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.


No comments:

Post a Comment

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019


BUY FROM PLAY STORE

DOWNLOAD OUR APP


HOW TO PURCHASE OUR NOTES?



S.P. Important Questions For Board Exam 2020


O.C.M. Important Questions for Board Exam. 2020


Economics Important Questions for Board Exam 2020


Chemistry Important Question Bank for board exam 2020


Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination


Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2020 Examination


MUST REMEMBER THINGS on the day of Exam


Are you prepared? for English Grammar in Board Exam.


Paper Presentation In Board Exam


How to Score Good Marks in SSC Board Exams


Tips To Score More Than 90% Marks In 12th Board Exam


How to write English exams?


How to prepare for board exam when less time is left


How to memorise what you learn for board exam


No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates

NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!