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प्रश्न
S, T, U and V were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1. On 1-4-2016 their Balance Sheet was as follows:
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Balance Sheet of S, T, U and V as on 1.4.2016 |
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Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capitals: |
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Fixed Assets |
4,40,000 |
|
|
S |
2,00,000 |
|
Current Assets |
2,00,000 |
|
T |
1,50,000 |
|
|
|
|
U |
1,00,000 |
|
|
|
|
V |
50,000 |
5,00,000 |
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|
|
|
|
|
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| Sundry Creditor | 80,000 | |||
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Workmen |
|
|
|
|
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Compensation Reserve |
60,000 |
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|
|
|
|
6,40,000 |
|
6,40,000 |
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|
|
|
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From the above data the partners decided to share the future profits in 3 : 1 : 2 : 4 ratio. For this purpose the goodwill of the firm was valued at Rs 90,000.
The partners also agreed for the following :
(i) The claim for workmen compensation has been estimated at Rs 70,000.
(ii) To adjust the capitals of the partners according to new profit sharing ratio by opening partners current accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.
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उत्तर
Revaluation Account
| Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
| Provision for Workmen Compensation Claim A/c | 10,000 |
Revalution loss S 4,000 T 3,000 U 2,000 V 1,000
|
10,000 |
| 10,000 | 10,000 |
|
Partners’ Capital Account |
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|
Dr. |
Cr. |
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Particulars |
S |
T |
U |
V |
Particulars |
S |
T |
U |
V |
|
Revaluation A/c |
4,000 |
3,000 |
2,000 |
1,000 |
Balance B/d |
2,00,000 |
1,50,000 |
1,00,000 |
50,000 |
|
S’s Capital A/c |
|
|
|
9,000 |
V’s Capital A/c |
9,000 |
18,000 |
|
|
|
T’s Capital A/c |
|
|
|
18,000 |
Current A/c’s |
|
1,74,000 |
||
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Current A/c’s |
58,000 |
1,16,000 |
|
|
|
|
|
|
|
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Balance c/d |
1,47,000 |
49,000 |
98,000 |
1,96,000 |
|
|
|
|
|
|
|
2,09,000 |
1,68,000 |
1,00,000 |
2,24,000 |
|
2,09,000 |
1,68,000 |
1,00,000 |
2,24,000 |
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Balance Sheet |
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Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
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Capital A/c |
|
Fixed Assets |
4,40,000 |
||
|
S |
1,47,000 |
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Current Assets |
2,00,000 |
|
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T |
49,000 |
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Current A/c |
|
|
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U |
98,000 |
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S |
58,000 |
|
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V |
1,96,000 |
4,90,000 |
T |
1,16,000 |
1,74,000 |
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V's Current A/c |
1,74,000 |
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Claim against WCF |
70,000 |
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Sundry Creditor |
80,000 |
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|
||
|
|
8,14,000 |
|
8,14,000 |
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Notes
Calculation of Gaining/Sacrificing Ratio
Old RatioNew Ratio
4:3:2:1 3:1:2:4
S/R of S = Old Ratio − New Ratio =`4/10-3/10=1/10` ⇒ Sacrificing
S/R of T = Old Ratio − New Ratio =`3/10-1/10=2/10` ⇒ Sacrificing
S/R of U = Old Ratio - New Ratio = `2/10-2/10=0` ⇒ No gain/sacrifice
S/R of V = Old Ratio − New Ratio =`1/10-4/10=-3/10` ⇒ Gaining
Journal entry for Goodwill
|
V’s Capital A/c |
Dr. |
|
27,000 |
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To S’s Capital A/c |
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|
|
9,000 |
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To T’s Capital A/c |
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18,000 |
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(V will compensate S and T) |
Calculation of Adjusted Capital
S = 2,09,000 – 4,000 = Rs 2,05,000
T = 1,68,000 – 3,000 = Rs 1,65,000
U = 1,00,000 – 2,000 = Rs 98,000
V = 50,000 – 28,000 = Rs 22,000
Total Combined Capital = 4,90,000
Calculation of New Capital
S=`4,90,000xx3/10=1,47,000`
T=`4,90,000xx1/10=49,000`
U=`4,90,000xx2/10=98000`
V=`4,90,000xx4/10=1,96,000`
APPEARS IN
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Amount Rs |
Assets |
Amount Rs |
|
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|
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|
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Amount Rs |
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Amount Rs |
|
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|
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|
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|
Balance Sheet of Mahadev, Sukesh, Menon and Thomas as at 31.3.2016 |
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|
Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
|
|
Capitals: |
|
Fixed Assets |
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|
|
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|
Current Assets |
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|
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|
|
|
|
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|
|
|
|
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|
|
|
|
|
|
|
|
|
Sundry Creditors |
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|
|
|
|
Workmen Compensation Reserve |
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|
|
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|
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|
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|
|
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|
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