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Tuesday, December 26, 2017

Partnership Retirement Solution for Sonu Monu and Piyu HSC Accounts

Sonu, Monu and Piyu Partnership Retirement Solution - HSC Board Accounts
Following is the balance sheet of the firm Sonu, Monu and Piyu who share profits and losses in the ratio of their capital.
Question Paper Snippet
Question Paper Snippet 2
Solution: In the books of Sonu, Monu and Piyu
Profit and Adjustment A/c
Particulars Amount Amount Particulars Amount Amount
To Stock A/c 960 By Land and Building A/c 11000
To R.D.D. A/c 200
To Profit on Revaluation Transferred to partners Capital A/c
Sonu Capital A/c 4920
Monu Capital A/c 1968
Piyu Capital A/c 2952 9840
11000 11000
Partners’ Capital A/c
Particulars Sonu Monu Piyu Particulars Sonu Monu Piyu
To Goodwill A/c (5:1) 3000 600 - By Balance b/d 50000 20000 30000
To Cash A/c 36552 By Profit and Loss Adjustment A/c [Profit on Revaluation] 4920 1968 2952
By Goodwill A/c 3600
By Cash A/c 68080 18632 -
To Balance C/d 120000 40000
123000 40600 36552 123000 40600 36552
In the books of M/s Sonu and Monu.
Balance Sheet as on 1st April, 2013.
Liabilities Amount Amount Assets Amount Amount
Creditors 15000 Plant and Machinery 20000
Capital A/c Land and Building 55000
Sonu 120000 Add: Appreciation 11000 66000
Monu 40000 160000 Stock 12000
Less: Written off 960 11040
Debtors 12000
Less: R.D.D. 1200 10800
Cash 67160
175000 175000
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12 comments:

  1. Unknown27 May, 2019 00:53

    How did you got the gain ration 5:1?

    ReplyDelete
    Replies
    1. Anonymous28 January, 2020 19:48

      Gain ratio= New ratio-Old Ratio
      Sonu=3/4-5/10=5/20
      Monu=1/4-2/10=1/20

      Delete
    2. Unknown03 February, 2020 19:24

      Samjhi nhi

      Delete
  2. Unknown12 October, 2019 04:24

    Stock ka kaise aya?? Please explain

    ReplyDelete
    Replies
    1. Tarun20 November, 2019 22:36

      8% depreciation Kar

      Delete
    2. Unknown30 November, 2019 10:26

      How 8%

      Delete
    3. Unknown04 December, 2019 17:09

      Pehle 12,000₹ ka 92% nikal which is 11,040₹ vo hi hai phir usko stock mai se less kar de to 960₹ ayega jo loss hai

      Delete
  3. Unknown.07 November, 2019 18:16

    This comment has been removed by the author.

    ReplyDelete
  4. Unknown.07 November, 2019 18:18

    Can u show working note of goodwill & cash a/c

    ReplyDelete
  5. Tarun20 November, 2019 22:40

    Goodwill- only retiring partner share

    12000x3/10=3600

    Cash- debit side
    68080+18632+17000=103712
    Credit side =36552
    Cash=103712-36552=67160

    ReplyDelete
  6. Unknown22 January, 2020 20:17

    Cash kaise distribute kiya???????????

    ReplyDelete
  7. Anonymous28 January, 2020 19:43

    How was the gain ratio calculated?

    ReplyDelete

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