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प्रश्न
A, B and C are partners sharing profits in the ratio of 5 : 3 : 2. Their Balance Sheet as on 31st March, 2018 is given below:
| Liabilities | ₹ | Assets | ₹ | |
| Capital A/cs: | Building | 18,00,000 | ||
| A | 11,00,000 | Investments | 4,00,000 | |
| B | 11,40,000 | Stock | 6,00,000 | |
| C | 7,60,000 | 30,00,000 | Debtors | 10,00,000 |
| Workmen Compensation Reserve | 10,00,000 | Cash and Bank | 6,00,000 | |
| Creditors | 2,00,000 | |||
| Employees' Provident Fund | 2,00,000 | |||
| 44,00,000 | 44,00,000 | |||
C retires on 30th June, 2018 and it was mutually agreed that:
(a) Building be valued at ₹ 22,00,000.
(b) Investments to be valued at ₹ 3,00,000.
(c) Stock be taken at ₹ 8,00,000.
(d) Goodwill of the firm be valued at two years' purchase of the average profit of the past five years.
(e) C's share of profits up to the date of retirement be calculated on the basis of average profit of the preceding three years.
The profits of the preceding five years were as under:
| Year | 2013-14 | 2014-15 | 2015-16 | 2016-17 | 2017-18 |
| Profits (₹) | 4,00,000 | 5,00,000 | 6,00,000 | 8,00,000 | 7,00,000 |
(f) Amount payable to C to be transferred to his Loan Account carrying interest @ 10% p.a.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet as at 30th June, 2018.
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उत्तर
Revaluation Account
|
Dr. |
|
Cr. |
||||
|
Particulars |
Amount Rs |
Particulars |
Amount Rs |
|||
|
Investments |
1,00,000 |
Building |
4,00,000 |
|||
|
Profit transferred to |
|
Stock |
2,00,000 |
|||
|
A’s Capital A/c |
2,50,000 |
|
|
|
||
|
B’s Capital A/c |
1,50,000 |
|
|
|
||
|
C’s Capital A/c |
1,00,000 |
5,00,000 |
|
|
||
|
|
6,00,000 |
|
6,00,000 |
|||
Partners’ Capital Accounts
|
Dr. |
|
Cr. |
|||||||
|
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
||
|
C’s Capital A/c |
1,50,000 |
90,000 |
|
Balance b/d |
11,00,000 |
11,40,000 |
7,60,000 |
||
|
C’s Loan A/c |
|
|
13,35,000 |
Revaluation A/c |
2,50,000 |
1,50,000 |
1,00,000 |
||
|
Balance c/d |
17,00,000 |
15,00,000 |
|
A’s Capital A/c |
|
|
1,50,000 |
||
|
|
|
|
|
B’s Capital A/c |
|
|
90,000 |
||
|
|
|
|
|
Workmen Compensation Reserve A/c* |
5,00,000 |
3,00,000 |
2,00,000 |
||
|
|
|
|
|
P & L Suspense A/c |
|
|
35,000 |
||
|
|
18,50,000 |
15,90,000 |
13,35,000 |
|
18,50,000 |
15,90,000 |
13,35,000 |
||
Balance Sheet
as at June 30, 2018 after C’s retirement
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
|
Creditors |
2,00,000 |
Building |
22,00,000 |
|
|
Employees’ Provident Fund |
2,00,000 |
Investments |
3,00,000 |
|
|
C’s Loan A/c |
13,35,000 |
Stock |
8,00,000 |
|
|
Capital Accounts: |
|
|
Debtors |
10,00,000 |
|
A |
17,00,000 |
|
Cash and Bank |
6,00,000 |
|
B |
15,00,000 |
32,00,000 |
P&L Suspense Account |
35,000 |
|
|
49,35,000 |
|
49,35,000 |
|
WORKING NOTE :
1. Calculation of goodwill
Average profit = `(4,00,000 + 5,00,000 + 6,00,000 + 8,00,000 + 7,00,00)/5 = 6,00,000`
Goodwill = 2 years purchase of avaerage profit
= `2 xx 6,00,000 = 12,,00,000`
`"C's share of goodwill" = 12,00,000 xx 2/10 = 2,40,000`
This amount would be adjusted through A and B's capital accounts
2. Calculation of C's share of profit
(a) `"Average profit" ("last 3 years") = (6,00,000 + 8,00,000 + 7,00,000)/3 = (21,00,000)/3 = "Rs" 7,00,000`
(b) `"Profit" ("from April 01, 2017 to 30th june,2017") = 7,00,000 xx 3/12 = 1,75,000`
(c) `"C's share in profit" = "Rs" 1,75,000 xx 2/10 = 35,000`
