Advertisements
Advertisements
प्रश्न
Mahadev, Sukesh, Menon and Thomas were partners in a firm sharing profits in the ratio of 5 : 2 : 2 : 1. On 31st March 2016 their Balance Sheet was as follows:
|
Balance Sheet of Mahadev, Sukesh, Menon and Thomas as at 31.3.2016 |
||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capitals: |
|
Fixed Assets |
18,00,000 |
|
|
Mahadev |
7,00,000 |
|
Current Assets |
6,75,000 |
|
Sukesh |
6,00,000 |
|
|
|
|
Menon |
5,00,000 |
|
|
|
|
Thomas |
4,50,000 |
22,50,000 |
|
|
|
|
|
|
|
|
|
Sundry Creditors |
1,50,000 |
|
|
|
|
Workmen Compensation Reserve |
75,000 |
|
|
|
|
|
24,75,000 |
|
24,75,000 |
|
|
|
|
|||
From the above data the partners decided to share the future profits in the ratio of 4 : 3 : 2 : 1. For this purpose the goodwill of the firm was valued at Rs 1,20,000. The partners also agreed for the following:
(i) Claims against Workmen Compensation Reserve was estimated at Rs 1,00,000 and Rs 75,000 depreciation on fixed assets was to be provided.
(ii) Capitals of the partners will be adjusted according to the new profit sharing ratio by bringing in or paying off cash as the case may be.
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.
Advertisements
उत्तर
|
Revaluation Account |
||||
|
Dr. |
Cr. |
|||
|
Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
|
|
Depreciation on Fixed Assets A/c |
75,000 |
Revaluation Loss |
|
|
|
Provision for Claim against WCF |
25,000 |
Mahadev |
50,000 |
|
|
|
|
Sukesh |
20,000 |
|
|
|
|
Menon |
20,000 |
|
|
|
|
Thomas |
10,000 |
1,00,000 |
|
|
|
|
|
|
|
|
1,00,000 |
|
1,00,000 |
|
|
|
|
|
|
|
|
Partners’ Capital Account |
|||||||||
|
Dr. |
Cr. |
||||||||
|
Particulars |
Mahadev |
Sukesh |
Menon |
Thomas |
Particulars |
Mahadev |
Sukesh |
Menon |
Thomas |
|
Revaluation A/c |
50,000 |
20,000 |
20,000 |
10,000 |
Balance b/d |
7,00,000 |
6,00,000 |
5,00,000 |
4,50,000 |
| Mahadev's Capital A/c | 12,000 |
Sukesh’s Capital A/c |
12,000 |
|
|
||||
|
Cash A/c |
50,000 | 2,25,000 | Cash A/c | 1,98,000 | 77,000 | ||||
|
Balance c/d |
8,60,000 |
6,45,000 |
4,30,000 |
2,15,000 |
|
|
|
|
|
|
|
9,10,000 |
6,77,000 |
5,00,000 |
4,50,000 |
|
9,10,000 |
6,77,000 |
5,00,000 |
4,50,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Balance Sheet |
|||||
|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
||
|
Capital A/c |
|
Fixed Assets (less dep.) |
17,25,000 |
||
|
Mahadev |
8,60,000 |
|
Current Assets |
6,75,000 |
|
|
Sukesh |
6,45,000 |
|
|||
|
Menon |
4,30,000 |
|
|||
|
Thomas |
2,15,000 |
21,50,000 |
|||
|
Claim against WCF |
1,00,000 |
|
|
||
|
Sundry Creditors |
1,50,000 |
|
|
||
|
|
24,00,000 |
|
24,00,000 |
||
|
|
|
|
|||
Notes
Calculation of Gaining/Sacrificing Ratio
Old RatioNew Ratio
5:2:2:1 4:3:2:1
S/R of Mahadev = Old Ratio − New Ratio=`5/10-4/10=1/10`⇒Sacrificing
S/R of Sukesh = Old Ratio − New Ratio=`2/10-3/10=-1/10`⇒Gaining
S/R of Menon = Old Ratio − New Ratio=`2/10-2/10=0`
S/R of Thomas = Old Ratio − New Ratio =`1/10-1/10=0`
Journal entry for Goodwill
|
Sukesh’s Capital A/c |
Dr. |
|
12,000 |
|
|
To Mahadev’s Capital A/c |
|
|
|
12,000 |
|
(Gaining partner compensate sacrificing partner) |
Calculation of Adjusted Capital
Mahadev = 7,12,000 – 50,000 = Rs 6,62,000
Sukesh = 6,00,000 – 32,000 = Rs 5,68,000
Menon = 5,00,000 – 20,000 = Rs 4,80,000
Thomas = 4,50,000 – 10,000 = Rs 4,40,000
Total Combined Capital = 21,50,000
Calculation of New Capital
Mahadev =`21,50,000xx4/10=8,60,000`
Sukesh=`21,50,000xx3/10=6,45,000`
Menon=`21,50,000xx2/10=4,30,000`
Thomas =`21,50,000xx1/10=2,15,000`
APPEARS IN
संबंधित प्रश्न
Amit and Beena were partners in a firm sharing profits and losses in the ratio of 3: 1. Chaman was admitted as a new partner for `1/6` th share in the profits. Chaman acquired `2/5` th of his share from Amit. How much share did Chaman acquire from Beena?
