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प्रश्न
The Balance Sheet of A, B and C who were sharing profits in proportion to 2 : 1 : 1 stood as follows as at 31st March, 2024:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Creditors | 84,000 | Cash at Bank | 35,000 | |
| Reserve | 26,000 | Debtors | 1,80,000 | |
| Capital Accounts: | Stock | 2,15,000 | ||
| A | 3,00,000 | Fixed Assets | 4,20,000 | |
| B | 2,00,000 | |||
| C | 2,00,000 | 7,00,000 | ||
| Profit for the year 2023 - 24 | 40,000 | |||
| 8,50,000 | 8,50,000 |
The above balance sheet is wrong, since C has retired with effect from 1st January 2024. No adjustments have been made in the books on C’s retirement.
You are required to make them and redraft the Balance Sheet. The Goodwill of the firm was valued at ₹ 72,000.
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उत्तर
| Dr. | Partner’s Capital A/c | Cr. | |||||
| Particulars | A | B | C | Particulars | A | B | C |
| To C’s Capital A/c (Goodwill) | 12,000 | 6,000 | - | By Balance b/d | 3,00,000 | 2,00,000 | 2,00,000 |
| To Balance b/d | 3,16,000 | 2,08,000 | 2,32,000 | By Reserve A/c | 13,000 | 6,500 | 6,500 |
| By A’s Capital A/c (Goodwill) | 12,000 | ||||||
| By B’s Capital A/c (Goodwill) | 6,000 | ||||||
| By P & L Appropriation A/c (Share of profit for 9 months) | 15,000 | 7,500 | 7,500 | ||||
| 3,28,000 | 2,14,000 | 2,32,000 | 3,28,000 | 2,14,000 | 2,32,000 | ||
| To C’s Loan A/c | - | - | 2,35,480 | By Balance b/d | 3,16,000 | 2,08,000 | 2,32,000 |
| To Balance b/d | 3,20,347 | 2,10,173 | - | By P & L Appropriation A/c (Share of Profit for 3 months) | 4,347 | 2,173 | 3,480 |
| 3,20,347 | 2,10,173 | 2,35,480 | 3,20,347 | 2,10,173 | 2,35,480 | ||
| Balance sheet | ||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) |
| Creditors | 84,000 | Cash at Bank | 35,000 | |
| C’s Loan A/c | 2,35,480 | Debtors | 1,80,000 | |
| Capital’s A/c | 5,30,520 | Stock | 2,15,000 | |
| A | 3,20,347 | Fixed Assets | 4,20,000 | |
| B | 2,10,173 | |||
| 8,50,000 | 8,50,000 | |||
Working Notes:
(i) Profits for 9 months upto the date of C’s retirement
= `40,000xx9/12`
= ₹ 30,000
This amount will be distributed in the ratio of 2: 1 : 1
A = ₹ 15,000; B = ₹ 7,500; C = ₹ 7,500
(ii) Profits for remaining 3 months:
`40,000xx3/12` = ₹ 10,000
(iii) Interest at 6% p.a. for 3 months, i.e.,
`2,32,000xx6/100xx3/12` = ₹ 3,480; or
(iv) Profit which has been earned by the firm with the help of the amount due to him, i.e.
`(2,32,000)/(7,56,000)xx10,000` = ₹ 3,069
Hence, he will opt for the first alternative.
The balance of ₹ 6,520 (i.e. 10,000 - 3,480 given to C) will be distributed between A and C in the ratio of 2 : 1 as under:
A: `6,520xx2/3` = 4,347
B = `6,520xx1/3` = ₹ 2,173
