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प्रश्न
Nardeep, Hardeep and Gagandeep were partners in a firm sharing profits in 2:1:3 ratio. Their Balance Sheet as on 31.3.2015 was as follows
Balance Sheet of Nardeep,Hardeep and Gagandeep as on 31-3-2015
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors Bills Payable General Reserve Capitals Nardeep 2,00,000 Hardeep 1,00,000 Gagandeep 50,000 |
1,00,000 40,000 60,000
3,50,000 |
Land Building Plant Stock Debtors Bank
|
1,00,000 1,00,000 2,00,000 80,000 60,000 10,000
|
| 5,50,000 | 5,50,000 |
From 1-4-2015 Nardeep, Hardeep and Gagandeep decided to share the future profits equally. For this purpose it was decided that
(a) Goodwill of the firm be valued at Rs 3, 00,000.
(b) Land be revalued at Rs 1, 60,000 and building be depreciated by 6%.
(c) Creditors of Rs 12,000 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.
उत्तर
Revaluation Account
Dr. Cr
| Particulars |
Amount Rs |
Particulars |
Amount Rs |
|
Building A/c
Revaluation Profit Nardeep 22,000 Hardeep 11,000 Gagandeep 33,000 |
6,000
66,000 |
Land A/c
Creditors A/c
|
60,000
12,000
|
| 72,000 | 72,000 | ||
Partner’s Capital Account
Dr. Cr.
| Particulars |
Nardeep Rs |
Hardeep Rs |
Gagandeep Rs |
Particulars |
Nardeep Rs |
Hardeep Rs |
Gagandeep Rs |
|
Gagandeep’s Capital A/c
Balance c/d
|
2,42,000 |
50,000
71,000 |
1,63,000 |
Balance b/d R/V Profit General Reserve Hardeep’s Capital A/c |
2,00,000 22,000
20,000
|
1,00,000 11,000
10,000
|
50,000 33,000
30,000
50,000 |
|
2,42,000 |
1,21,000 |
1,63,000 |
2,42,000 |
1,21,000 |
1,63,000 |
||
Balance Sheet
| Liabilities |
Amount Rs |
Assets Rs |
Amount Rs |
|
Capital Nardeep 2,42,000 Hardeep 71,000 Gagandeep 1,63,000
Creditors 1,00,000 Less : Written off 12,000
Bills payable
|
4,76,000
88,000 40,000 |
Land 1,00,000 Add :Increase 60,000 Building 1,00,000 Less : Dep 6,000
Plant Bank Stock Debtors |
1,60,000
94,000
2,00,000 10,000 80,000 60,000 |
| 6,04,000 | 6,04,000 |
Working Notes
Old Ratio New Ratio
2:1:3 1:1:1
S/R of Nardeep = Old Ratio - New Ratio= `2/6-1/3=0/6`
S/R of Hardeep = Old Ratio - New Ratio= `1/6-1/3=-1/6=>`
S/R of Gagandeep = Old Ratio - New Ratio = `3/6-1/3=1/6=>`
Hardeep will compensate Gagandeep, since he is gaining
Hardeep’s Capital A/c Dr 50,000
To Gagandeep’s Capital A/c 50,000
APPEARS IN
संबंधित प्रश्न
A. B and C were partners in a firm sharing profits in the ratio of 5: 3: 2. On 31-3-2015 their Balance Sheet was as follows:
Balance Sheet of A,B and C as on 31-3-2015
| Liabilities | Amount(Rs) | Assets | Amount(Rs.) |
|
Creditors Investment Fluctuation Fund P & L Account Capitals A 1,50,000 B 1,20,000 C 60,000
|
63,000 30,000 1,20,000
3,30,000
|
Land & Building Motor Vans Investments Machinery Stock Debtors 1,20,000 Less : Provision 9,000 Cash
|
1,86,000 60,000 57,000 36,000 45,000
|
| 5,43,000 | 5,43,000 |
On the above date B retired and A and C agreed to continue the business on the following terms:
(1) Goodwill of the firm was valued at Rs.1, 53,000.
(2) Provision for bad debts was to be reduced by Rs.3,000.
(3) There was a claim of Rs.12,000 for workmen compensation.
(4) B will be paid Rs.24,600 in cash and the balance will be transferred to his loan account which will be paid in four equal yearly instalments together with interest 10% p.a.
(5) The new profit sharing ratio between A and C will be 3:2 and their capital will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of A and C.
Ashok, Bhim and Chetan were partners in a firm sharing profits in the ratio of 3:2:1.