A. B, C and D were partners in a firm sharing profits in the ratio of 4: 3: 2: 1. On 1-1-2015 they admitted E as a new partner for `1/10` share in the profits. E brought Rs 10,000 for his share of goodwill premium which was correctly recorded in the books by the accountant. The accountant showed goodwill at Rs 1,00,000 in the books. Was the accountant correct in doing so? Give reason in support of your answer.
Anant, Gulab and Khushbu were partners in a firm sharing profits in the ratio of 5: 3: 2. From 1.4.2014, they decided to share the profits equally. For this purpose, the goodwill of the firm was valued at Rs 2,40,000.
Pass necessary journal entry for the treatment of goodwill on the change in the profit sharing ratio of Anant, Gulab and Khushbu.
Geeta, Sunita and Anita were partners in a firm sharing profits in the ratio of 5:3:2. On 1.1.2015 they admitted Yogita as a new partner for the 1/10th share in the profits. On Yogita's admission, the Profit and Loss Account of the firm was showing a debit balance of Rs 20,000 which was credited by the accountant of the firm to the capital accounts of Geeta, Sunita and Anita in their profit sharing ratio. Did the accountant give correct treatment? Given reason in support of your answer.
A and B are partners in a firm sharing profits in the ratio of 3:2. On 31.3.2014, the Balance Sheet of the firm was as follows :
| Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
Capitals A 60,000 B 20,000 |
80,000 |
Sundry Assets
|
80,000
|
| 80,000 | 80,000 |
The Profit of Rs 80,000 for the year ended 31.3.2014 was divided between the partners without allowing interest on capital @ 12% per annum and a salary to A at Rs 1,000 per month. During the year A withdrew Rs 10,000 and B Rs 20,000.
Pass a single journal entry to rectify the error
State the ratio in which the partners share profits or losses on the revaluation of assets and liabilities when there is a change in profit sharing ratio amongst existing partners?
Pankaj and Naresh were partners in a firm sharing profits in the ratio of 3 : 2. Their fixed capitals were Rs 5,00,000 and Rs 3,00,000 respectively. On 1.1.2017, Saurabh was admitted as a new partner for `1/5th` share in the profits. Saurabh acquired his share of profit from Pankaj. Saurabh brought Rs 3,00,000 as his capital which was to be kept fixed like the capitals of Pankaj and Naresh.
Calculate the goodwill of the firm on Saurabh's admission and the new profit sharing ratio of Pankaj, Naresh and Saurabh. Also, pass necessary journal entry for the treatment of goodwill.
Bhuwan and Shivam were partners in a firm sharing profits in the ratio of 3 : 2. Their capitals were Rs 50,000 and Rs 75,000 respectively. They admitted Atul on 1st April, 2013 as a new partner for 1/4th share in the future profits. Atul bought Rs 75,000 as his capital. Calculate the value of goodwill of the firm and record necessary journal entries for the above transactions on Atul's admission.
Arun and Arora were partners in a firm sharing profits in the ratio of 5 : 3. Their fixed capitals on 1-4-2010 were: Arun Rs 60,000 and Arora Rs 80,000. They agreed to allow interest on capital @ 12% p.a. And to charge on drawings @ 15% p.a. The profit of the firm for the year ended 31-3 2011 before all above adjustments were Rs 12,600. The drawings made by Arun were Rs 2,000 and by Arora Rs 4,000 during the year. Prepare Profit and Loss Appropriation Account of Arun and Arora. Show your calculations clearly. The interest on capital will be allowed even if the firm incurs loss.
