Advertisement

Vaibhav and Vikas were partners sharing profit and losses in the ratio of 2:3 respectively. Their Balance Sheet as on 31st March, 2012 was as follows:


Balance Sheet as on 31st March, 2012

Liabilities
Amount
Assets
Amount
Capital A/c

Land & Building
25000
Vaibhav
50000
Plant
30000
Vilas
50000
Furniture
2000
Creditors
70000
Stock
50000


Debtors
58000


Cash
5000

170000

170000

They agreed to admit Vivek as a partner on 1st April, 2012 on the following terms.

1. Vivek will have ¼ th share in future profits for which he shall bring Rs. 25,000 as his capital and Rs. 20,000 as his share of goodwill.

2. Land and Building are valued at Rs. 30,000 wh8ile stock is valued at Rs. 55,000.

3. Plant is taken over by Vilas at 10% Discount.

4. Depreciate furniture by 10%.

5. Provision for bad and doubtful debts is to be maintained at 5% on debtors.

6. The capital accounts of all the partners to be adjusted in their new profit sharing ratio and excess amount to be transferred to their loan accounts.

Prepare Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of New Firm.


Solution.


In the books of Partnership firm.

Profit and Loss Adjustment Account

Particulars
Rs.
Rs.
Particulars
Rs.
Rs.
To Plant

3000
By Land & Building A/c

5000
To Furniture A/c

200
By Stock

5000
To R.D.D. A/c

2900



To Partners' Capital A/c





Vaibhav
1560




Vilas
2340
3900





10000


10000



Partner's Capital Accounts

Particulars
Vaibhav
Vilas
Vivek
Particulars
Vaibhav
Vilas
Vivek
To Plant A/c
-
27000
-
By Balance b/d
50000
50000
-
To Partner's Loan A/c
29560
-
-
By Cash A/c
-
-
25000
To Balance C/d
30000
45000
25000
By Goodwill A/c
8000
12000
-




By Profit & Loss Adjustment A/c
1560
7660





By Partner's Loan A/c
[Deficit Transferred]
-
7660
-









59560
72000
25000

59560
72000
25000



Balance Sheet as on 1st April, 2013


Liabilities
Amount
Amount
Assets
Amount
Amount
Partners' Capital A/c


Land & Building
25000

Vaibhav
30000

(+) Appreciation
5000
30000
Vilas
45000

Plant
30000

Vivek
25000
100000
(-) Discount @ 10%
-3000

Loan from Vaibhav

29560

27000

Creditors

70000
(-) Plant taken over by Vilas
27000
NIL



Furniture
2000




(-) Depreciation @ 10%
-200
1800



Debtors
58000




(-) Less Provision for bad and Doubtful debts @ 5%
-2900
55100



Stock
50000




(+) Increase in Value
5000
55000



Cash

50000



Loan to Vilas

7660


199560


199560

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

SUBJECTS

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020


SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021


MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates


NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2022

O.C.M. Important Questions for Board Exam. 2022

Economics Important Questions for Board Exam 2022

Chemistry Important Question Bank for board exam 2022

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2022 Examination

Important-formula



THANKS