Rahul, Rohit, and Ramesh are in a business sharing profits and losses in the ratio of 3:2:1 respectively. Their balance sheet as on 31st March 2017 was as follows.

Book Keeping, Accountancy, 12th Std, HSC Accounts, Death of Partner, 

Chapter 5, Reconstitution of Partnership (Death of Partner)

Book Keeping, Accountancy, 12th Std, HSC Accounts, Death of Partner,   Chapter 5, Reconstitution of Partnership (Death of Partner)

Practical Problems | Q 2 | Page 202


Rahul, Rohit, and Ramesh are in a business sharing profits and losses in the ratio of 3:2:1 respectively. Their balance sheet as on 31st March 2017 was as follows.


Balance Sheet as on 31st March 2017


Liabilities

Amount ₹

Assets

Amount ₹

Capital Account:


Debtors

1,00,000


Rahul

2,20,000

Less: R. D. D.

10,000

90,000

Rohit

2,10,000

Plant and Machinery

85,000

Ramesh

2,40,000

Investment

3,50,000

creditors

80,000

Motor lorry

1,00,000

Bills Payable

7,000

Building

80,000

General Reserve

96,000

Bank

1,48,000


8,53,000


8,53,000

On 1st October 2017, Ramesh died and the Partnership deed provided that


1. R.D.D. was maintained at 5% on Debtors

2. Plant and Machinery and Investment were valued at ₹ 80,000 and ₹ 4,10,000 respectively.

3. Of the creditors, an item of ₹ 6000 was no longer a liability and hence was properly adjusted.

4. Profit for 2017-18 was estimated at ₹ 120,000 and Ramesh share in it up to the date of his death was given to him.


5. Goodwill of the Firm was valued at two times the average profit of the last five years. Which were 

2012-13

₹ 1,80,000

2013-14

₹ 2,00,000

2014-15

₹ 2,50,000

2015-16

₹ 1,50,000

2016-17

₹ 1,20,000

Ramesh share in it was to be given to him

6. Salary 5,000 p.m. was payable to him

7. Interest on capital at 5% i.e. was payable and on Drawings ₹ 2000 were charged.

8. Drawings made by Ramesh up to September 2017 were ₹ 5,000 p.m.

Prepare


Ramesh’s Capital A/c showing the amount payable to his executors

Give Working of Profit and Goodwill

Ramesh Capital Balance ₹ 3,41,000


View Solution


In the books of the Partnership Firm Ramesh’s Capital Account


Particulars

Amount (₹)

Particulars

Amount (₹)

To Drawings A/c

30,000

By Balance b/d

2,40,000

To Interest on Drawings A/c

2,000

By Goodwill A/c

60,000

To Executor’s Loan A/c

3,41,000

By Salary A/c

30,000



By Interest on Capital A/c

6,000



By Profit and Loss Adjustment A/c – Profit

11,000



By Profit and Loss Suspense A/c

10,000



By General reserve A/c

16,000


3,73,000


3,73,000


(4) Profit and Loss Adjustment Account

Particulars

Amount (₹)

Particulars

Amount (₹)

To Plant and Machinery A/c

5,000

By R.D.D. A/c

5,000

To Partners’ Capital A/cs :


By Investments A/c

60,000

Rahul

33,000


By Creditors A/c

6,000

Rohit

22,000




Ramesh

11,000

66,000




71,000


71,000

Rahul, Rohit, and Ramesh are in a business sharing profits and losses in the ratio of 3:2:1 respectively. Their balance sheet as on 31st March 2017 was as follows.

Rahul, Rohit, and Ramesh are in a business sharing profits and losses in the ratio of 3:2:1 respectively. Their balance sheet as on 31st March 2017 was as follows.

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

 

ACCOUNTS BOARD PAPERS

HSC Accounts March 2020 Board Paper With Solution

MARCH 2014 : View | PDF Download

OCTOBER 2014 View | PDF Download

MARCH 2015 View | PDF Download

JULY 2015 View | PDF Download

MARCH 2016 View | PDF Download

JULY 2016 View | PDF Download

JULY 2017 View | PDF Download

MARCH 2017 View | PDF Download

MARCH 2018 View | PDF Download

JULY 2018 View | PDF Download

MARCH 2019 View | PDF Download

MARCH 2020 View | PDF Download

PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.


SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020

SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

Geography Model Set 1 2020-2021

MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates


NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2021

O.C.M. Important Questions for Board Exam. 2021

Economics Important Questions for Board Exam 2021

Chemistry Important Question Bank for board exam 2021

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2021 Examination