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प्रश्न
J, H and K were partners in a firm sharing profits in the ratio of 5:3:2. On 31-3-2015 their Balance Sheet was as follows:
Balance Sheet of J,H and K as on 31-3-2015
| LIabilities | Amount(Rs.) | Assets | Amount(Rs.) |
|
Creditors Investment Fluctuation Fund P & L Account Capital: J 1,00,000 H 80,000 K 40,000
|
42,000 20,000 80,000
2,20,000
|
Land and Building Motor Vans Investments Machinery Stock Debtors 80,000 Less: 6,000 Cash |
2,24,000 40,000 38,000 24,000 30,000
74,000 32,000 |
| 3,62,000 | 3,62,000 |
On the above data H retires and J and K agreed to continue the business on the following terms:
(i) Goodwill of the firm was valued at Rs.1,02,000.
(ii) There was a claim of Rs.8,000 for workmen's compensation.
(iii) Provision for bad debts was to be reduced by Rs.2,000.
(iv) H will be paid Rs.14,000 in cash and the balance will be transferred in his loan account which will be paid in four equal yearly installments together with interest @ 10% p.a.
(v) The new profit sharing ratio between J and K will be 3:2 and their capitals will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.
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उत्तर
Revaluation Account
Dr. Cr.
| Particulars | Amount(Rs.) | Particulars | Amount(Rs.) |
|
To Claim for Workman Compensation
|
8,000
|
By Provision for Doubtful Debts
By Loss on Revaluation J’s Capital A/c 3,000 H’s Capital A/c 1,800 K’s Capital A/c 1,200
|
2,000
6,000
|
| 8,000 | 8,000 |
Partner’s Capital Account
Dr. Cr.
| Particulars | J (Rs.) | H (Rs.) | K (Rs.) | Particulars | J (Rs.) | H (Rs.) | K (Rs.) |
|
Revaluation A/c H’s Capital A/c Cash A/c H’s Loan A/c
Balance c/d |
3,000 10,200
1,36,800 |
1,800
14,000 1,24,800
|
1,200 20,400
38,400 |
Balance b/d IFF P&L A/c J’s Capital K’s Capital
|
1,00,000 10,000 40,000
|
80,000 6,000 24,000 10,200 20,400
|
40,000 4,000 16,000
|
| 1,50,000 | 1,40,600 | 60,000 | 1,50,000 | 1,40,600 | 60,000 | ||
|
Current A/c
Balance c/d |
31,680
1,05,120 |
70,080 |
Balance b/d Current A/c
|
1,36,800
|
38,400 31,680
|
||
| 1,36,800 | 70,080 | 1,36,800 | 70,080 |
Balance Sheet as on March 31,2015
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) |
|
Creditors Capitals J 1,05,120 H 70,080 J’s Current A/c Claim for Workmen Compensation H’s Loan A/c
|
42,000
1,75,200 31,680 8,000 1,24,800
|
Land and Building Motor Vans Investment Machinery Stock Debtors 80,000 Less: Provision 4,000 Cash (32,000 - 14,000) K’s Current A/c
|
1,24,000 40,000 38,000 24,000 30,000
76,000 18,000 31,680
|
| 3,81,680 | 3,81,680 |
Working Notes :
WN 1: Calculation of Gaining Ratio
J's = (3/5) - (5/10) = 1/10
K's = (2/5) - (2/10) = 2/10
Gaining Ratio = 1 : 2
WN 2: Adjustment of Goodwill
H's Share of Goodwill = 1,02,000 x (3/10) = 30,600
30,600 will be debited to gaining partners (J and K) in the ratio of 1:2
J's Share = 30,600 x (1/3) = 10,200
K's share = 30,600 x (2/3) = 20,400
WN 3: Adjustment of Capital
Adjusted Capital of J = 1,00,000 + 10,000 + 40,000 – 3,000 – 10,200 = 1,36,800
Adjusted Capital of K = 40,000 + 4,000 + 16,000 – 1,200 – 20,400 = 38,400
Total Adjusted Capital = 1,36,800 + 38,400 = 1,75,200
J's New Capital = 87,600 x (3/5) = 52,560
K's New Capital = 87,600 x (2/5) = 35,040
K’s New Capital > K’s Adjusted Capital (K owes 31,680 to the firm)
J’s New Capital < J’s Adjusted Capital (Firm owes 31,680 to J)
WN 4 Amount transferred to H’s Loan A/c
Amount to be transferred = (Credit side – Debit side) – Cash paid
= (1,40,600 – 1,800) – 14,000
= 1,24,800
