The Balance Sheet of Mr. Mama, Kaka and Mr. Baba who shared profit and losses as 4:3:3 respectively. Practical Problems | Q 1 | Page 183 Retirement of Partner

Practical Problems | Q 1 | Page 183

Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board 

Chapter 4 Reconstitution of Partnership (Retirement of Partner) Practical Problems [Pages 183 - 186]

 

 

The Balance Sheet of Mr. Mama, Kaka and Mr. Baba who shared profit and losses as 4:3:3 respectively.

Balance Sheet as on 31 st March 2018

Liabilities

Amount ₹

Amount ₹

Assets

Amount ₹

Amount ₹

Suppliers

 

7,000

Cash

 

4,500

Loan

 

5,000

Sundry Debtors

5,000

 

General Reserve

 

6,250

Less: R:D:D

500

4,500

Capital Account:

 

 

Live Stock

 

12,500

Mama

 

20,000

Motor Car

 

4,000

Kaka

 

15,000

Furniture

 

17,500

Baba

 

12,250

Plant

 

22,500

 

 

65,500

 

 

65,500

Kaka retires on 1st April 2018 on the following terms.

1. The share of Kaka in Goodwill of the firm is valued at ₹ 2,700

2. Furniture to be depreciated by 10% and Motor Car by 12.5%

3. Live Stock to be appreciated by 10% and Plant by 20%

4. A provision of ₹ 2,000 to be made for a claim of compensation.

5. R.D.D. is no longer necessary.

6. The amount payable to Kaka should be transferred to his Loan A/c

 

Solution: 

In the books of Partnership Firm Profit and Loss Adjustments Account

Particulars

Amount (₹)

Particulars

Amount (₹)

To Furniture A/c

1,750

By Live Stock A/c

1,250

To Motor Car A/c

500

By Plant A/c

4,500

To Provision for Claim A/c

2,000

By R.D.D. A/c

500

To Partners’ Capital A/cs: Profit

 

 

 

Mama  800

 

 

 

Kaka  600

 

 

 

Baba  600

2000

 

 

 

6,250

 

6,250

 

Balance Sheet as on 1st April 2018

Liabilities

Amount (₹)

Amount (₹)

Assets

Amount (₹)

Amount (₹)

Partners’ Capital A/cs :

 

 

Furniture

17,500

 

Mama

23,300

 

Less: Depreciation

1,750

15,750

Baba

14,725

38,025

Motor Car

4,000

 

Kaka’s Loan A/c

 

20,175

Less: Depreciation

500

3,500

Suppliers

 

7,000

Sundry Debtors

 

5,000

Loan

 

5,000

Live Stock

12,500

 

Provision for Claim

 

2,000

Add: Appreciation

1,250

13,750

 

 

 

Plant

22,500

 

 

 

 

Add: Appreciation

4,500

27,000

 

 

 

Cash

 

4,500

 

 

 

Goodwill

 

2,700

 

 

72,200

 

 

72,200

 

Partners’ Capital Accounts

Particulars

Mama (₹)

Kaka (₹)

Baba (₹)

Particulars

Mama (₹)

Kaka (₹)

Baba (₹)

To Loan A/c

 

20,175

 

By Balance b/d

20,000

15,000

12,250

To Balance c/d

23,300

 

14,725

By General reserve A/c

2,500

1,875

1,875

 

 

 

 

By Profit and Loss Adjustment A/c (Profit)

800

600

600

 

 

 

 

By Goodwill A/c

 

2,700

 

 

23,300

20,175

14,725

 

23,300

20,175

14,725

 

Working Notes :

(1) R.D.D. is no longer require means it is a gain for firm.

(2) A provision of ₹ 2,000 to be made for a claim of compensation, ₹ 2,000 is recorded on debit side of Profit and Loss Adjustments A/c and then on liability side of Balance Sheet.

(3) Total payable amount to Kaka ₹ 20,175 is recorded as Kaka’s Loan A/c.

Balbharati Solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board.

Chapter 4: Reconstitution of Partnership 

(Retirement of Partner)

EXERCISE - 4 [PAGE 182]

Select the most appropriate alternative from those given below and rewrite the sentence

Write the Word/ Term/ Phrase which can substitute of the following statement

State whether the following statement is true or false with reasons

Fill in the blank and rewrite the following sentence

Answer the following.

PRACTICAL PROBLEMS [PAGES 183 - 186]

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board Chapter 4 Reconstitution of Partnership (Retirement of Partner) Practical Problems [Pages 183 - 186]

Practical Problems | Q 1 | Page 183

Practical Problems | Q 2 | Page 184

Practical Problems | Q 3 | Page 184

Practical Problems | Q 4 | Page 185

Practical Problems | Q 5 | Page 186

 

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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VALUATION OF GOODWILL WITH SOLUTION

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