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प्रश्न
A, B and C were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31-3-2015 their Balance Sheet was as follows:
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Balance Sheet of A, B and C as on 31-3-2015 |
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Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
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Creditors |
63,000 |
Land and Building |
1,86,000 |
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|
Investment |
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Motor Vans |
60,000 |
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Fluctuation Fund |
30,000 |
Investments |
57,000 |
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P & L Account |
1,20,000 |
Machinery |
36,000 |
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Capitals: |
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Stock |
45,000 |
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A |
1,50,000 |
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Debtors |
1,20,000 |
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B |
1,20,000 |
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Less: Provision |
9,000 |
1,11,000 |
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C |
60,000 |
3,30,000 |
Cash |
48,000 |
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|
|
5,43,000 |
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5,43,000 |
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On the above date B retired and A and C agreed to continue the business on the following terms :
(1) Goodwill of the firm was valued at Rs 1,53,000.
(2) Provision for bad debts was to be reduced by Rs 3,000.
(3) There was a claim of Rs 12,000 for workmen compensation.
(4) B will be paid Rs 24,600 in cash and the balance will be transferred to his loan account which will be paid in four equal yearly instalments together with interest @ 10% p.a.
(5) The new profit sharing ratio between A and C will be 3:2 and their capital will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of A and C.
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उत्तर
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Revaluation Account |
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Dr. |
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Cr. |
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Particulars |
Amount Rs |
Particulars |
Amount Rs |
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Investments |
26,000 |
Creditors |
9,000 |
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Machinery |
18,000 |
Loss on Revaluation |
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P’s Capital A/c |
17,500 |
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Q’s Capital A/c |
11,667 |
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R’s Capital A/c |
5,833 |
35,000 |
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44,000 |
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44,000 |
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Partners’ Capital Account |
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Dr. |
Cr. |
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Part |
P |
Q |
R |
S |
Part. |
P |
Q |
R |
S |
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Rev. A/c |
17,500 |
11,667 |
5,833 |
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Bal. b/d |
1,80,000 |
1,20,000 |
60,000 |
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Bal. c/d |
2,39,000 |
1,29,333 |
64,667 |
86,600 |
G Res. |
31,500 |
21,000 |
10,500 |
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Prem. for G/w |
45,000 |
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Cash A/c |
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86,600 |
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2,56,500 |
1,41,000 |
70,500 |
86,600 |
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2,56,500 |
1,41,000 |
70,500 |
29,400 |
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Balance Sheet as on March 31, 2015 |
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Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
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|
Creditors |
2,43,000 |
Bank (51,000+86,600+45,000) |
1,82,600 |
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Capitals: |
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Debtors |
69,000 |
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P |
2,39,000 |
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Stock |
3,30,000 |
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Q |
1,29,333 |
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Investments |
64,000 |
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R |
64,667 |
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Furniture |
30,000 |
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S |
86,600 |
5,19,600 |
Machinery |
87,000 |
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|
7,62,600 |
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7,62,600 |
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