The balance sheet of Medha and Radha who share profit and loss in the ratio 3: 1 is as follows Practical Problems | Q 7 | Page 164 Admission of Partner Practical Problems

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 7 | Page 164


The balance sheet of Medha and Radha who share profit and loss in the ratio 3: 1 is as follows:


Balance Sheet as on 31 March 2018


Liabilities

Amount ()

Assets

Amount ()

Sundry Creditors

80,000

Cash

78,000

Bills Payable

20,000

Sundry debtors

64,000

Bank overdraft

20,000

Stock

40,000

Capital A/c:

Medha

Radha

1,20,000 40,000

Plant & Machinery

60,000

General reserve

16,000

Furniture

22,000



Land and Building

32,000


2,96,000


2,96,000

They decided to admit krutika on 1st April 2018 on the following terms:


1. Krutika is taken as partner on 1st April 2017 she will pay 40,000 as her capital for 1/5 share in future profits and Rs. 2,500 as goodwill


2. A 5% provision for bad and doubtful debt be created on debtors.


3. Furniture be depreciated by 20%.


4. Stocks be appreciated by 5% and plant & machinery by 20%


5. The Capital accounts of all partners be adjusted in their new profit sharing ratio by adjusting the amount through loan.


6. The new profit sharing ratio will be 3/5 1/5 1/5 respectively.


You are required to prepare profit and loss adjustment A/c, Partner’s Capital A/c, Balance Sheet of the new firm.


Solution: 


Dr.

Profit and Loss Adjustment Account

Cr.

Particulars

Amount ()

Particulars

Amount ()

To R.D.D. A/c

3,200

By Stock A/c

2,000

To Depreciation A/c – Furniture

4,400

By Plant & Machinery A/c

12,000

To Profit on Revaluation Transferred to Partners’ Capital Accounts:

Medha 4,800

Radha 1,600

6,400




14,000


14,000

 

Dr

Partners’ Capital Account

Cr

Particulars

Medha ()

Radha ()

Krutika ()

Particulars

Medha ()

Radha ()

Krutika ()

To Partners’ Loan A/c

18,675

6,225


By Balance b / d

1,20,000

40,000


To Balance c / d

1,20,000

40,000

40,000

By Bank A/c



40,000





By Goodwill A/c

1,875

625






By Revaluation A/c

4,800

1,600






By General Reserve

12,000

4,000



1,38,675

46,225

40,000


1,38,675

46,225

40,000

Balance Sheet as on 1st April 2018

Liabilities

Amount ()

Amount ()

Assets

Amount ()

Amount ()

Capital A/cs:

Medha

Radha

Krutika

1,20,000 40,000 40,000

2,00,000

Cash


1,20,500

Sundry Creditors


80,000

Sundry Debtors Less: R.D.D

64,000 3,200

60,800

Bills Payable


20,000

Stock

Add: Appreciation

40,000 2,000

42,000

Bank Overdraft


20,000

Plant & Machinery

Add: Appreciation

60,000 12,000

72,000

Partner’s Loan :

Medha

Radha

18,675 6,225

24,900

Furniture

Less: Depreciation

22,000 4,400

17,600




Land and Building


32,000



3,44,900



3,44,900

The balance sheet of Medha and Radha who share profit and loss in the ratio 3: 1 is as follows Practical Problems | Q 7 | Page 164 Admission of Partner Practical Problems


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