The Balance Sheet of Sahil and Nikhil who share profits in the ratio of 3: 2 as on 31st March 2017 Practical Problems | Q 8 | Page 165 Admission of Partner

PRACTICAL PROBLEMS [PAGES 161-167]


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


Chapter 3 Reconstitution of Partnership (Admission of Partner) Practical Problems [Pages 161 - 167]


Practical Problems | Q 8 | Page 165


The Balance Sheet of Sahil and Nikhil who share profits in the ratio of 3: 2 as on 31st March 2017


Balance Sheet as on 31st March 2017


Liabilities

Amt. ()

Amt. ()

Assets

Amt. ()

Amt. ()

Creditors


60,000

Furniture


60,000

Capitals:

Sahil

Nikhil

80,000 1,00,000

1,80,000

Building


72,000




Debtors


40,000




Closing Stock


48,000




Cash in Hand


20,000



2,40,000



2,40,000


Varad admitted on 1St April 2017 on the following terms :


1. Varad was to pay 1,00,000 for his share of capital.


2. He was also to pay 40,000 as his share of goodwill.


3. The new profit sharing ratio was 3:2:3


4. Old partners decided to revalue the assets as follows:

Building 1,00,000, Furniture- 48,000, Debtors - 38,000 (in view of likely bad debts)


5. It was found that there was a liability for 3,000 for goods in March 2017 but recorded on 2nd April 2017.


You are required to prepare:

a) Profit and Loss adjustment accounts

b) Capital accounts of the partners

c) Balance sheet after the admission of Varad


Solution: 


Dr.

Profit and Loss Adjustment Account

Cr

Particulars

Amount ()

Particulars

Amount ()

To Furniture A/c

12,000

By Building A/c

28,000

To Bad Debts A/c (likely)

2,000



To Unrecorded Liability A/c

3,000



To Profit on Revaluation Transferred to Partners’ Capital A/cs:

Sahil 6,600

Nikhil 4,400

11,000




28,000


28,000

 

Dr

Partners’ Capital Accounts

Cr

Particulars

Sahil ()

Nikhil
(
)

Varad ()

Particulars

Sahil ()

Nikhil ()

Varad ()





By Balance b / d

80,000

1,00,000






By Bank A/c



1,00,000





By Goodwill A/c

24,000

16,000


To Balance c / d

1,10,600

1,20,400

1,00,000

By Revaluation A/c

6,600

4,400



1,10,600

1,20,400

1,00,000


1,10,600

1,20,400

1,00,000

Balance Sheet as on 1st April 2017

Liabilities

Amount ()

Amount ()

Assets

Amount ()

Amount ()

Capital A/cs: Sahil

Nikhil

Varad

1,10,600 1,20,400 1,00,000

3,31,000

Furniture

Less: Depreciation

60,000 12,000

48,000

Creditors


60,000

Building

Add: Appreciation

72,000 28,000

1,00,000

Unrecorded Liability


3,000

Debtors

Less: Bad Debts (likely)

40,000 2,000

38,000




Closing Stock


48,000




Cash in Hand


1,60,000



3,94,000



3,94,000

The Balance Sheet of Sahil and Nikhil who share profits in the ratio of 3: 2 as on 31st March 2017 Practical Problems | Q 8 | Page 165 Admission of Partner

PRACTICAL PROBLEMS [PAGES 161 - 167]

 

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board Chapter 3 Reconstitution of Partnership (Admission of Partner) Practical Problems [Pages 161 - 167]

 

Practical Problems | Q 1 | Page 161

 

Practical Problems | Q 2 | Page 161

 

Practical Problems | Q 3 | Page 162

 

Practical Problems | Q 4 | Page 163

 

Practical Problems | Q 5 | Page 163

 

Practical Problems | Q 6 | Page 164

 

Practical Problems | Q 7 | Page 164

 

Practical Problems | Q 8 | Page 165

 

Practical Problems | Q 9 | Page 166

 

Practical Problems | Q 10 | Page 167

 

Select appropriate alternatives from those given below and rewrite the sentence.

 

Write a word/phrase/term which can substitute the following statement.

 

State True or False with reason.

 

Find the Odd one.

 

Calculate the following.

A and B are partners in a firm sharing profits and losses in the ratio of 1:1. C is admitted. A surrenders 1/4th share and B surrenders 1/5th of his share in favor of C. Calculate the new profit sharing ratio.

 

Calculate the following.

Anika and Radhika are partners sharing profits in the ratio of 5:1. They decide to admit Sanika in the firm for 1/5th share. calculate the sacrifice ratio of Anika and Radhika.

 

Calculate the following.

Pramod and Vinod are partners sharing profits and losses in the ratio of 3:2. After the admission of Ramesh the new ratio of Pramod, Vinod and Ramesh is 4:3:2. Find out the sacrifice ratio.

 

Answer the following.

 

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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