Their Balance Sheet as on 31-3-2015 was as follows:
Balance Sheet of Ashok, Bhim and Chetan
as on 31-3-2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Bills Payable General Reserve Capitals Ashok 2,00,000 Bhim 1,00,000 Chetan 50,000 |
1,00,000 40,000 60,000
3,50,000 |
Land Building Plant Stock Debtors Bank
|
1,00,000 1,00,000 2,00,000 80,000 60,000 10,000
|
| 5,50,000 | 5,50,000 |
Ashok, Bhim and Chetan decided to share the future profits equally, w.e.f. April 1, 2015. For this it was agreed that:
(i) Goodwill of the firm be valued at 3,00,000
(ii) Land be revalued at 1, 60,000 and building be depreciated by 6%.
(iii) Creditors of 12,000 were not likely to be claimed and hence be written off
Prepare Revaluation Account Partners’ Capital Accounts and Balance Sheet of the reconstituted firm
A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was as follows :
Balance Sheet of A,B and C as on 31-3-2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors General Reserve
Capitals A 60,000 B 40,000 C 20,000 |
84,000 21,000
1,20,000 |
Bank Debtors Stock Investments Furniture & Fittings Machinery
|
17,000 23,000 1,10,000 30,000 10,000 35,000
|
| 2,25,000 | 2,25,000 |
On the above date D was admitted as new partner and it was decided that
(i) The new profit sharing ratio between A, B, C and D will be 2:1:1:1.
(ii) Goodwill of the firm was valued at Rs.90,000 and D brought his share of goodwill premium in cash.
(iii) The Market value of investments was Rs.24,000
(iv) Machinery will be reduced to Rs.29,000
(v) A Creditor of Rs.3,000was not likely to claim the amount and hence to be written off.
(vi) D will bring proportionate capital so as to give him 1/6th share in the profits of the firm.
Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm
X, Y and Z were partners in a firm sharing profit’s in the firm of 5:3:2. On 31-3-2015 their Balance Sheet was as follows:
Balance sheet of X,Y and Z as on 31st march,2015
| Liabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Investment Fluctuation Fund P & L Account Capital: X 50,000 Y 40,000 Z 20,000
|
21,000 10,000 40,000
1,10,000
|
Land and Building Motor Vans Investments Machinery Stock Debtors 40,000 Less: 3,000 Cash |
62,000 20,000 19,000 12,000 15,000
37,000 16,000 |
| 1,81,000 | 1,81,000 |
On the above date Y retired and X and Z agreed to continue the business on the following terms:
(1) Goodwill of the firm was valued at Rs.51,000
(2) There was a claim of 4,000 for Workmen’s Compensation.
(3) Provision for bad debts was to be reduced by 1,000
(4) Y will be paid 8,200 in cash and the balance will be transferred in his loan account which will be paid in four equally yearly instalments together with interest @ 10% p.a.
(5) The new profit sharing ratio between X and Z will be 3:2 and their capitals will be in their new profit sharing ratio. The Capital adjustments will be done by opening current Accounts
Prepare Revaluation Account. Partner’s Capital Accounts and the Balance Sheet of reconstituted firm.
J, H and K were partners in a firm sharing profits in the ratio of 5:3:2. On 31-3-2015 their Balance Sheet was as follows:
Balance Sheet of J,H and K as on 31-3-2015
| LIabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Investment Fluctuation Fund P & L Account Capital: J 1,00,000 H 80,000 K 40,000
|
42,000 20,000 80,000
2,20,000
|
Land and Building Motor Vans Investments Machinery Stock Debtors 80,000 Less: 6,000 Cash |
2,24,000 40,000 38,000 24,000 30,000
74,000 32,000 |
| 3,62,000 | 3,62,000 |
On the above data H retires and J and K agreed to continue the business on the following terms:
(i) Goodwill of the firm was valued at Rs.1,02,000.
(ii) There was a claim of Rs.8,000 for workmen's compensation.
(iii) Provision for bad debts was to be reduced by Rs.2,000.
(iv) H will be paid Rs.14,000 in cash and the balance will be transferred in his loan account which will be paid in four equal yearly installments together with interest @ 10% p.a.
(v) The new profit sharing ratio between J and K will be 3:2 and their capitals will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.