‘B’ and ‘C’ were partners sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31-3-2011 was as follows:
|
Balance Sheet of B and C as on 31-3-2011 |
|
||||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Capital: |
|
|
Land and Building |
80,000 |
|
|
‘B’ |
60,000 |
|
Machinery |
20,000 |
|
|
‘C’ |
40,000 |
1,00,000 |
Furniture |
10,000 |
|
|
|
|
|
Debtors |
25,000 |
|
|
Provision for bad debts |
1,000 |
Cash |
16,000 |
||
|
Creditors |
|
60,000 |
Profit and Loss Account |
10,000 |
|
|
|
|
|
|
|
|
|
|
1,61,000 |
|
1,61,000 |
||
|
|
|
|
|
||
D’ was admitted to the partnership for 1/5th share in the profits on the following terms:
(i) The new profit sharing ratio was decided as 2:2:1.
(ii) D will bring Rs 30,000 as his capital and Rs 15,000 for his share of goodwill.
(iii) Half of goodwill amount was withdrawn by the partner who sacrificed his share of profit in favour of ‘D’.
(iv) A provision of 5% for bad and doubtful debts was to be maintained.
(v) An item of Rs 500 included in Sundry Creditors was not likely to be paid.
(vi) An provision of Rs 800 was to be made for claims for damages against the firm.
After making the above adjustments the Capital Accounts of ‘B’ and ‘C’ were to be adjusted on the basis of D’s Capital. Actual cash wash to be brought in or to be paid off as the case may be.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.
G', 'E' and 'F' were partners in a firm sharing profits in the ratio of 7 : 2 : 1. The Balance Sheet of the firm as on 31st March, 2011 was as follows:
|
Balance Sheet of 'G', 'E' and 'F' as on 31st March, 2011 |
||||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
|
Capitals: |
|
Goodwill |
40,000 |
|
|
‘G’ |
70,000 |
|
Land & Buildings |
60,000 |
|
‘E’ |
20,000 |
|
Machinery |
40,000 |
|
‘F’ |
10,000 |
1,00,000 |
Stock |
7,000 |
|
General Reserve |
20,000 |
Debtors |
12,000 |
|
|
Loan from ‘E’ |
30,000 |
Cash |
5,000 |
|
|
Creditors |
14,000 |
|
|
|
|
|
1,64,000 |
|
1,64,000 |
|
|
|
|
|
|
|
‘E’ died on 24th August 2011. Partnership deed provides for the settlement of claims on the death of a partner of a partner in addition to his capital as under:
(i) The share of profit of deceased partner to be computed up to the date of death on the basis of average profits of the past three years which was Rs 80,000.
(ii) His share in profit/loss on revaluation of assets and re-assessment of liabilities which were as follows:
Land and Buildings were revalued at Rs 94,000, Machinery at Rs 38,000 and Stock at Rs 5,000. A provision of `2 1/2%` was to be created on debtors for bad and doubtful debts.
(iii) The net amount payable to 'E's executors was transferred to his Loan Account, to be paid later on.
Prepare Revaluation Account, Partner's Capital Accounts, E's Executor A/c and Balance Sheet of 'G' and 'F' who decided to continue the business keeping their capital balances in their new profit sharing ratio. Any surplus or deficit to be transferred to current accounts of the partners
Sanjay and Sameer were partners in a firm sharing profits in the ration of 2 : 3. On 31.3.2011 their Balance Sheet was as follows:
|
Balance Sheet of Sanjay and Sameer as on 31.3.2011 |
||||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
|
Capitals |
|
Land and Building |
3,00,000 |
|
|
Sanjay: |
2,00,000 |
|
Stock |
1,00,000 |
|
Sameer: |
3,00,000 |
5,00,000 |
Debtors |
1,50,000 |
|
Creditors |
1,05,000 |
Bank |
1,55,000 |
|
|
Workmen compensation Fund |
1,00,000 |
|
|
|
|
|
7,05,000 |
|
||
The firm was dissolved on 1.4.2011 and the Assets and Liabilities were settled as follows:
(i) Sanjay agreed to take over land and Building at Rs 3,50,000 by paying cash;
(ii) Stock was sold for Rs 90,000.
(iii) Creditors accepted Debtors in full settlement of their claim.
Pass necessary Journal entries for dissolution of the firm.
Why are ‘Reserve and Surplus’ distributed at the time of reconstitution of the firm?
How does the factor ‘Efficiency of Management’ affect the goodwill of a firm?
Anubhav, Shagun and Pulkit are partners in a firm sharing profits and losses in the ratio of 2:2:1. On 1st April 2021, they decided to change their profit-sharing ratio to 5:3:2. On that date, debit balance of Profit & Loss A/c ₹30,000 appeared in the balance sheet and partners decided to pass an adjusting entry for it.
Which of the undermentioned options reflect correct treatment for the above treatment?
