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प्रश्न
M, N and O were equal partners on 31st March, 2023. Their Balance Sheet was as follows 31st March, 2023.
| Balance Sheet as on 31st March, 2023 | |||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital Accounts : | Land and Building | 4,80,000 | |
| M | 6,00,000 | Furniture | 3,60,000 |
| N | 2,40,000 | Debtors | 3,60,000 |
| O | 2,40,000 | Stock | 1,20,000 |
| Sundry Creditors | 1,08,000 | Cash | 1,20,000 |
| Bills Payable | 72,000 | ||
| Bank Loan | 1,80,000 | ||
| 14,40,000 | 14,40,000 | ||
M died on 30th June, 2023 and the following adjustments were agreed as:
(1) Furniture was to be adjusted to its market price of ₹ 4,08,000.
(2) Land and Building was to be depreciated by 10%.
(3) Provide R.D.D. @ 5% on Debtors.
(4) The profit up to the date of death of M is to be calculated on the basis of last years profit which was ₹ 2, 16,000.
Prepare Profit and Loss Adjustment A/c, Partners' Capital Accounts A/c and Balance Sheet of the continuing firm.
उत्तर
| Dr. | In the books of the Partnership Firm Profit and Loss Adjustment Account |
Cr. | ||
| Particulars | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Land and Building A/c | 48,000 | By Furniture A/c | 48,000 | |
| To R.D.D. A/c | 18,000 | By Partners’ Capital A/c (Loss) | ||
| M | 6,000 | 18,000 | ||
| N | 6,000 | |||
| O | 6,000 | |||
| 66,000 | 66,000 | |||
| Dr. | Partner's Capital Accounts | Cr. | |||||
| Particulars | M (₹) | N (₹) | O (₹) | Particulars | M (₹) | N (₹) | O (₹) |
| To Profit and Loss Adjustment A/c – Loss | 6,000 | 6,000 | 6,000 | By Balance b/d | 6,00,000 | 2,40,000 | 2,40,000 |
| To M’s Executor’s Loan A/c | 6,12,000 | - | - | By Profit and Loss Suspense A/c | 18,000 | - | - |
| To Balance c/d | - | 2,34,000 | 2,34,000 | ||||
| 6,18,000 | 2,40,000 | 2,40,000 | 6,18,000 | 2,40,000 | 2,40,000 | ||
| Balance Sheet as on 1st July, 2023 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Asset | Amount (₹) | Amount (₹) |
| Capital Accounts: | Land and Building | 4,80,000 | 4,32,000 | ||
| N | 2,34,000 | 4,68,000 | Less: Dept. (10%) | 48,000 | |
| O | 2,34,000 | Furniture | 3,60,000 | 4,08,000 | |
| M’s Executor’s Loan A/c | 6,12,000 | Add: Appreciation | 48,000 | ||
| Sundry Creditors | 1,08,000 | Debtors | 3,60,000 | 3,42,000 | |
| Bills Payable | 72,000 | Less : R.D.D. (5%) | 18,000 | ||
| Bank Loan | 1,80,000 | Stock | 1,20,000 | ||
| Cash | 1,20,000 | ||||
| Profit and Loss Suspense A/c | 18,000 | ||||
| 14,40,000 | 14,40,000 | ||||
Working Note:
Profit of the firm of last year was ₹ 2,16,000.
Proportionate profit up to the date of death for M is as follows
`= 2,16,000 xx 3/12 xx 1/3 = ₹ 18,000`
(Period) (P & L ratio) Profit and Loss Suspense A/c
