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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.
उत्तर
| Journal | ||||
| Date | Particulars | L.F. |
Dr. Rs |
Cr. Rs |
|
Cash A/c Dr. To David's Capital A/c To Aslam's Capital A/c (Being Being Deficiency in capital to be brought in by David and Aslam) |
90,500
|
44,600 45,900
|
||
Working Notes
Adjusted Capital of David = 33,000
Adjusted Capital of Aslam = 70,500
Amount Payable to Naresh = 90,500
Total Capital of the New firm = Total Adjusted Capital of David and Aslam + Amount Payable
= (33,000 + 70,500) + 90,500 = 1,94,000
New Ratio = 2:3
New Capital of David = `194000 xx 2/5 = 77600`
New Capital of Aslam = `194000 xx 3/5 = 116400`
Calculation of Amount to be Paid off/Brought in by David and Aslam
| Particulars | David | Aslam |
| New Capital Balance | 77,600 | 1,16,400 |
| Old Adjusted Capital | 33,000 | 70,500 |
|
Amount to be brought in
|
44,600 (Deficit) |
45,900 (Deficit) |
संबंधित 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.
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
Pravin, Prakash and Paresh were partners sharing profits and losses in the proportion to their capitals. Their balance sheet of the firm on 31st March 2013 was as under.
| Balance sheet as on 31st March 2013 | |||
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capital A/c's: Pravin Prakash Paresh Creditors Reserve Fund |
60,000 40,000 20,000 56,000 36,000 |
Land and Building Investments Debtors 32,000 Less: R.D.D. 4,000 Stock Cash |
80,000 40,000
28,000 36,000 28,000 |
|
2,12,000 |
|
2,12,000 |
|
Paresh died on 1st August 2013 and the following adjustments were made:
(1) Assets were valued as – Land and building Rs. 88,000. Investments Rs. 36,000 and Stock Rs. 34,000.
(2) All debtors were good.
(3) Goodwill of the firm valued at two times the average profit of the last 4 years' profit.
(4) Paresh's share of profit up to his death to be calculated on the basis of average profit of the last two years.
(5) Profits for the last four years were: Rs. 12,000, Rs. 24,000, Rs. 14,000 and Rs. 22,000.
Prepare:
i. Profit and Loss Adjustment Account.
ii. Paresh's Capital Account, showing the amount payable to his executor.
iii. Give working with Paresh's share in Goodwill and Profit.
What is meant by ‘Capital Reserve’?
Write the term / word / phrase which can substitute the following statement :
Excess of actual capital over proportionate capital.
Write the term / word / phrase which can substitute the following statement :
Capital account of a retiring partner always shows balance.
Select the most appropriate answer from the alternatives given below :
Increase in the value of assets should be ___________ to profit and loss adjustment account.
State whether the following statements is true or false :
Amount due to a retiring partner if not paid, appears as his loan in the books of the firm.
Give a word / term / phrase which can substitute the following statements :
Excess of proportionate at capital over actual capital.
Select the most appropriate answer from the alternatives given below :
An amount received from the Insurance Company against the joint life policy is __________.
On retirement, the balance at a current Account of a partner is transferred to his _______ account.
Shubh, Mangal and Anand were partners sharing profits and losses in the ratio of 5: 2: 3. Their Balance Sheet was as follows:
Balance Sheet as on 31st March 2020
| Liabilities | Amount (₹) |
Amount (₹) |
Assets | Amount (₹) |
Amount (₹) |
| Capital A/cs: | Machinery | 50,000 | |||
| Shubh | 70,000 | Building | 1,00,000 | ||
| Mangal | 80,000 | Furniture | 20,000 | ||
| Anand | 50,000 | Stock | 30,000 | ||
| Creditors | 25,000 | Debtors | 36,000 | ||
| Bill Payable | 12,000 |
Less: R.D.D. |
2,000 | 34,000 | |
| General Reserve | 25,000 | Bank | 28,000 | ||
| 2,62,0000 | 2,62,000 |
Mangal retired on 1st April 2020 on the following terms:
(1) Machinery is to be depreciated by 10% and furniture by 20%.
(2) Stock is to be appreciated by 10% and Building by 20%.
(3) R.D.D. is no longer necessary.
(4) Provision is to be made for ₹ 8000 being compensation to workers.
(5) The goodwill of the firm is to be valued at ₹ 40,000 and Mangal's share in it should be raised.
(6) Both the remaining partners decided to write off the goodwill.
(7) Amount payable to Mangal is to be kept as his Loan.
Prepare: (1) Profit and Loss Adjustment Account (2) PArtner's Capital Accounts (3) New Balance Sheet.
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.
Given below is the Balance Sheet of Ram, Rani and Prashant who were partners In a firm sharing profits and losses in the ratio 5: 3: 2. Their Balance Sheet as on 31st March 2019 was as follows:
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
| Creditors | 11,200 | Cash | 7,600 | |
| Bank Overdraft | 9,700 | Debtors | 18,000 | |
| Reserve Fund | 15,000 | Stock | 17,500 | |
| Capital A/c: | Machinery | 30,000 | ||
| Ram | 42,000 | 1,12,200 | Land | 70,000 |
| Rani | 37,000 | Furniture | 5,000 | |
| Prashant | 33,200 | |||
| 1,48,100 | 1,48,100 |
On 1st April 2018 Prashant retired on the following terms:
- Goodwill of the firm will be raised in the books at ₹ 20,000.
- Stock to be reduced by 10 %. Furniture by 5% and Machinery by 11%.
- RDD be maintained at 5% on debtors.
- ₹ 200 to be written off from Creditors.
- Out of the amount due to Prashant ₹ 5,000 to be paid by cash and remaining amount to be transferred to his loan account.
Prepare Revaluation Account, Partner's Capital Account, and Balance sheet of the new firm.
Kale, Gore and Pandhare were partners in Shyam Traders, Pune sharing Profit and Losses in the ratio 3:3:2. Their Balance Sheet as on 31st March, 2019 is as follows:
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capital A/c: | Building | 10,000 | |
| Kale | 11,000 | Plant & Machinery | 10,700 |
| Gore | 15,000 | Livestock | 10,000 |
| Pandhare | 8,000 | Debtors | 5,000 |
| Creditors | 8,900 | Stock | 6,600 |
| Bills Payable | 2,000 | Bank | 6,600 |
| Reserve Fund | 4,000 | ||
| 48,900 | 48,900 |
On 1st April 2019, Mr. Pandhare retired from the firm on the following terms:
- Assets to be revalued as Stock ₹ 6,300, Plant and Machinery ₹ 10 000 Livestock ₹ 10,200.
- Goodwill of the firm is to be valued at ₹ 4,000. however only Pandhare's share in it is to be raised in the books and written off immediately.
- RDD to be maintained at 10% on debtors.
- ₹ 100 to be written off from Creditors.
- The amount payable to Mr. Pandhare to be transferred to his Loon Account.
Prepare: Profit and Loss Adjustment Account, Partners Capital Account, Balance Sheet of new firm.
Share of profit of a deceased partner fill the date of death is ______ to Profit and Loss Suspense A/c.
