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प्रश्न
X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 1 : 2. On 31st March, 2019, their Balance Sheet was:
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
||
| Bills Payable |
12,000 |
Freehold Premises | 40,000 | ||
| Sundry Creditors | 28,000 | Machinery | 30,000 | ||
| General Reserve | 12,000 | Furniture | 12,000 | ||
| Capital A/cs: | Stock | 22,000 | |||
| X | 30,000 | Sundry Debtors |
20,000 |
|
|
| Y | 20,000 | Less: Provision for Doubtful Debts |
1,000 |
19,000 |
|
| Z | 28,000 |
78,000 |
Cash |
7,000 |
|
|
1,30,000 |
1,30,000 |
||||
Z retired on 1st April, 2019 from the business and the partners agree to the following:
(a) Freehold Premises and Stock are to be appreciated by 20% and 15% respectively.
(b) Machinery and Furniture are to be reduced by 10% and 7% respectively.
(c) Provision for Doubtful Debts is to be increased to ₹ 1,500.
(d) Goodwill of the firm is valued at ₹ 21,000 on Z's retirement.
(e) Continuing partners to adjust their capitals in their new profit-sharing ratio after retirement of Z. Surplus/deficit, if any, in their Capital Accounts will be adjusted through Current Accounts.
Prepare necessary Ledger Accounts and draw the Balance Sheet of the reconstituted firm.
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उत्तर
Revaluation Account
|
Dr. |
|
Cr. |
||
|
Particulars |
Amount (₹) |
Particulars |
Amount (₹) |
|
|
Machinery (30,000 × 10%) |
3,000 |
Freehold Premises (40,000 × 20%) |
8,000 |
|
|
Furniture (12,000 × 7%) |
840 |
Stock (22,000 × 15%) |
3,300 |
|
|
Provision for Doubtful Debts (1,500 – 1,000) |
500 |
|
|
|
|
Profit transferred to: |
|
|
|
|
|
X’s Capital A/c |
3,480 |
|
|
|
|
Y’s Capital A/c |
1,160 |
|
|
|
|
Z’s Capital A/c |
2,320 |
6,960 |
|
|
|
|
11,300 |
|
11,300 |
|
Partner’s Capital Accounts
|
Dr. |
|
Cr. |
|||||
|
Particulars |
X |
Y |
Z |
Particulars |
X |
Y |
Z |
|
Z’s Capital A/c |
5,250 |
1,750 |
|
Balance b/d |
30,000 |
20,000 |
28,000 |
|
|
|
|
|
General Reserve |
6,000 |
2,000 |
4,000 |
|
Z’s Loan A/c |
|
|
41,320 |
X’s Capital A/c (Goodwill) |
|
|
5,250 |
|
|
|
|
|
Y’s Capital A/c (Goodwill) |
|
|
1,750 |
|
Balance c/d |
34,230 |
21,410 |
|
Revaluation A/c (Profit) |
3,480 |
1,160 |
2,320 |
|
|
39,480 |
23,160 |
41,320 |
|
39,480 |
23,160 |
41,320 |
|
Y’s Current A/c |
|
7,500 |
|
Balance b/d |
34,230 |
21,410 |
|
|
Balance c/d (WN 3) |
41,730 |
13,910 |
|
X’s Current A/c |
7,500 |
|
|
|
|
41,730 |
21,410 |
|
|
41,730 |
21,410 |
|
Balance Sheet
as on 1st April, 2019
|
Liabilities |
Amount (₹) |
Assets |
Amount (₹) |
||
|
Bills Payable |
12,000 |
Freehold Premises (40,000 + 8,000) |
48,000 |
||
|
Sundry Creditors |
28,000 |
Machinery (30,000 – 3,000) |
27,000 |
||
|
Z’s Loan |
41,320 |
Furniture (12,000 – 840) |
11,160 |
||
|
Capital A/cs: |
|
Stock (22,000 + 3,300) |
25,300 |
||
|
X |
41,730 |
|
Sundry Debtors |
20,000 |
|
|
Y |
13,910 |
55,640 |
Less: Provision for Doubtful Debts |
(1,500) |
18,500 |
|
Y’s Current A/c |
7,500 |
Cash |
7,000 |
||
|
|
|
X’s Current A/c |
7,500 |
||
|
|
1,44,460 |
|
1,44,460 |
||
Working Notes:
WN 1 Calculation of Profit Sharing Ratio
Old Ratio (X, Y and Z) = 3 : 1 : 2
Z retires from the firm.
∴ New Ratio (X and Y) = 3 : 1 and
Gaining Ratio = 3 : 1
WN 2 Adjustment of Goodwill
Goodwill of the firm = Rs 21,000
Z’s Share of Goodwill = `21,000 xx 2/6 = "Rs" 7,000`
This share of goodwill is to be distributed between X and Y in their gaining ratio (i.e. 3 : 1).
`"X's share" = 7,000 xx 3/4 = "Rs" 5,250`
`"Y's share" = 7,000 xx 1/4 = "Rs" 1,750`
WN 3 Adjustment of Partners’ Capital after Z’s Retirement
Combined Capital of X and Y after all adjustments = 34,230 + 21,410 = Rs. 55,640
New Ratio = 3 : 1
`"X's New Capital" = 55,640 xx 3/4 = "Rs" 41,730`
`"Y's New Capital" = 55,640 xx 1/4 = "Rs" 13,910`
