### Vasu and Viraj Share Profits and Losses in the Ratio of 3:2 respectively Their Balance Sheet as on 31st March 2019 was as under Admission of Partner Practical Problems [Pages 161 - 167]

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 3 | Page 162

Vasu and Viraj Share Profits and Losses in the Ratio of 3:2 respectively Their Balance Sheet as on 31st March 2019 was as under

Balance Sheet as on 31st March, 2019

 Liabilities Amount (₹) Assets Amount (₹) Sundry Creditors 45,000 Cash at bank 750 General Reserve 30,000 Sundry debtors 66,750 Capital: Stock 25,500 Vasu 1,08,000 Viraj 72,000 Investment 36,000 Plant 90,000 Building 36,000 2,55,000 2,55,000

They admit Hari into Partnership on 1.4. 2019 the terms being that :

1.  He shall have to bring in 60,000 as his Capital for 1/4 share in future profits

2. Value of Goodwill of the Firm is to be fixed at The average profits for the last three years. The Profit was.

2009-10   48,000,

2010-11  81,000

2011-12  73,500

Hari is unable to bring the value of the Goodwill in cash. It is decided to raise the Goodwill in the books of accounts.

3. Reserve for Doubtful Debts is to be created at  1,500.

4. Closing Stock is valued at  22,500

5. Plant and Building is to be depreciated by 5%

Prepare Profit and Loss Adjustment A/c, Capital Accounts of Partners, And Balance Sheet of the New Firm.

Solution:

In the books of the firm.........

 Dr Profit and Loss Adjustment Account Cr Particulars Amount (₹) Particulars Amount(₹) To R.D.D. (New) A/c 1,500 By Loss on Revaluation To Stock A/c 3,000 Transferred to Partners’ Capital A /cs :Vasu 6,480 Viraj 4,320 10,800 To Depreciation A/cs:Plant 4,500 Building1,800 6,300 10,800 10,800

 Dr Partners’ Capital Accounts Cr Particulars Vasu (₹) Viraj (₹) Hari(₹) Particulars Vasu (₹) Viraj (₹) Hari(₹) To Profit and Loss Adjustment A/c (Loss) 6,480 4,320 By Balance b/d 1,08,000 72,000 To Balance c / d 1,60,020 1,06,680 60,000 By Cash / Bank A/c 60,000 By Goodwill A/c 40,500 27,000 By General Reserve A/c 18,000 12,000 1,66,500 1,11,000 60,000 1,66,500 1,11,000 60,000

Balance Sheet as on 1st April 2019

 Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Capital A/cs :VasuVirajHari 1,60,0201,06,68060,000 3,26,700 Cash 60,750 Sundry Creditors 45,000 Sundry DebtorsLess : R.D.D. (New) 66,750 1,500 65,250 StockLess :Depreciation 25,500 3,000 22,500 Investments 36,000 PlantLess : Depreciation 90,000 4,500 85,500 Building Less: Depreciation 36,000 1,800 34,200 Goodwill 67,500 3,71,700 3,71,700

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

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.

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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