Shah, Lodha, and Dhole were partners sharing profits and losses in the ratio of 4:3:3. Their Balance Sheet as on 31st March 2019 is a given below. Practical Problems | Q 5 | Page 186 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 5 | Page 186


Shah, Lodha, and Dhole were partners sharing profits and losses in the ratio of 4:3:3. Their Balance Sheet as on 31st March 2019 is a given below.

Balance Sheet as on 31st March 2019

Liabilities

Amount 

Amount 

Assets

Amount 

Amount 

Sundry Creditors


20,000

Cash


9,000

Bills payable


4,000

Sundry Debtors

10,000


Capital Account:



Less: R.D.D.

1,000

9,000

Shah


45,000

Furniture


25,000

Lodha


35,000

Computers


43,000

Dhole


27,000

Vehicles


45,000



1,31,000



1,31,000


On 1st April 2019, Mr. Lodha retired from the firm on the following terms.


1. Goodwill is to be valued at average Profits and Losses of the last five years which were as follows.

Years

Profit/Loss

2015

 35,000

2016

 20,000

2017

 30,000

2018

 20,000

2019

 25,000


2. Computers to be depreciated by 10%


3. Furniture to be revalued at  27,500


4. Vehicles appreciated by 20%


5. R.D.D. was no longer necessary


6. Shah and Dhole will share the future profits and losses in the ratio of 2:1


7. It was decided that goodwill should not appear in the books of a new firm and amount payable to Lodha is to be transferred to his Loan A/c


Prepare :


Profit and Loss adjustment A/c,

Partners capital accounts,

Balance sheet of new firm


Solution: 


Dr

In the books of Partnership Firm Profit and Loss Adjustment Account

Cr

Particulars

Amount ()

Particulars

Amount ()

To Computers A/c

4,300

By Furniture A/c

2,500

To Partners’ Capital A/cs: Profit


By Vehicles A/c

9,000

Shah

3,280


By R.D.D. A/c

1,000

Lodha

2,460




Dhole

2,460

8,200




12,500


12,500


Dr

Partner’s Capital Account

Cr

Particulars

Shah ()

Lodha ()

Dhole ()

Particulars

Shah ()

Lodha ()

Dhole ()

To Goodwill A/c

17,333

-

8,667

By Balance b/d

45,000

35,000

27,000

To Balance c/d

41,347

45,260

28,593

By Profit and Loss Adjustment A/c (Profit)

3,280

2,460

2,460





By Goodwill A/c

10,400

7,800

7,800


58,680

45,260

37,260


58,680

45,260

37,260


Balance Sheet as on 1st April 2019

Liabilities

Amount ()

Amount ()

Asset

Amount ()

Amount ()

Partners’ Capital A/cs :



Cash


9,000

Shah

41,347


Debtors


10,000

Dhole

28,593

69,940

Furniture

25,000


Lodha’s Loan A/c


45,260

Add : Appreciation

2,500

27,500

Sundry Creditors


20,000

Computers

43,000


Bills Payable


4,000

Less: Depreciation

4,300

38,700




Vehicles

45,000





Add: Appreciation

9,000

54,000



1,39,200



1,39,200


Shah, Lodha, and Dhole were partners sharing profits and losses in the ratio of 4:3:3. Their Balance Sheet as on 31st March 2019 is a given below. Practical Problems | Q 5 | Page 186 Retirement of Partner.



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

FORMAT OF FINAL ACCOUNT

INTRODUCTION TO PARTNERSHIP

 

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