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 :

Vasu

Viraj

Hari


1,60,020

1,06,680

60,000




3,26,700

Cash


60,750

Sundry Creditors


45,000

Sundry Debtors

Less : R.D.D. (New)

66,750 1,500


65,250




Stock

Less :Depreciation

25,500 3,000


22,500




Investments


36,000




Plant

Less : 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

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 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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