Ranade and Kanade were partners and shared the profits in the ratio of 3/5 th and 2/5th. On 31st March, 2014 their Balance Sheet was as follows.


 
Balance Sheet as on 31st March, 2014

Liabilities
Rs.
Assets

Rs.
Sundry Creditors
15000
Bank

250
Reserve Fund
5000
Sundry Debtors
22500

Capital Accounts

Less: RDD
250
22250
Ranade
36000
Stock

8500
Kanade
24000
Investments

12000


Plant

15000


Building

22000

80000


80000

On 1st April 2014, Mr. Hegade was admitted to partnership on the following terms.

1. He should bring Rs. 18650 as his capital for his 1/5 share.
2. Valuation of the goodwill of the firm was to be made at twice the average profit of the last three years. The profits were as follows.
2011 – 12 = Rs. 16000
2010 – 11 = Rs. 27000 and
2009 – 10 = Rs. 24500
Hegade is to bring the goodwill in cash equal to his share.
3. Before admitting Hedage, R.D.D. was to be raised upto Rs. 500 only.
4. Closing stock was to be valued at Rs. 7,500.
5. Appreciate Building by 5%. 

Prepare Profit and Loss Adjustment Account, Capital Account of the Partners and Balance Sheet of the new firm.

Ans.

Profit and loss adjustment a/c
Loss: Rs. 150
Balance sheet total
107500
Bank Balance
27900
Capital A/c

Ranade
44310
Kanade
29540
Hegade
18650
Share of goodwill bought by Hegade
9000

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