The Balance Sheet of the Anu, Renu, and Dinu is as follows, the partners are sharing profits and losses in the proportion of 2:2:1 respectively. Practical Problems | Q 3 | Page 184 Retirement of Partner

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 3 | Page 184


The Balance Sheet of the Anu, Renu, and Dinu is as follows, the partners are sharing profits and losses in the proportion of 2:2:1 respectively.


Balance Sheet as on 31st March 2019

Liabilities

Amount 

Amount 

Assets

Amount 

Amount 

Creditors


8,000

Bank


5,000

Bills Payable


2,000

Debtors

20,000


General Reserve


5,000

Less : R.D.D

1,000

19,000

Capital Account:



Furniture


15,000

Anu


40,000

Machinery


4,000

Renu


30,000

Free hold Property


27,000

Dinu


15,000

Goodwill


30,000



1,00,000



1,00,000


Dinu retires from the firms on 1st April 2019 on the following terms.


1. The assets are to be revalued as freehold property   30,000, Machinery   5000, Furniture  12000, All debtors are good.


2. Goodwill of the firm is valued at thrice the average profit for the preceding five years. Profits of the firm for the year.


2014-15

 1,000

2015-16

 10,500

2016-17

 10,000

2017-18

 16,000

2018-19

 10,000


3. Dinu should be paid  3,000 by cheque


4. The Balance of Dinu’s capital A/c should be kept in the business as a loan.


Prepare:

Profit and loss adjustment A/c,

Capital Accounts of partners,

Balance Sheet of the new firm


Solution:


Dr

In the books of Partnership Firm Profit and Loss Adjustment Account

Cr

Particulars

Amount ()

Particulars

Amount ()

To Furniture A/c

3,000

By Freehold Property A/c

3,000

To Goodwill – Loss

1,500

By Machinery A/c

1,000

To Partners’ Capital A/cs: Profit

-

By R.D.D. A/c

1,000

Anu

200




Renu

200




Dinu

100

500




5000


5000

 

Dr

Partners’ Capital Accounts

Cr

Particulars

Anu ()

Renu ()

Dinu ()

Particulars

Anu ()

Renu ()

Dinu ()

To Bank A/c

-

-

3000

By Balance b/d

40,000

30,000

15,000

To Loan A/c

-

-

13,100

By General reserve A/c

2,000

2,000

1,000

To Balance c/d

42,200

32,200

-

By Profit and Loss Adjustment A/c (Profit)

200

200

100


42,200

32,200

16,100


42,200

32,200

16,100


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