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प्रश्न
A and B are partners sharing profits in the proportion of 3 : 2. Their Balance Sheet as at 31st March, 2024 was as follows:
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Sundry Creditors | 63,000 | Cash at Bank | |||
| Outstanding Salaries | 4,000 | Sundry Debtors | 30,000 | 29,000 | |
| General Reserve | 10,000 | Less: Provision | 1,000 | ||
| Capitals: | Stock | 40,000 | |||
| A | 50,000 | Trade Marks | 8,000 | ||
| B | 30,000 | Building | 75,000 | ||
| 1,57,000 | 1,57,000 |
They agree to admit C as a new partner on the following terms:
- C will be given a `2/9`th share of profit and he will bring ₹ 50,000 for his share of capital and goodwill.
- Goodwill of the firm will be calculated at `2 1/2` years’ purchase of the average super profits of the last four years. Profits of the last four years are ₹ 40,000, ₹ 40,000, ₹ 55,000, and ₹ 65,000, respectively. Normal profits that can be earned with the capital employed are ₹ 14,000.
- Half the amount of goodwill is withdrawn by old partners.
- 15% of the general reserve is to remain as a provision against doubtful debts.
- Outstanding salaries will be increased to ₹ 16,000. Stock is overvalued by 25% and Building is undervalued by 25%. Trade Marks be written off by 50%.
- The New profit sharing ratio of partners will be 4 : 3 : 2 and the capital accounts of A and B will be adjusted on the basis of C’s capital by bringing in or withdrawing cash, as the case may be.
Prepare the necessary accounts and the opening balance sheet of the firm.
Hints:
(i) Actual Value of Stock = `40,000 xx 100/125`
= ₹ 32,000
(ii) Actual Value of Building = `75,000 xx 100/75`
= ₹ 1,00,000
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उत्तर
| Dr. | Revaluation Account | Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Outstanding Salaries A/c | 12,000 | By Building A/c | 25,000 | ||
| To Stock A/c | 8,000 | ||||
| To Trade Marks A/c | 4,000 | ||||
| To Profit transferred to: | 1,000 | ||||
| A’s Capital A/c | 600 | ||||
| B’s Capital A/c | 400 | ||||
| 25,000 | 25,000 | ||||
| Dr. | Partners’ Capital Accounts | Cr. | |||||
| Particulars | A (₹) | B (₹) | C (₹) | Particulars | A (₹) | B (₹) | C (₹) |
| To Bank A/c | 7,000 | 3,000 | By Balance b/d | 50,000 | 30,000 | ||
| By Bank A/c | 30,000 | ||||||
| To Balance c/d | 62,700 | 36,800 | 30,000 | By Revaluation A/c | 600 | 400 | |
| By General Reserve | 5,100 | 3,400 | |||||
| By Premium for Goodwill A/c | 14,000 | 6,000 | |||||
| 69,700 | 39,800 | 30,000 | 69,700 | 39,800 | 30,000 | ||
| To Bank A/c | 2,700 | By Balance b/d | 62,700 | 36,800 | |||
| To Balance c/d | 60,000 | 45,000 | By Bank A/c | 8,200 | |||
| 62,700 | 45,000 | 62,700 | 45,000 | ||||
| Balance sheet | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Sundry Creditors | 63,000 | Cash at Bank | 50,500 | ||
| Outstanding Salaries | 16,000 | Sundry Debtors | 30,000 | 27,500 | |
| Capital: | 1,35,000 | Less: Provision for Doubtful Debt | 2,500 | ||
| A | 60,000 | Stock | 32,000 | ||
| B | 45,000 | Trade Marks | 4,000 | ||
| C | 30,000 | Buildings | 1,00,000 | ||
| 2,14,000 | 2,14,000 | ||||
| Dr. | Bank Account | Cr. | |
| Particulars | Amount (₹) | Particulars | Amount (₹) |
| To Bank A/c | 5,000 | By A Capital A/c | 7,000 |
| To Premium for Goodwill A/c | 20,000 | By B Capital A/c | 3,000 |
| To B’s Capital A/c | 8,200 | By A’s Capital A/c | 2,700 |
| To C’s Capital A/c | 30,000 | By Balance c/d | 50,500 |
| 63,200 | 63,200 | ||
Working Note:
Calculation of Sacrificing Ratio of Partners:
Old Ratio = 3 : 2
New Ratio = 4 : 3 : 2
Sacrifice Ratio = Old Ratio − New Ratio
A = `3/5 - 4/9`
= `(3 xx 9)/(5 xx 9) - (4 xx 5)/(9 xx 5)`
= `27/45 - 20/45`
= `(27 - 20)/45`
= `7/45`
B = `2/5 - 3/9`
= `(2 xx 9)/(5 xx 9) - (3 xx 5)/(9 xx 5)`
= `18/45 - 15/45`
= `(18 - 15)/45`
= `3/45`
Sacrificing Ratio of A and B = `7/45 : 3/45` or 7 : 3
Calculation of Partners’ Capital in the new Firm:
Total Capital of the New Firm = `"C’s Capital"/"C share in profit"`
= `30,000 xx 9/2`
= 1,35,000
A Capital in New Firm = `1,35,000 xx 4/9`
= 60,000
B Capital in New Firm = `1,35,000 xx 3/9`
= 45,000
Calculation of Goodwill of the Firm:
Average Profit of Last 4 years = `(40,000 + 40,000 + 55,000 + 65,000)/4`
= `(2,00,000)/4`
= 50,000
Super Profit = Average Profit − Normal Profit
= 50,000 − 14,000
= 36,000
Goodwill of the Firm = `"Super Profi " xx 2 1/2 "years of parchase"`
= `36,000 xx 5/2`
= 90,000
Calculation of Partner's share in Goodwill:
C’s Premium for Goodwill = `90,000 xx 2/9`
= 20,000
A and B will Share it in Sacrificing Ratio 7 : 3
A’s Share = `20,000 xx 7/10`
= 14,000
B’s Share = `20,000 xx 3/10`
= 6,000
