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Question
Uday and Bijoy are partners in a firm. On 1st April, 2022, they admit Kabir as a partner for 1/3 share in the profits. The adjustments on the date of admission are as follows:
| 2022 | |
| April 1 | Bank Loan to be paid off. |
| April 1 | Kabir to bring in capital of ₹ 40,000 but would be unable to bring in his share of goodwill in cash. |
These transactions are recorded in the following spreadsheet:
| A | B | C | D | E | |
| Date | Particulars | Ledger Folio | Debit (₹) | Credit (₹) | |
| 2022 | Closing Balances | ||||
| 1. | March 31 | Bank A/c | 15,000 | ||
| 2. | March 31 | Uday's Capital Balance | 40,000 | ||
| 3. | March 31 | Bijoy' s Capital Balance | 30,000 | ||
| 4. | March 31 | Bank Loan | 10,000 | ||
| 2022 | Transactions | ||||
| 5. | April 1 | Bank A/c | 40,000 | ||
| 6. | April 1 | To Kabir's Current A/c | 40,000 | ||
| 7. | April 1 | Kabir's Current A/c | ? | ||
| 8. | April 1 | To Uday's Capital A/c | 3,000 | ||
| 9. | April 1 | To Bijoy's Capital A/c | ? | ||
| 10. | April 1 | Bank Loan A/c | 10,000 | ||
| 11. | April 1 | To Bank A/c | 10,000 | ||
| 2022 | Opening Balances of reconstituted firm | ||||
| 12. | April 1 | Bank A/c | ? | ||
| 13. | April 1 | Uday's Capital A/c | ? |
Based on the above transactions and the information given in the spreadsheet, answer any three of the following questions:
- Write the formula to calculate Kabir's share of the non-purchased goodwill in cell D7.
- Write the formula to calculate Uday's opening capital balance in cell E13.
- Write the formula to calculate the opening Bank balance of the reconstituted firm in cell D12.
- Give the amount of total value of the non-purchased goodwill of the firm at the time of Kabir's admission.
Solution
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Mink & Sons run a bakery that sells sandwiches, cookies, muffins and pastries. The raw material is sourced from a well-known supplier and fresh items are prepared every day for the customers. The cost of each item also includes the cost of cutlery and paper napkins.
During the festive season, the bakery gives small discounts to its customers.
The spread sheet given below is a summary of its Purchases, Sales and Unsold Stock for the month of October 2023:
| A | B | C | D | E | F | G | H | I | J | K | |
| 1 | Bakery items | No. of items prepared | Cost price per item (₹) | Total cost (₹) | No. of items sold | List price per item (₹) | Festival Discount per item (₹) | Total sales (₹) | Cost of items sold (₹) | Cost of unsold stock (₹) | Profit (₹) |
| 2 | Sandwiches | 275 | 80 | 22,000 | 220 | 105 | 5 | ?? | 17,600 | 4,400 | 4,400 |
| 3 | Cookies | 250 | 50 | 12,500 | 220 | 75 | 5 | 15,400 | ?? | 1,500 | 4,400 |
| 4 | Muffins | 330 | 40 | 13,200 | 300 | 75 | 5 | 21,000 | 12,000 | ?? | 9,000 |
| 5 | Pastries | 225 | 60 | 13,500 | 200 | 95 | ?? | 18,000 | 12,000 | 1,500 | 6,000 |
| 6 | Total | 1,080 | 61,200 | 940 | 23,800 |
Based on the above transactions and the information given in the spreadsheet, answer the following questions:
- Write the formula to calculate the total sales of sandwiches in cell H2.
- Give the formula to calculate the cost of cookies sold in cell I3
- Write the formula to calculate the cost of unsold stock of muffins in cell J4.
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- Give the formula to calculate the festival discount on the sale of Pastries in cell G5.
- Calculate the amount of festival discount per pastry in cell G5.
