Q3. The balance sheet of 'Anand Traders, Wardha' is as follows. Partners share profits and losses as 5/10 , 2/10, 3/10.

Balance Sheet as on 31st March, 2013.
Liabilities
Amount
(Rs.)
Assets

Amount
(Rs.)
Capital Accounts

Plant and machinery

32,000
Sunil
36,000
Factory Building

40,000
Pankaj
32,000
Stock

20,400
Paresh
17,600
Debtors
   16,800

Creditors
21,200
Less: R.D.D.
  • 800
16,00
General Reserve
14,000
Cash

12,400

1,20,800


1,20,800
Pankaj retired from the business on 1st April, 2013 on the following terms:

(1) The assets were revalued as under .....

(i) Stock at Rs. 28,000.
(ii) Factory building is appreciated by 10%.
(iii) Reserve for doubtful debts is to be increased up to Rs. 1,000.
(iv) Plant and machinery is to be depreciated by 10%

(2) The goodwill of the retiring partner is to be valued at Rs. 8,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.

(3) Amount due to Pankaj is to be transferred to his loan account.

Prepare : (a) Profit and Loss adjustment account

(b) Capital account of partners.

(c) Balance sheet of new firm.

Answer:
In the books of Anand Traders, Wardha
Profit and Loss Adjustment A/c


Particulars
Amount Rs.
Amount Rs.
Particulars
Amount Rs.
Amount Rs.
To R.D.D. A/c

200
By Stock A/c

7600
To Plant & Machinery A/c

3200
By Factory Building A/c

4000
To Revaluation Profit :





Sunil Capital A/c
4100




Pankaj Caipital A/c
1640




Paresh Capital A/c
2460
8200





11600


11600

Partners’ Capital Accounts

Particulars
Sunil
Pankaj
Paresh
Particulars
Sunil
Pankaj
Paresh
To Goodwill A/c
5000
-
3000
By Balance b/d
36000
32000
17600
To Loan A/c

44440

By General Reserve A/c
7000
2800
4200
To Balance C/d
42100

21260
By Profit and Loss Adjustment A/c
4100
1640
2460




By Goodwill A/c
-
8000
-








To Balance C/d
42100

21260





47100
44440
24260

47100
44440
24260

Balance Sheet as on 1st April, 2013


Liabilities
Amount
Rs.
Amount
Rs.
Assets
Amount
Rs.
Amount
Rs.
Capital A/c:


Stock
20400

Sunil
42100

Add: Appreciation
7600
28000
Paresh
21260
63360
Factory Building
40000




Add: Appreciation
4000
44000
Creditors

21200
Debtors
16800

Pankaj’s Loan

44440
Less: R.D.D.
1000
15800



Plant & Machinery
32000




Less: Depreciation
3200
28800



Cash

12400


129000


129000

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