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 Jagdish should pay 3,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.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

 

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