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 & Building

Add: Appreciation

37,500

7,500

45,000

Partners’ Loan A/c :

Vikram 

Pradnya

46,140 

31,710

77,850

Furniture

Less: Depreciation

3,000

 300

2,700




Plant


45,000




Stock

Add: Appreciation

75,000

7,500

82,500




Debtors

Less : R.D.D. (5 %)

87,000

4,350

82,650



3,32,850



3,32,850


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


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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