The Balance Sheet of Sohan, Rohan and Mohan who were sharing profits and Losses in the ratio of 3:2:1 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 5 | Page 204


The Balance Sheet of Sohan, Rohan and Mohan who were sharing profits and Losses in the ratio of 3:2:1 as follows.


Balance Sheet as on 31st March 2019


Liabilities

Amount ₹

Assets

Amount ₹

Bank Overdraft

18,000

Bank

48,000

Creditors

85,000

Debtors

30,000

Bills payable

40,000

Land and Building

40,000

Bank Loan

1,50,000

Machinery

80,000

General Reserve

27,000

Investments

40,000

Capital Account :


Computers

40,000

Sohan

20,000

Stock

90,000

Rohan

20,000

Patents

12,000

Mohan

20,000




3,80,000


3,80,000

Mr. Rohan died on 1st October 2019 and the following adjustments were made.


1. Goodwill of the firm is valued at 30,000

2. Land and Building and Machinery were found to be undervalued by 20%

3. Investments are valued at ₹ 60,000

4. Stock to be undervalued by ₹ 5000 and a provision of 10% as debtors were required.

5. Patents were value less

6. Mr. Rohan was entitled to share in profits up to the date of death and it was decided that he may be allowed to retain his drawings as his share of profit. Rohan’s drawings till the date of death was ₹ 25000

Prepare Partners' capital accounts.


Solution


In the books of the Partnership firm  Partners’ Capital Accounts

Particulars

Sohan (₹)

Rohan (₹)

Mohan (₹)

Particulars

Sohan (₹)

Rohan (₹)

Mohan (₹)

To Executor’s Loan A/c

-

49,000

-

By Balance b/d

20,000

20,000

20,000

To Drawings A/c

-

25,000

-

By revaluation A/c

15,000

10,000

5,000

To Balance c/d

63,500

-

34,500

By General reserve A/c

13,500

9,000

4,500





By Goodwill A/c

15,000

10,000

5,000





By Profit and Loss Suspense A/c


25,000



63,500

74,000

34,500


63,500

74,000

34,500

Working Notes :

Revaluation Account

Particulars

Amount (₹)

Particulars

Amount (₹)

To Stock A/c

5,000

By Land and Building A/c

10,000

To R.D.D. A/c

3,000

By Machinery A/c

20,000

To Patents A/c

12,000

By Investments A/c

20,000

To Partner’s Capital A/cs – Profit




Sohan

15,000




Rohan

10,000




Mohan

15,000

30,000




50,000


50,000


(2) Firm’s goodwill = ₹ 30,000. Distribute among partners in their profit and loss ratio 3 : 2 : 1.


Chapter 5 - Reconstitution of Partnership (Death of Partner) [Latest edition] Balbharati Solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board.


(5) Patents were valueless means it is a loss for business.

(6) Rohan’s share in profit is ₹ 25,000 and his drawings are ₹ 25,000. Rohan is allowed to retain his drawings as his share of profit. Means write ₹ 25,000 as drawings on debit side and write ₹ 25,000 as Profit and Loss Suspense A/c on Credit side of Partners’ Capital A/c.



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)

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