Mr. Deep & Mr. Karan were in Partnership sharing Profits & Losses in the proportion of 3:1 respectively. Their Balance Sheet On 31st March 2018 Stood as follows Practical Problems | Q 4 | Page 163

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 4 | Page 163


Mr. Deep & Mr. Karan were in Partnership sharing Profits & Losses in the proportion of 3:1 respectively. Their Balance Sheet On 31st March 2018 Stood as follows


Balance Sheet as on 31st March


Liabilities

Amount (₹)

Amount (₹)

Assets

Amount (₹)

Amount (₹)

Sundry Creditors


40,000

Cash


40,000

Bill Payable


10,000

Sundry debtors


32,000

Bank Overdraft


11,000

Land & Building


16,000

Capital A/c:

Deep Kara

60,000 20,000

80,000

Stock


20,000

General Reserve


8,000

Plant and machinery


30,000




Furniture


11,000



1,49,000



1,49,000


They admit Shubham into Partnership on 1 April 2018 The term being that:

1. He shall have to bring in  20,000 as his capital for 1/5 Share in future profits & 10,000 as his share of Goodwill.

2. A Provision for 5% doubtful debts to be created on Sundry Debtors.

3. Furniture to be depreciated by 20%

4. Stock should be appreciated by 5% and Building be appreciated by 20%

5. Capital A/c of all partners be adjusted in their new profit sharing ratio through a cash account.

Prepare Profit and Loss Adjustment A/c, Partner’s Capital A/c, Balance sheet of the new firm.


Solution: 


Dr

In the books of the firm ---

Profit and Loss Adjustment Account

Cr

Particulars

Amount ( ₹ )

Particulars

Amount  ( ₹ )

To R.D.D. (New) A/c

1,600

By Stock A/c

1,000

To Depreciation A/c – Furniture

2,200

By Building A/c

3,200

To Profit on Revaluation Transferred to

Partners’ Capital A/cs:

Deep 300

Karan 100

400




4,200


4,200

 

Dr.

Partners’ Capital Accounts

Cr.

Particulars

Deep (₹ )

Karan (₹ )

Shubham (₹ )

Particulars

Deep (₹ )

Karan (₹ )

Shubham (₹ )

To Cash A/c

13,800

4,600


By Balance b/d

60,000

20,000


To Balance c / d

60,000

20,000

20,000

By Cash / Bank A/c



20,000





By Goodwill A/c

7,500

2,500






By Revaluation on A/c (Profit)

300

100






By General Reserve A/

6,000

2,000



73,800

24,600

20,000


73,800

24,600

20,000

Balance Sheet as on 1st April 2018 

Liabilities

Amount (₹ )

Amount (₹ )

Assets

Amount (₹ )

Amount (₹ )




Cash


51,600

Capital A/cs :

Deep 

Karan 

Shubham


60,000 20,000 20,000




1,00,000

Sundry Debtors

Less: R.D.D

32,000 

1,600


30,400

Sundry Creditors


40,000

Land and Building

Add: Appreciation

16,000 

3,200


19,200

Bills Payable


10,000

Stock

Add: Appreciation

20,000 1,000

21,000

Bank Overdraft


11,000

Furniture

Less: Depreciation

11,000 

2,200


8,800




Plant and Machinery


30,000



1,61,000



1,61,000


Mr. Deep & Mr. Karan were in Partnership sharing Profits & Losses in the proportion of 3:1 respectively. Their Balance Sheet On 31st March 2018 Stood as follows Practical Problems | Q 4 | Page 163



Dr

Cash Account

Cr

Particulars

Amount (₹ )

Particulars

Amount (₹ )

To Balance b / d

40,000

By Deep’s Capital A/c

13,800

To Shubham’s Capital A/c

20,000

By Karan’s Capital A/c

4,600

To Goodwill A/c

10,000

By Balance c / d

51,600


70,000


70,000


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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