A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance sheet was as follows :
Balance Sheet of A,B and C as on 31-3-2015
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Creditors Bills Payable
Capitals A 1,00,000 B 50,000 C 25,000 General Reserve |
50,000 20,000
1,75,000 30,000 |
Land Building Plant Stock Debtors Bank
|
50,000 50,000 1,00,000 40,000 30,000 5,000
|
| 2,75,000 | 2,75,000 |
On the above date D was admitted as new partner and it was decided that:
(i) Goodwill of the firm will be valued at 1,50,000
(ii) Land will be revalued at 80,000 and building be depreciated by 60%.
(iii) Creditors of 6,000 were not likely to be claimed and hence should be written off
Prepare Revaluations Account, Partner’s Capital Accounts and Balance Sheet of the reconstitute firm.
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.
Om, Ram and Shanti were partners in a firm sharing profits in the ratio of 3:2:1. On 1st April 2014 their Balance Sheet was as follows:
| Balance Sheet | |||
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital Accounts Om 3,58,000 Ram 3,00,000 Shanti 2,62,000 General Reserve Creditors Bills payable |
9,20,000 48,000 1,60,000 90,000 |
Land and Building Plant and Machinery Furniture Bills Receivables Sundry Debtors Stock Bank |
3,64,000 2,95,000 2,33,000 38,000 90,000 1,11,000 87,000 |
| 12,18,000 | 12,18,000 | ||
On the above date Hanuman was admitted on the following terms:
1) He will bring Rs 1,00,000 for his capital and will get the 1/10th share in the profits.
2) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was valued at Rs 3,00,000
3) A liability of Rs 18,000 will be created against bills receivables discount
4) The value of stock and furniture will be reduced by 20%.
]5) The value of land and building will be increased by 10%.
6) Capital accounts of the partners will be adjusted on the basis of Hanuman's capital in their profit sharing ratio by opening current accounts.
Prepare Revaluation Account and Partner's Capital Accounts.
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
O, R and S were partners in a firm sharing profit in the ratio of 3:2:1 On 1.4.2014 their Balance Sheet was as follows:
| Liabilities |
Amount RS |
Assets |
Amount Rs |
|
Capital Accounts O 1,75,000 R 1,50,000 S 1,25,000 Current Accounts O 4,000 S 6,000 General Reserve Profit and Loss Accounts Creditors Bills Payable |
4,50,000
10,000 15,000 7,000 80,000 45,000 |
R’s Current Accounts Land and Building Plant and Machinery Furniture Investment Bills Receivables Sundry Debtors Stock Bank
|
7,000 1,75,000 67,500 80,000 36,500 17,000 43,500 1,37,000 43,500
|
| 6,07,000 | 6,07,000 |
On the above date, H was admitted on the following terms:
(i) H will bring Rs 50,000 as his capital and will get 116 th share in the profits.
(ii) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was
valued at Rs 90,000.
(iii) The new profits sharing ratio will be 2:2:1:1.
(iv) A liability of Rs 7,004 will be created against bills receivables discounted.
(v) The value of stock, furniture and investments is reduced by 20% whereas the value of land and building and plant and machinery will be appreciated by 20% and 10% respectively.
(vi) The Capital accounts of the partners will be adjusted on the basis of H's Capital through their
current accounts.
Prepare Revaluation Account and Partner's Current Accounts and Capital Accounts.
Shikhar and Rohit were partners in a firm sharing profit in the ratio 7:3. On 1st April 2013, they admitted Kavi as a new partner for a ¼ share in the profit of the firm. Kavi brought Rs 4,30,000 as his capital and Rs 25,000 for his share of goodwill premium. The Balance Sheet of Shikhar and Rohit as on 1st April 2013 was as follows:
| Balance Sheet of Shikhar and Rohit as on 1st April 2013 | |||
| Liabilities | Rs | Assets | Rs |
|
Capital: Shikhar 8,00,000 Rohit 3,50,000 General Reserve Workman’s Compensation Fund Creditors |
11,50,000 1,00,000 1,00,000 1,50,000 |
Land and Building Machinery Debtors 2,20,000 Less: Provision 20,000 Stock Cash |
3,50,000 4,50,000
2,00,000 3,50,000 1,50,000 |
| 15,00,000 | 15,00,000 | ||
It was agreed that:
1. The value of Land and Building will be appreciated by 20%.
2. The value of Machinery will be depreciated by 10%.
3. The liabilities of Workmen's Compensation Fund was determined at Rs 50,000.
4. Capitals of Shikhar and Rohit will be adjusted on the basis of Kavi's capital and actual cash to be brought in or to be paid off as the case may be.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.
