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Rajesh, Rakesh, and Mahesh were equal partners on 31st March 2019. Their Balance Sheet was as follows 31st March 2019.

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 1 | Page 202

Rajesh, Rakesh, and Mahesh were equal partners on 31st March 2019. Their Balance Sheet was as follows 31st March 2019.

Balance Sheet as on 31st March 2019


Liabilities

Amount ₹

Assets

Amount ₹

Capital Account :


Land and Building

4,00,000

Rajesh

5,00,000

Furniture

3,00,000

Rakesh

2,00,000

Debtors

3,00,000

Mahesh

2,00,000

Stock

1,00,000

Sundry creditors

90,000

Cash

1,00,000

Bills Payable

60,000



Bank loan

1,50,000




12,00,000


12,00,000

Mr. Rajesh died on 30th June 2019 and the following adjustment were agreed as


1) Furniture was to be adjusted to its market price of 3,40,000

2) Land and Building was to be depreciated by 10%

3) Provide R.D.D 5% on debtors

4) The Profit up to the date of death of Mr. Rajesh is to be calculated on the basis of last years profit which was ₹1,80,000

Prepare:


1) Profit and Loss adjustment A/c

2) Partners capital account

3) Balance sheet of the continuing firm

Solution


In the books of the Partnership Firm Profit and Loss Adjustment Account


Particulars

Amount 

(₹)

Particulars

Amount

(₹)

To Land and Building A/c

40,000

By Furniture A/c

40,000

To R.D.D. A/c

15000

By Partners' Capital A/c (Loss)




Rajesh 5000




Rakesh 5000




Mahesh 5000

15000


55000


55000


Particulars

Rajesh 

(₹)

Rakesh 

(₹)

Mahesh 

(₹)

Particulars

Rajesh 

(₹)

Rakesh 

(₹)

Mahesh 

(₹)

To Profit and Loss Adjustment A/c – Loss

5,000

5,000

5,000

By Balance b/d

5,00,000

2,00,000

2,00,000

To Rajesh's Executor’s A/c

5,10,000



By Profit and Loss Suspense A/c

15,000



To Balance c/d


1,95,000

1,95,000






5,15,000

2,00,000

2,00,000


5,15,000

2,00,000

2,00,000

Balance Sheet as on 1st July 2019 

Liabilities

Amount (₹)

Amount (₹)

Assets

Amount (₹)

Amount (₹)

Capital Accounts :



Land and Building

4,00,000


Rakesh

1,95,000


Less: Depreciation

40,000

3,60,000

Mahesh

1,95,000

3,90,000

Furniture

3,00,000


Rajesh’s Executor’s Loan A/c


5,10,000

Add: Appreciation

40,000

3,40,000

Sundry Creditors


90,000

Debtors

3,00,000


Bills Payable


60,000

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

15,000

2,85,000

Bank Loan


1,50,000

Stock


1,00,000




Cash


1,00,000




Profit and Loss Suspense A/c


15,000



12,00,000



12,00,000

Working Note :

The profit of the firm last year was ₹ 1,80,000.

Proportionate profit up to the date of death for Rajesh is as follows = 180000 x (3/12) x (1/3) = ₹ 15,000


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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