Vrushali and Leena are equal partners in the business. Their Balance sheet as on 31 March 2018 stood as under. Admission of Partner Practical Problems | Q 6 | Page 164

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 6 | Page 164

Vrushali and Leena are equal partners in the business. Their Balance sheet as on 31 March 2018 stood as under.


Balance Sheet as on 31 March 2018


Liabilities

Amt. ()

Amt. ()

Assets

Amt. ()

Amt. ()

Sundry Creditors

90,000

90,000

Cash in Bank


62,000

Capitals:



Debtors

31,000


Vrushali

45,000

75,000

Less: R.D.D

1,000

30,000

Leena

30,000


Building


55,000

General Reserves


18,000

Machinery


24,000




Bills Receivable


12,000



1,83,000



1,83,000


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


1. The Machinery and Building be depreciated by 10%. Reserve for Doubtful Debts to be increased by  5,000


2. Bills Receivable are taken over by Vrushali at the discount of 10%


3. Aparna should bring  60,000 as capital for her 1/4th share in future profits.


4. The capital accounts of all the partners be adjusted in proportion in the new profit sharing ratio by opening current accounts of the partners.


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 Machinery A/c

2,400

By Loss on Revaluation


To Building A/c

5,500

Transferred to Partners’ Capital A/cs :


To R.D.D. A/c

5,000

Vrushali7,050

Leena 7,050

14,100

To Bills Receivable A/c (Discount)

1,200




14,100


14,100

 

Dr

Partners’ Capital Accounts

Cr

Particulars

Vrushali ()

Leena ()

Aparna ()

Particulars

Vrushali ()

Leena ()

Aparna ()

To Revaluation A/c

7,050

7,050


By Balance b / d

45,000

30,000


(Loss)

To Bills Receivable A/c

10,800



By Bank A/c



60,000

To Balance c / d

90,000

90,000

60,000

By General Reserve A/c

9,000

9,000






By Partner’s Current A/c

53,850

58,050



1,07,850

97,050

60,000


1,07,850

97,050

60,000

Balance Sheet as on 1st April 2018

Liabilities

Amount ()

Amount ()

Assets

Amount ()

Amount ()

Capital A/cs :

Vrushali

Leena

Aparna

90,000 90,000 60,000

2,40,000

Cash in Bank


1,22,000

Sundry Creditors


90,000

Debtors

Less : R.D.D. (1000 + 5000)

31,000

 

6,000

25,000




Building

Less: Depreciation

55,000

 

5,500

49,500




Machinery

Less: Depreciation

24,000

2,400

21,600




Partners’ Current A/cs :

Vrushali

Leena

53,850 58,050

1,11,900



3,30,000



3,30,000


Vrushali and Leena are equal partners in the business. Their Balance sheet as on 31 March 2018 stood as under. Admission of Partner Practical Problems | Q 6 | Page 164


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 5 | Page 163


Mr. Kishor & Mr. Lal were in partnership sharing profits & losses in the proportion of 3/4 and 1/4 respectively.


Balance Sheet as on 31 March 2018


Liabilities

Amt 

Amt 

Assets

Amt 

Amt 

Creditors


1,20,000

Land and Building


75,000

General Reserve


12,000

Furniture


6,000

Capital A/c:

Kishor

Lal

90,000

48,000

1,38,000

Stock


60,000




Debtors


60,000




Bills Receivable


39,000




Cash at Bank


30,000



2,70,000



2,70,000

They decided to admit Ram on 1 April 2018 on following terms:

1. He should be given 1/5th share in profit and for that he brought in  60,000 as capital through RTGS.

2. Goodwill should be raised at  60,000

3. Appreciate Land and Building by 20%

4. Furniture and Stock are to be depreciated by 10%

5. The Capitals of all partners should be adjusted in their new profit sharing ratio through Bank A/c.

Pass necessary Journal Entries in the books of the Partnership firm and a Balance sheet of the new firm.


Solution: 

Journal entries in the books of the firm

Date

Particulars

L.F

Debit ()

Credit ()

2018 April 1

General Reserve A/c Dr.

To Mr. Kishor’s Capital A/c

To Mr. Lal’s

Capital A/c (Being general reserve distributed among old partners)


12,000

9,000 3,000

1

Profit and Loss Adjustment A/c Dr.

To Furniture A/c

To Stock A/c (Being decrease in the value of assets)


6,600

600 6,000

1

Land and Building A/c Dr.

To Profit and Loss Adjustment A/c (Being increase in the value of assets)


15,000

15,000

1

Profit and Loss Adjustment A/c Dr.

To Mr. Kishor’s Capital A/c

To Mr. Lal’s Capital A/c (Being profit on revaluation distributed in profit sharing ratio)


8,400

6,300 2,100

1

Bank A/c Dr.

To Ram’s Capital A/c (Being capital amount brought in through RTGS)


60,000

60,000

1

Goodwill A/c Dr.

To Kishor’s Capital A/c To Lal’s Capital A/c (Being the goodwill raised and transferred to capital A/cs in their old ratio)


60,000

45,000 15,000

1

Bank A/c Dr.

To Kishor’s Capital A/c (Being deficit in capital account settled in cash by Kishor)


29,700

29,700

1

Lal’s Capital A/c Dr.

To Bank A/c (Being surplus capital amount paid to Lal)


8,100

8,100

 

Dr.

Balance Sheet as on 1st April 2018

Cr.

Liabilities

Amount ()

Amount ()

Assets

Amount ()

Amount ()

Capital Accounts: Mr. Kishor Mr. Lal Ram

1,80,000 60,000 60,000

3,00,000

Land & Building Add: Appreciation

75,000 15,000

90,000

Creditors


1,20,000

Furniture

Less: Depreciation

6,000 600

5,400




Stock

Less : Depreciation

60,000 6,000

54,000




Debtors


60,000




Goodwill


60,000




Bills Receivable


39,000




Cash at Bank


1,11,600



4,20,000



4,20,000

Working Notes :

(1)                                                                                                                 

Dr

Partners’ Capital Accounts

Cr

Particulars

Kishor ()

Lal ()

Ram ()

Particulars

Kishor ()

Lal ()

Ram ()

To Bank A/c


8,100


By Balance b / d

90,000

48,000


To Balance c / d

1,80,000

60,000

60,000

By Bank A/c



60,000





By Goodwill A/c

45,000

15,000






By General Reserve A/c

9,000

3,000






By Revaluation A/c (Profit)

6,300

2,100






By Bank A/c

29,700




1,80,000

68,100

60,000


1,80,000

68,100

60,000

Bank Account

Particulars

Amount ()

Particulars

Amount ()

To Balance b / d

30,000

By Lal’s Capital A/c

8,100

To Ram’s Capital A/c

60,000

By Balance c / d

1,11,600

To Kishor’s Capital A/c

29,700




1,19,700


1,19,700


Mr. Kishor & Mr. Lal were in partnership sharing profits & losses in the proportion of 3/4 and 1/4 respectively Practical Admission of Partner Problems | Q 5 | Page 163


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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