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प्रश्न
Pinky, Qumar and Roopa partners in a firm sharing profits and losses in the ratio of 3:2:1. S is admitted as a new partner for 1/4 share in the profits of the firm, whichs he gets 1/8 from Pinky, and 1/16 each from Qmar and Roopa. The total capital of the new firm after Seema’s admission will be Rs 2,40,000. Seema is required to bring in cash equal to 1/4 of the total capital of the new firm. The capitals of the old partners also have to be adjusted in proportion of their profit sharing ratio. The capitals of Pinky, Qumar and Roopa after all adjustments in respect of goodwill and revaluation of assets and liabilities have been made are Pinky Rs 80,000, Qumar Rs 30,000 and Roopa Rs 20,000. Calculate the capitals of all the partners and record the necessary journal entries for doing adjustments in respect of capitals according to the agreement between the partners?
उत्तर
1) Calculation of new profit sharing Ratio = Old Ratio − Sacrificing Ratio
Pinky = `3/6 - 1/8 = [ 12 -3 ]/24 = 9/24`
Qumar = `2/6 - 1/16 = [ 16 -3 ]/48 = 13/48`
Roopa = `1/6 - 1/16 = [ 8 - 3]/48 = 5/48`
New profit sharing ratio between Pinky, Qumar, Roopa and Seema
`9/24 : 13/48 : 5/48 : 1/4 = 18/48 : 13/48 : 5/48 : 12/48`
= 18 : 13 : 5 : 12
2) Required capital of all partners in the new firm
Pinky's Capital = 2,40,000 x `18/48` = 90,000
Qumar's Capital = 2,40,000 x `13/48` = 65,000
Roopa's Capital = 2,40,000 x `5/48` = 25,000
Seema's Capital = 2,40,000 x `12/48` = 60,000
3) Amount to be brought by each partner
Pinky = 90,000 − 80,000 = 10,000
Qumar = 65,000 − 30,000 = 35,000
Roopa = 25,000 − 20,000 = 5,000
Seema = 2,40,000 x `1/4` =60,000
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Books of Pinky, Qumar, Roopa and Seema Journal |
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Date |
Particularss |
L.F. |
Amount Rs |
Amount Rs |
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Bank A/c |
Dr. |
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60,000 |
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To Seema Capital A/c |
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60,000 |
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(Seema bring her share of Capital for 1/4 th share of profit) |
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Bank A/c |
Dr. |
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50,000 |
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To Pinky’s Capital A/c |
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10,000 |
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To Qumar’s Capital A/c |
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35,000 |
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To Roopa’s Capital A/c |
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5,000 |
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(Amount brought by Pinky, Qumar and Roopa to make capitalequal to their proportion) |
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APPEARS IN
संबंधित प्रश्न
Arti and Bharti are partners in a firm sharing profits in 3:2 ratio, They admitted Sarthi for 1/4 share in the profits of the firm. Sarthi brings Rs. 50,000 for his capital and Rs. 10,000 for his 1/4 share of goodwill. Goodwill already appears in the books of Arti and Bharti at Rs. 5,000. the new profit sharing ratio between Arti, Bharti and Sarthi will be 2:1:1. Record the necessary journal entries in the books of the new firm?
Amar and Samar were partners in a firm sharing profits and losses in 3:1 ratio. They admitted Kanwar for 1/4 share of profits. Kanwar could not bring his share of goodwill premium in cash. The Goodwill of the firm was valued at Rs. 80,000 on Kanwar’s admission. Record necessary journal entry for goodwill on Kanwar’s admission.
A and B share profits in the proportions of 3/4 and 1/4. Their Balance Sheet on March 31, 2016 was as follows:
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Balance Sheet of A and B as on March 31, 2016 |
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Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
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|
Sundry creditors |
41,500 |
Cash at Bank |
26,500 |
|
|
Reserve fund |
4,000 |
Bills Receivable |
3,000 |
|
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Capital Accounts |
|
Debtors |
16,000 |
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A |
30,000 |
Stock |
20,000 |
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B |
16,000 |
Fixtures |
1,000 |
|
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Land & Building |
25,000 |
|
|
|
91,500 |
|
91,500 |
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On April 1,2017, C was admitted into partnership on the following terms:
- That C pays Rs 10,000 as his capital.
