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प्रश्न
Banwari, Girdhari and Murari are partners in a firm sharing profits and losses in the ratio of 4: 5: 6. On 31st March 2014, Girdhari retired. On that date, the capitals of Banwari, Girdhari and Murari before the necessary adjustments stood at Rs 2,00,000, Rs 1,00,000 and Rs 50,000 respectively. On Girdhari's retirement, goodwill of the firm was valued at Rs 1,14,000. Revaluation of assets and re-assessment of liabilities resulted in a profit of Rs 6,000. General Reserve stood in the books of the firm at Rs 30,000.
The amount payable to Girdhari was transferred to his loan account. Banwari and Murari agreed to pay Girdhari two yearly instalments of Rs 75,000 each including interest @ 10% p.a. on the outstanding balance during the first two years and the balance including interest in the third year. The firm closes its books on 31st March every year.
Prepare Girdhari's loan account till it is finally paid showing the working notes clearly.
उत्तर
Capital of Girdhari = Rs 1,00,000
Girdhari's Share of Goodwill = `114000 xx 5/15 = 38000`
Girdhari's Share in Revaluation Profit = `6000 xx 5/15 = 2000`
Girdhari's Share in General Reserve = `30000 xx 5/15 = 10000`
Total Amount Payable to Girdhari = Rs 1,00,000 + rs 38,000 + Rs 2,000 + Rs 10,000 = Rs 1,50,000
|
In books of Banwari & Murari Girdhari's Loan Account |
|||||
| Dr. | Cr. | ||||
| Date | Particulars | Rs | Date | Particulars | Rs |
|
2015 March 31 March 31 |
To Cash and Bank A/c To Balance c/d |
75,000 90,000 |
2014 April 1 2015 March 31 |
By Girdhari's Capital A/c By Interest A/c
|
1,50,000 15,000 |
| 1,65,000 | 1,65,000 | ||||
|
2016 March 31 March 31
|
To Cash and Bank A/c To Balance c/d
|
75,000 24,000
|
2015 April 1 2016 March 31 |
By Balance b/d
By Interest A/c |
90,000
9,000 |
| 99,000 | 99,000 | ||||
|
2016 March 31
|
To Cash and Bank A/c
|
26,400
|
2016 April 1 2016 March 31 |
By Balance b/d
By Interest A/c |
24,000
2,400 |
| 26,400 | 26,400 | ||||
Working Notes:
1) Interest for Year 1 = `150000 xx 10/100 = 15000`
2) Interest for Year 2 = `90000 xx 10/100 = 9000`
3) Interest for Year 1 = `24000 xx 10/100 = 2400`
APPEARS IN
संबंधित प्रश्न
Naresh, David and Aslam are partners sharing profits in the ratio of 5:3:7. On April 1st, 2012, Naresh gave the notice to retire from the firm. David and Aslam decided to share future profits in the ratio of 2 : 3. The adjusted capital accounts of David and Aslam show a balance of Rs 33,000 and Rs 70,500 respectively. The total amount of the paid to Naresh is Rs 90,500. This amount is to be paid by David and Aslam in such a way that their capitals become proportionate to their new profit sharing ratio. Pass necessary journal entries for the above transactions in the books of the firm. Show your working clearly.
If the opening capital is Rs. 80,000, closing capital is Rs. 1,80,000, withdrawals are Rs. 10,000 and additional capital brought in is Rs. 20,000, the profit will be Rs. ______________.
a. 90,000
c. 70,000
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Write the term / word / phrase which can substitute the following statement :
Excess of actual capital over proportionate capital.
Select the most appropriate answer from the alternatives given below :
Increase in the value of assets should be ___________ to profit and loss adjustment account.
Give a word / term / phrase which can substitute the following statements :
Excess of proportionate at capital over actual capital.
Give a word / term / phrase which can substitute the following statements :
The account to which deceased partners capital balance is transferred.
Select the most appropriate answer from the alternatives given below:
Share of profit of a deceased partner till the date of death is _____________.
Select the most appropriate answer from the alternatives given below :
An amount received from the Insurance Company against the joint life policy is __________.
State whether the following statements is true or false :
The capital account of a retiring partner always shows a debit balance.
The balance of the capital account of retired partner is transferred to his _________ account if it is not paid.
State whether the following statement is true or false with reason.
On retirement of a partner, remaining partner will share the goodwill in their profit sharing ratio.
On retirement, the balance at a current Account of a partner is transferred to his _______ account.
Following is the balance sheet of Arun, Suresh and Samyak who were sharing profits and losses equally.
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
| Capital A/c: | Goodwill | 12,000 | ||
| Arun | 43,600 | Plant & Machinery | 10,000 | |
| Suresh | 35,000 | Furniture | 20,000 | |
| Samyak | 32,000 | Land & Building | 70,000 | |
| General Reserve | 13,500 | Computer | 17,500 | |
| Creditors | 20,300 | Debtors | 18,000 | 17,100 |
| Bills Payable | 10,600 | Less: RDD | 900 | |
| Bank | 8,400 | |||
| 1,55,000 | 1,55,000 |
On 1st April 2019, Suresh retired from the firm on the following terms:
- Land and Building be appreciated by 10% and Computer be reduced by ₹ 1,900.
- Debtors were all good and RDD was no longer required.
- Plant & Machinery be revalued at ₹ 9,400.
- Goodwill of the firm be valued at ₹ 16,500.
- Furniture were sold at ₹ 21,800 and part payment of ₹ 15,000 was made to Suresh by R.T.G.S. and balance was transferred to his Loan Account.
Prepare Revaluation A/c, Partners' capital A/c and the Balance Sheet of Arun and Suresh.
Retiring Partner's share of goodwill is ______ to remaining Partner's Capital Account.
Share of profit of a deceased partner fill the date of death is ______ to Profit and Loss Suspense A/c.
