debtors |
40,000 |
| Workmen's compensation reserve |
50,000 |
Stock |
45,000 |
| Capitals : |
|
Furniture |
1,55,000 |
| Achla - 4,00,000 |
|
Land & Building |
5,00,000 |
| Bobby - 2,00,000 |
6,00,000 |
|
|
|
8,00,000 |
8,00,000 |
On 1st April 2019, they admitted Vihaan as a new partner for 1/5th share in the profits of the firm on the following terms:
(a) Vihaan brought ₹ 1,00,000 as his capital and the capitals of Achla and Bobby were to be adjusted on the basis of Vihaan's capital; any surplus or deficiency was to be adjusted by opening current accounts.
(b) Goodwill of the firm was valued at ₹ 4,00,000. Vihaan brought the necessary amount in cash for his share of goodwill premium, half of which was withdrawn by the old partners.
(c) Liability on account of workmen's compensation amounted to ₹ 80,000.
(d) Achla took overstock at ₹ 35,000.
(e) Land and building was to be appreciated by 20%.
Prepare Revaluation Account, Partner's Capital Accounts, and the Balance Sheet of the reconstituted firm on Vihaan's admission.
Akul, Bakul, and Chandan were partners in a firm sharing profits in the ratio of 2 : 2: 1. On 31st March 2018 their Balance Sheet was as follows:
Balance Sheet of Akul, Bakul and Chandan as on 31.3.2018
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Sundry Creditors | 45,000 | Cash at Bank | 42,000 |
| Employees Provident Fund | 13,000 | Debtors 60,000 | |
| General Reserve | 20,000 | Less: Provision for doubtful debts 2000 | 58,000 |
| Capitals: | |||
| Akul 1,60,000 | Stock | 80,000 | |
| Bakul 1,20,000 | Furniture | 90,000 | |
| Chandan 92,000 | 3,72,000 | Plant and Machinery | 1,80,000 |
| 4,50,000 | 4,50,000 |
Bakul retired on the above date and it was agreed that:
(i) Plant and Machinery were undervalued by 10%.
(ii) Provision for doubtful debts was to be increased to 15% on debtors.
(iii) Furniture was to be decreased to ₹ 87,000.
(iv) Goodwill of the firm was valued at ₹ 3,00,000 and Bakul's share was to be adjusted through the capital accounts of Akul and Chandan.
(v) Capital of the new firm was to be in the new profit sharing ratio of the continuing partners.
Prepare Revaluation account, Partners' Capital accounts, and the Balance Sheet of the reconstituted firm.
