Amalendu and Sameer share profits and losses in the ratio 3:2, Practical Problems | Q2 | Page 161, Balbharati solutions for Book-keeping and Accountancy 12th

PRACTICAL PROBLEMS [PAGES 161 - 167]

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 3 Reconstitution of Partnership (Admission of Partner) Practical Problems [Pages 161 - 167]


Practical Problems | Q 2 | Page 161


Amalendu and Sameer share profits and losses in the ratio 3:2 respectively Their balance sheet as on 31st March 2017 was as under.

Balance Sheet as on 31st March 2017


Liabilities

Amount (₹)

Assets

Amount (₹)

Sundry Creditors

10,000

Cash at bank

12,000

Amlendu capital

60,000

Sundry debtors

24,000

Sameer capital

40,000

Land & Building

50,000

General reserve

20,000

Stock

16,000



Plant and machinery

20,000



Furniture & fixture

8,000


1,30,000


1,30,000


On 1st April 2017, they admit Paresh into partnership. The term being that:


1 He shall pay 16,000 as his share of Goodwill 50% amount of Goodwill shall be withdrawn by the old partners.

2 He shall have to bring in 20,000 as his Capital for 1/4 share in future profits.

3. For the purpose of Paresh’s admission, it was agreed that the assets would be revalued as follows.

A) Land and Building is to be valued at 60,000

B) Plant and Machinery to be valued at 16,000

C) Stock valued at 20,000 and Furniture and Fixtures at 4,000

D) A Provision of 5% on Debtors would be made for Doubtful Debts.


Pass The necessary Journal Entries in the Books of a New Firm.


Solution: 


Journal entries in the books of Partnership Firm

Date

Particulars

L.F

Debit (₹)

Credit (₹)

2017 April 1

General Reserve A/c Dr.

To Amalendu’s Capital A/c

To Sameer’s Capital A/c (Being general reserve distributed among old partners)


20,000


12,000 

8,000


Profit and Loss Adjustment A/c Dr.

To Plant and Machinery A/c

To Furniture & Fixture A/c

To R.D.D. A/c (Being decrease in the value of assets and reserve for doubtful debts.)


9,200


4,000 

4,000 

1,200


Land and Building A/c Dr.

Stock A/c Dr.

To Profit and Loss Adjustment A/c

(Being appreciation in the value of assets)


10,000 4,000



14,000


Profit and Loss Adjustment A/c  Dr.

To Amalendu’s Capital A/c

To Sameer’s Capital A/c

(Being profit on revaluation distributed in profit sharing ratio)


4,800


2,880 

1,920


Cash / Bank A/c  Dr.

To Paresh’s Capital A/c

(Being amount brought in for capital by Paresh)


20,000


20,000


Cash / Bank A/c  Dr.

To Goodwill A/c

(Being amount brought in for goodwill by Paresh)


16,000


16,000


Goodwill A/c Dr. 

To Amalendu’s Capital A/c 

To Sameer’s Capital A/c 

(Being goodwill distributed among old partners)


16,000


9,600 

6,400


Amalendu’s Capital A/c  Dr.

Sameer’s Capital A/c Dr.

To Bank A/c

(Being half of the goodwill amount withdrawn by old partners)


4,800 

3,200



8,000


Working Notes :

Dr

Goodwill Account

Cr

Particulars

Amount (₹)

Particulars

Amount (₹)

To Amalendu’s Capital A/c

9,600

By Cash / Bank A/c

16,000

To Sameer’s Capital A/c

6,400




16,000


16,000

 

Dr

Profit and Loss Adjustment Account

Cr

Particulars

Amount (₹)

Amount (₹)

Particulars

Amount (₹)

Amount (₹)

To Plant and Machinery A/c


4,000

By Land & Building A/c


10,000

To Furniture and Fixture A/c


4,000

By Stock A/c


4,000

To R.D.D. Debts A/c


1,200




To Profit on Revaluation Transferred to Partners’






Capital A/cs :

Amalendu
Sameer

2,880

1,920



4,800






14,000



14,000

PRACTICAL PROBLEMS [PAGES 161 - 167]

 

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board Chapter 3 Reconstitution of Partnership (Admission of Partner) Practical Problems [Pages 161 - 167]

 

Practical Problems | Q 1 | Page 161

 

Practical Problems | Q 2 | Page 161

 

Practical Problems | Q 3 | Page 162

 

Practical Problems | Q 4 | Page 163

 

Practical Problems | Q 5 | Page 163

 

Practical Problems | Q 6 | Page 164

 

Practical Problems | Q 7 | Page 164

 

Practical Problems | Q 8 | Page 165

 

Practical Problems | Q 9 | Page 166

 

Practical Problems | Q 10 | Page 167

 

Select appropriate alternatives from those given below and rewrite the sentence.

 

Write a word/phrase/term which can substitute the following statement.

 

State True or False with reason.

 

Find the Odd one.

 

Calculate the following.

A and B are partners in a firm sharing profits and losses in the ratio of 1:1. C is admitted. A surrenders 1/4th share and B surrenders 1/5th of his share in favor of C. Calculate the new profit sharing ratio.

 

Calculate the following.

Anika and Radhika are partners sharing profits in the ratio of 5:1. They decide to admit Sanika in the firm for 1/5th share. calculate the sacrifice ratio of Anika and Radhika.

 

Calculate the following.

Pramod and Vinod are partners sharing profits and losses in the ratio of 3:2. After the admission of Ramesh the new ratio of Pramod, Vinod and Ramesh is 4:3:2. Find out the sacrifice ratio.

 

Answer the following.

 

Book-keeping and Accountancy 12th Standard 

HSC Maharashtra State Board. Latest Syllabus.

Chapter 1: Introduction to Partnership and Partnership Final Accounts

Chapter 2: Accounts of ‘Not for Profit’ Concerns

Chapter 3: Reconstitution of Partnership (Admission of Partner)

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Chapter 5: Reconstitution of Partnership (Death of Partner)

Chapter 6: Dissolution of Partnership Firm

Chapter 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

 

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