- That C pays Rs 5,000 for goodwill. Half of this sum is to be withdrawn by A and B.
- That stock and fixtures be reduced by 10% and a 5%, provision for doubtful debts be created on Sundry Debtors and Bills Receivable.
- That the value of land and buildings be appreciated by 20%.
- There being a claim against the firm for damages, a liability to the extent of Rs 1,000 should be created.
- An item of Rs 650 included in sundry creditors is not likely to be claimed and hence should be written back.
Record the above transactions (journal entries) in the books of the firm assuming that the profit sharing ratio between A and B has not changed. Prepare the new Balance Sheet on the admission of C.
The following was the Balance Sheet of Arun, Bablu and Chetan sharing profits and losses in the ratio of `6/14 : 5/14 : 3/14` respectively.
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Liabilites |
Amount (Rs) |
Assets |
Amount (Rs) |
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Creditors |
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9,000 |
Land and Buildings |
24,000 |
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Bills Payable |
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3,000 |
Furniture |
3,500 |
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Capital Accounts |
|
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Stock |
14,000 |
|
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Arun |
19,000 |
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Debtors |
12,600 |
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Bablu |
16,000 |
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Cash |
900 |
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Chetan |
8,000 |
43,000 |
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55,000 |
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55,000 |
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They agreed to take Deepak into partnership and give him a share of 1/8 on the following terms:
(a) that Deepak should bring in Rs 4,200 as goodwill and Rs 7,000 as his Capital;
(b) that furniture be depreciated by 12%;
(c) that stock be depreciated by 10% ;
(d) that a Reserve of 5% be created for doubtful debts;
(e) that the value of land and buildings having appreciated be brought upto Rs 31,000;
(f) that after making the adjustments the capital accounts of the old partners (who continue to share in the same proportion as before) be adjusted on the basis of the proportion of Deepak’s Capital to his share in the business, i.e., actual cash to be paid off to, or brought in by the old partners as the case may be.
Prepare Cash Account, Profit and Loss Adjustment Account (Revaluation Account) and the Opening Balance Sheet of the new firm.
Ashish and Dutta were partners in a firm sharing profits in 3:2 ratio. On Jan. 01, 2015 they admitted Vimal for 1/5 share in the profits. The Balance Sheet of Ashish and Dutta as on Jan. 01, 2016 was as follows
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Balance Sheet of A and B as on 1.1.2016 |
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Liabilites |
Amount Rs |
Assets |
Amount Rs |
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Creditors |
15,000 |
Land & Building |
35,000 |
|
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Bills Payable |
10,000 |
Plant |
45,000 |
|
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Ashish Capital |
80,000 |
Debtors |
22,000 |
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Dutta’s Capital |
35,000 |
Less : Provision |
2,000 |
20,000 |
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Stock |
35,000 |
|
|
|
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Cash |
5,000 |
|
|
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1,40,000 |
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1,40,000 |
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It was agreed that:
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ii) The value of plantbeincreased by 10,000.
iii) Goodwill of the firm be valued at Rs 20,000.
iv) Vimal to bring in capital to the extent of 1/5th of the total capital of the new firm.
Record the necessary journal entries and prepare the Balance Sheet of the firm after Vimal’s admission.
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E and F were partners in a firm sharing profits in the ratio of 3 : 1. They admitted G as a new partner on 1st April, 2019 for 1/3rd share. It was decided that E, F and G will share future profits equally. G brought ₹ 50,000 in cash and machinery valued at ₹ 70,000 as premium for goodwill.
Pass necessary Journal entries in the books of the firm.
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