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प्रश्न
Ashish and Nimish were partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March, 2019 their Balance Sheet was as follows:
| BALANCE SHEET OF ASHISH AND NIMISH as at 31st March, 2019 |
|||||
| Liabilities | ₹ | ₹ | Assets | ₹ | |
| Capitals: | Plant and Machinery | 2,90,000 | |||
| Ashish | 3,10,000 | Furniture | 2,20,000 | ||
| Nimish | 2,90,000 | 6,00,000 | Sundry Debtors | 90,000 | |
| General Reserve | 50,000 | Less: Provision for Doubtful Debts | (1,000) | 89,000 | |
| Workmen’s Compensation Reserve | 20,000 | Stock | 1,40,000 | ||
| Creditors | 1,10,000 | Cash | 41,000 | ||
| Total | 7,80,000 | Total | 7,80,000 | ||
On 1st April, 2019, Geeta was admitted into the partnership for 1/4th share in the profits on the following terms:
- Goodwill of the firm was valued at ₹ 2,00,000.
- Geeta brought ₹ 3,00,000 as her capital and her share of goodwill premium in cash.
- Bad debts amounted to ₹ 2,000. Create a provision for doubtful debts @ 5% on Sundry Debtors.
- Furniture was found undervalued by ₹ 65,400.
- Stock was taken over by Nimish for ₹ 1,30,000.
- The liability against workmen’s compensation reserve was determined at ₹ 30,000.
- After the above adjustments, the capitals of Ashish and Nimish were to be adjusted taking Geeta’s capital as the base. Excess or shortage was to be adjusted by opening current accounts.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the firm after Geeta’s admission.
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उत्तर
| Revaluation Account | ||||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) |
| To Bad Debts & Provision Increase | 5,400 | By Furniture (Undervalued) | 65,400 | |
| To Stock (Loss on take-over: 1,40,000 − 1,30,000) | 10,000 | |||
| To Workmen's Compensation Claim Shortfall | 10,000 | |||
| To Profit transferred to Capital A/cs: | ||||
| – Ashish (40,000 × 3/5) | 24,000 | |||
| – Nimish (40,000 × 2/5) | 16,000 | 40,000 | ||
| Total | 65,400 | Total | 65,400 | |
| Partners' Capital Accounts |
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| Particulars | Ashish (₹) | Nimish (₹) | Geeta (₹) | Particulars | Ashish (₹) | Nimish (₹) | Geeta (₹) |
| To Stock A/c | - | 1,30,000 | - | By Balance b/d | 3,10,000 | 2,90,000 | |
| To Balance c/d (New Targets) | 5,40,000 | 3,60,000 | 3,00,000 | By General Reserve (3 : 2) | 30,000 | 20,000 | - |
| By Premium for Goodwill | 30,000 | 20,000 | - | ||||
| By Revaluation A/c (Profit) | 24,000 | 16,000 | - | ||||
| By Cash A/c | - | - | 3,00,000 | ||||
| By Partners' Current A/cs (Deficit) | 1,46,000 | 1,44,000 | - | ||||
| Total | 5,40,000 | 4,90,000 | 3,00,000 | Total | 5,40,000 | 4,90,000 | - |
| Balance Sheet of the New Firm (as on 1st April, 2019) | |||||
| Liabilities | Amount (₹) | Amount (₹) |
Assets |
Amount (₹) | Amount (₹) |
| Creditors | 1,10,000 | Plant and Machinery | 2,90,000 | ||
| Workmen's Compensation Claim | 30,000 | Furniture (2,20,000 + 65,400) | 2,85,400 | ||
| Capital Accounts: | Sundry Debtors | 88,000 | |||
| - Ashish: | 5,40,000 | Less: Provision for Doubtful Debts | (4,400) | 83,600 | |
| - Nimish: | 3,60,000 | Cash (41,000 + 3,00,000 + 50,000) | 3,91,000 | ||
| - Geeta: | 3,00,000 | 12,00,000 | Partners' Current Accounts: | ||
| - Ashish | 1,46,000 | ||||
| - Nimish | 1,44,000 | 2,90,000 | |||
| Total | 13,40,000 | Total | 13,40,000 | ||
Working Note:
Total New Capital of Firm = `3,00,000 xx 4/1 = 12,00,000`
New Profit Sharing Ratio = 9 : 6 : 5
Ashish's Required Capital: `12,00,000 xx 9/20 = 5,40,000`
Adjusted Old Capital = 3,10,000 + 30,000 + 30,000 + 24,000 = ₹ 3,94,000
Deficit (Debit to Current A/c): 5,40,000 − 3,94,000 = ₹ 1,46,000
Nimish's Required Capital: `12,00,000 xx 6/20 = 3,60,000`
Adjusted Old Capital = 2,90,000 + 20,000 + 20,000 + 16,000 − 1,30,000 = 2,16,000
Deficit (Debit to Current A/c): 3,60,000 − 2,16,000 = ₹ 1,44,000