Sahaj and Nimish are partners in a firm. They share profits and losses in the ratio of 2: 1. Since both of them are specially abled, sometimes they find it difficult to run the business on their own. Gauri, a common friend decides to help them. Therefore, they admitted her into a partnership for a 1/3rd share. She brought her share of goodwill in cash and proportionate capital. At the time of Gauri's admission, the Balance sheet of Sahaj and Nimish was as under:
| Liabilities | Rs | Assets | Rs |
|
Capital Accounts: Sahaj 1,20,000 Nimish 80,000 General Reserve Creditors Employee's Provident Fund |
2,00,000 30,000 30,000 40,000 |
Machinery Furniture Stock Sundry Debtors Cash
|
1,20,000 80,000 50,000 30,000 20,000
|
| 3,00,000 | 3,00,000 |
It was decided to:
a. Reduce the value of a stock by `5,000.
b. Depreciate furniture by 10% and appreciate machinery by 5%.
c. Rs 3,000 of the debtors proved bad. A provision of 5% was to be created on Sundry Debtors for doubtful debts.
d. Goodwill of the firm was valued at Rs 45,000.
Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the reconstituted firm. Identify the value being conveyed in the question.
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.
From the following Receipts and Payments Account of Kolkata Sports Club for the year ended
31.3.2011, prepare Income and Expenditure Account.
|
Receipts and Payments Account of Kolkat Sports Club for the year ended 31.3.2011 |
|||
|
Dr. |
|
|
Cr. |
|
Receipts |
Amount Rs |
Payments |
Amount Rs |
|
To Balance b/d |
3,200 |
By Salary |
1,800 |
|
To Subscription |
22,500 |
By Rent (paid on 30.9.2010 for 12 months) |
2,300 |
|
To Entrance Fees (including Rs 1,000 as capital income) |
3,000 |
By Electricity |
1,000 |
|
To Donations |
750 |
By Taxes |
2,200 |
|
To Rent of hall |
1,750 |
By Printing and Stationery |
400 |
|
To Accrued interest for the year 2009 – 2010 |
2,000 |
By Sundry Expenses |
900 |
|
|
|
By Books |
7,500 |
|
|
|
By 9% Fixed Deposit (on 1.4.2010) |
15,200 |
|
|
|
By Balance c/d |
1,900 |
|
|
33,200 |
|
33,200 |
|
|
|
|
|
The Balance Sheet of Ram and Shyam, who were sharing profits in the ratio of 3 : 1 on 31st March, 2009 was as follows:
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Creditors |
2,800 |
Cash at bank |
2,000 |
||
|
Employees’ provident fund |
1,200 |
Debtors |
6,500 |
|
|
|
General Reserve |
2,000 |
Less: Reserve for bad debts |
(500) |
6,000 |
|
|
Capitals |
|
Stock |
3,000 |
||
|
Ram |
6,000 |
|
Investments |
5,000 |
|
|
Shyam |
4,000 |
10,000 |
|
|
|
|
|
16,000 |
|
16,000 |
||
|
|
|
|
|||
Answer briefly of the following question:
Give any two differences between Revaluation Account and Realisation Account.
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.
Which of the following transactions is debited to Revaluation Account?
X and Y were partners in the profit-sharing ratio of 3 : 2. Their balance sheet as at March 31, 2022 was as follows:
| Balance Sheet as at March 31, 2022 | |||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | ||
| Creditors | 56,000 | Plant and Machinery | 70,000 | ||
| General Reserve | 14,000 | Buildings | 98,000 | ||
| Capital Accounts: | Stock | 21,000 | |||
| X | 1,19,000 | 2,31,000 | Debtors | 42,000 | 35,000 |
| Y | 1,12,000 | (-) Provision | 7,000 | ||
| Cash in Hand | 77,000 | ||||
| 3,01,000 | 3,01,000 | ||||
Z was admitted for 1/6th share on the following terms:
- Z will bring ₹ 56,000 as his share of capital but was not able to bring any amount to compensate the sacrificing partners.
- Goodwill of the firm is valued at ₹. 84,000.
- Plant and Machinery were found to be undervalued by ₹ 14,000 Building was to be brought up to ₹ 1,09,000.
- All debtors are good.
- Capitals of X and Y will be adjusted on the basis of Z’s share and adjustments will be done by opening necessary current accounts.
You are required to prepare revaluation account and partners’ capital account.
On the date of admission of Ajay as a partner, the Balance Sheet of the firm of Nita and Rita showed a balance of ₹ 80,000 in the Workmen Compensation Reserve.
Choose the correct option to record the effect of a workmen compensation claim of ₹ 90,000 on the accounts of the partnership firm.
