Advertisement

The following is the Balance Sheet of Om and Jay on 31st March 2018, they share profits and losses in the ratio 3:2 Practical Problems | Q 10 | Page 167 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 10 | Page 167


The following is the Balance Sheet of Om and Jay on 31st March 2018, they share profits and losses in the ratio 3:2


Balance Sheet As On 31st March 2018


Liabilities

Amount ()

Assets

Amount ()

Creditors

30,000

Cash

3,000

Capital A/c

Om
Jay

21,000
21,000

Building

15,000

Current A/c
Om
Jay

3,750

3,450

Machinery

21,000



Furniture

900



Stock

12,300



Debtors

27,000


79,200


79,200


They take Jagdish into partnership on 1st April 2018 the terms being


1. Jagdish should pay 3,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.


2. He should bring 9,000 as capital for 1/4th share in future profits.


3. Building to be valued at 18,000, Machinery and Furniture to be reduced by 10%


4. A Provision of 5% on debtors to be made for doubtful debts. 5. Stock is to be taken at a value of 15,000.


Prepare profit and loss A/c, Partner’s Current A/c, Balance Sheet of the new firm


Solution:


Dr.

Profit and Loss Adjustment Account

Cr.

Particulars

Amount ()

Particulars

Amount ()

To Depreciation A/c – Machinery

2,100

By Building A/c

3,000

To Depreciation A/c – Furniture

90

By Stock A/c

2,700

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

Om 1,296

Jay    864

2,160




5,700


5,700

 

Dr.

Partners’ Current Accounts

Cr.

Particulars

Om ()

Jay ()

Particulars

Om ()

Jay ()

To Goodwill

900

600

By Balance b / d

3,750

3,450

To Balance c/d

5,946

4,914

By Goodwill A/c

1,800

1,200




By Revaluation A/c

1,296

864


6,846

5,514


6,846

5,514

Balance Sheet as on 1st April 2018

Liabilities

Amount ()

Amount ()

Assets

Amount ()

Amount ()

Capital Accounts:

Om
Jay
Jagdish

21,000 21,000 9,000

51,000

Cash


13,500

Current A/cs:
Om
Jay

5,946 4,914

10,860

Building

Add: Appreciation

15,000 3,000

18,000

Creditors


30,000

Machinery
Less: Depreciation

21,000 2,100

18,900




Furniture

Less: Depreciation

900

90

810




Stock

Add: Appreciation

12,300 2,700

15,000




Debtors

Less: R.D.D

27,000 1,350

25,650



91,860



91,860

Working Notes:
(1)

Dr.

Cash Account

Cr.

Particulars

Amount ()

Amount ()

Particulars

Amount ()

Amount ()

To Balance b/d


3,000

By Om’s Capital A/c

By Jay’s Capital A/c

900

600

1,500

To Jagdish’s Capital A/cs


9,000

By Balance c / d


13,500

To Om’s Capital A/c

To Jay’s Capital A/c

1,800

1,200

3,000






15,000



15,000

(2) Write partner's capital accounts balance as fixed capital balance in the Balance Sheet and transferred current account balance in the Balance Sheet as Partners Current A/c.

(3) As shown in the cash account partners’ withdrew half amount of goodwill amount share.


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

 

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

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

SUBJECTS

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

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020


SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021


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!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2022

O.C.M. Important Questions for Board Exam. 2022

Economics Important Questions for Board Exam 2022

Chemistry Important Question Bank for board exam 2022

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

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2022 Examination

Important-formula



THANKS