### Vikram and Pradnya share profits and losses in the ratio 2:3 respectively, Practical Problems | Q 1 | Page 161, Balbharati solutions for Book-keeping and Accountancy 12th

Vikram and Pradnya share profits and losses in the ratio 2:3 respectively. Their balance sheet as on 31st March 2018 was as under.

Balance Sheet as on 31st March 2018

 Liabilities Amount (₹) Assets Amount (₹) Creditors 1,05,000 Cash 7,500 Capitals : Land & Building 37,500 Vikram 75,000 Plant 45,000 Pradnya 75,000 Furniture 3,000 Stock 75,000 Debtors 87,000 2,55,000 2,55,000

They agreed to admit Avani as a partner on 1st April 2018 on the following terms:

1 Avani shall have 1/4th share in future profits.

2. He shall bring  37,500 as his capital and  30,000 as his share of goodwill.

3. Land and building to be valued at  45,000 and furniture to be depreciated by 10%.

4. Provision for bad and doubtful debts is to be maintained at 5% on the Sundry Debtors.

5 Stocks to be valued  82, 500.

The capital A/c of all partners to be adjusted in their new profit and loss ratio and excess amount be transferred to their loan accounts.

Prepare Profit and Loss Adjustment Account, Capital Accounts, and New Balance Sheet.

Solution:

 Dr In the books of Partnership Firm Profit and Loss Adjustment Account Cr Particulars Amount (₹) Particulars Amount (₹) To R.D.D. A/c 4,350 By Land & Building A/c 7,500 To Furniture A/c(Depreciation) 300 By Stock A /c 7,500 To Profit on Revaluation Vikram 4,140 Pradnya 6,210 10,350 15,000 15,000

 Dr Partners’ Capital Accounts Cr Particulars Vikram (₹) Pradnya (₹) Avani (₹) Particulars Vikram (₹) Pradnya (₹) Avani (₹) To Partners’ Loan A/c 46,140 31,710 By Balance b/d 75,000 75,000 To Balance c /d 45,000 67,500 37,500 By Bank A/c - - 37,500 By Revaluation A/c (Profit) 4,140 6,210 By Goodwill A/c 12,000 18,000 91,140 99,210 37,500 91,140 99,210 37,500

 Dr Balance Sheet as on 1st April 2018 Cr Liabilities Amount (₹) Amount (₹) Assets Amount (₹) Amount (₹) Capital Accounts: Vikram Pradnya Avani 45,000 67,500 37,500 1,50,000 Cash 75,000 Creditors 1,05,000 Land & BuildingAdd: Appreciation 37,5007,500 45,000 Partners’ Loan A/c :Vikram Pradnya 46,140 31,710 77,850 FurnitureLess: Depreciation 3,000 300 2,700 Plant 45,000 StockAdd: Appreciation 75,0007,500 82,500 DebtorsLess : R.D.D. (5 %) 87,0004,350 82,650 3,32,850 3,32,850

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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