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

 

ACCOUNTS BOARD PAPERS

HSC Accounts March 2020 Board Paper With Solution

MARCH 2014 : View | PDF Download

OCTOBER 2014 View | PDF Download

MARCH 2015 View | PDF Download

JULY 2015 View | PDF Download

MARCH 2016 View | PDF Download

JULY 2016 View | PDF Download

JULY 2017 View | PDF Download

MARCH 2017 View | PDF Download

MARCH 2018 View | PDF Download

JULY 2018 View | PDF Download

MARCH 2019 View | PDF Download

MARCH 2020 View | PDF Download

 

ACCOUNTANCY PAPER PATTERN: New 2020, Old View | PDF Download

PROFORMA OF TRADING ACCOUNT: View | PDF Download

PROFORMA OF PROFIT & LOSS ACCOUNT: View | PDF Download

PROFORMA OF BALANCE SHEET: View | PDF Download

FINAL ACCOUNT ADJUSTMENTS: View | PDF Download

SINGLE ENTRY: View : PDF Download

FINAL ACCOUNT: View | PDF Download

NPO : View | PDF Download

BILL OF EXCHANGE: View | PDF Download

FORMAT OF BILL: View | PDF Download

ADMISSION OF A PARTNER: View | PDF Download

RETIREMENT OF PARTNER: View | PDF Download

DEATH OF PARTNER: View | PDF Download

ACCOUNTING FOR SHARES : View | PDF Download

DISSOLUTION OF PARTNERSHIP FIRM : View | PDF Download

VALUATION OF GOODWILL WITH SOLUTION: View | PDF Download

FORMAT OF FINAL ACCOUNT : View | PDF Download

INTRODUCTION TO PARTNERSHIP: View | PDF Download 

 

ACCOUNTANCY PAPER PATTERN

SINGLE ENTRY

FINAL ACCOUNT

NPO

BILL OF EXCHANGE

BILL OF EXCHANGE [FORMAT].

ADMISSION OF A PARTNER

RETIREMENT OF PARTNER

DEATH OF PARTNER

ACCOUNTING FOR SHARES

DISSOLUTION OF PARTNERSHIP FIRM

VALUATION OF GOODWILL WITH SOLUTION

FORMAT OF FINAL ACCOUNT

INTRODUCTION TO PARTNERSHIP

 

ACCOUNTS BOARD PAPERS WITH SOLUTION

MARCH 2014, OCTOBER 2014, MARCH 2015, JULY 2015, MARCH 2016, JULY 2016.JULY 2017, MARCH 2017, MARCH 2018,  JULY 2018  MARCH 2019 MARCH 2020

 

IMPORTANT PRACTICE PAPER FOR BOARD EXAM 2020

ACCOUNTS SAMPLE PAPER ONE  

ACCOUNTS SAMPLE PAPER TWO

ACCOUNTS SAMPLE PAPER THREE

OBJECTIVE QUESTIONS

ANSWER IN ONE SENTENCE EACH

SELECT THE MOST APPROPRIATE ALTERNATIVE

WRITE THE WORD/ TERM / PHRASE

STATE TRUE OR FALSE