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प्रश्न
Achla and Bobby were partners in a firm sharing profits and losses in the ratio of 3: 1. On 31st March 2019, their balance sheet was as follows:
Balance Sheet of Achla and Bobby as on 31st March 2019
| Liabilities |
Amount(₹) |
Assets |
Amount(₹) |
| Creditors |
1,10,000 |
Cash at bank |
60,000 |
| General Reserve |
40,000 |
Debtors |
40,000 |
| Workmen's compensation reserve |
50,000 |
Stock |
45,000 |
| Capitals : |
|
Furniture |
1,55,000 |
| Achla - 4,00,000 |
|
Land & Building |
5,00,000 |
| Bobby - 2,00,000 |
6,00,000 |
|
|
|
8,00,000 |
8,00,000 |
On 1st April 2019, they admitted Vihaan as a new partner for 1/5th share in the profits of the firm on the following terms:
(a) Vihaan brought ₹ 1,00,000 as his capital and the capitals of Achla and Bobby were to be adjusted on the basis of Vihaan's capital; any surplus or deficiency was to be adjusted by opening current accounts.
(b) Goodwill of the firm was valued at ₹ 4,00,000. Vihaan brought the necessary amount in cash for his share of goodwill premium, half of which was withdrawn by the old partners.
(c) Liability on account of workmen's compensation amounted to ₹ 80,000.
(d) Achla took overstock at ₹ 35,000.
(e) Land and building was to be appreciated by 20%.
Prepare Revaluation Account, Partner's Capital Accounts, and the Balance Sheet of the reconstituted firm on Vihaan's admission.
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उत्तर
In the books of Achla, Bobby and Vihaan
| Dr. | Revaluation A/c | Cr. | |
| Particulars |
Amount(₹) |
Particulars |
Amount(₹) |
| To Liability on workmen compensation |
30,000 |
By Land & Building |
1,00,000 |
| To Stock A/c |
10,000 |
|
|
| To Profit on revaluation trsnf. to: |
|
|
|
| Achla’s Capital A/c - 45,000 |
|
|
|
| Bobby’s Capital A/c - 15,000 |
60,000 |
|
|
|
1,00,000 |
1,00,000 |
||
| Dr. | Partner’s Capital A/c | Cr. | |||||
| Particulars |
Achla(₹) |
Bobby(₹) |
Vihaan(₹) |
Particulars |
Achla(₹) |
Bobby(₹) |
Vihaan(₹) |
| To Bank A/c (withdrawn) |
30,000 |
10,000 |
|
By balance b/d |
4,00,000 |
2,00,000 |
|
| To Stock A/c |
35,000 |
|
|
By Bank A/c |
|
|
1,00,000 |
| To Current A/c |
1,70,000 |
1,35,000 |
|
By Premium for Goodwill A/c |
60,000 |
20,000 |
|
| To balance c/d |
3,00,000 |
1,00,000 |
1,00,000 |
By General Reserve A/c |
30,000 |
10,000 |
|
|
|
|
|
By Revaluation A/c |
45,000 |
15,000 |
|
|
|
5.35,000 |
2,45,000 |
1,00,000 |
5,35,000 |
2,45,000 |
1,00,000 |
||
Working Notes:
1) Calculation of New Profit-Sharing Ratio
| Old Profit-sharing ratio | = 3 : 1 |
| Vihaan’s Share | = 1/5 |
| Remaining Profits of the firm | = (1 – 1/5) = 4/5 |
| Achla’s New Share | = (4/5 × 3/4) = 3/5 |
| Bobby’s New share | = (4/5 × ¼) = 1/5 |
| New Profit-sharing ratio | = 3 : 1 : 1 |
| Sacrificing ratio is same as old ratio | = 3 : 1 |
2) Calculation of Vihan’s Share of Goodwill
Vihaan’s Share of Goodwill = ₹ (4,00,000 × 1/5) = ₹ 80,000
3) Adjustment of Capital:
| Vihaan’s Capital for 1/5th share | = ₹ 1,00,000 |
| For 1 whole share, capital of the firm | = ₹ (1,00,000 × 5) = ₹ 5,00,000 |
| New Capital of Achla | = ₹ (5,00,000 × 3/5) = ₹ 3,00,000 |
| New Capital of Bobby | = ₹ (5,00,000 × 1/5) = ₹ 1,00,000 |
| Existing Capital of Achla and Bobby is ₹ 4,70,000 and ₹ 2,35,000 | |
| Amount to be credited to Achla’s Current A/c | = Old Capital – New Capital |
| = ₹ (4,70,000 – 3,00,000) = ₹ 1,70,000 | |
| Amount to be credited to Bobby’s Current A/c | = Old Capital – New Capital |
| = ₹ (2,35,000 – 1,00,000) = ₹ 1,35,000 |
Balance Sheet as at 31st March 2019
| Liabilities |
Amount(₹) |
Assets |
Amount(₹) |
| Creditors |
1,10,000 |
Land and Building |
6,00,000 |
| Liability for workmen compensation |
80,000 |
Debtors |
40,000 |
| Capitals: |
|
Furniture |
1,55,000 |
| Achla - 3,00,000 |
|
Cash at Bank |
2,00,000 |
| Bobby - 1,00,000 |
|
(60,000 + 1,00,000 + 80,000 − 40,000) |
|
| Vihaan - 1,00,000 |
5,00,000 |
|
|
| Current A/cs: |
|
|
|
| Achla - 1,70,000 |
|
|
|
| Bobby - 1,35,000 |
3,05,000 |
|
|
|
9,95,000 |
9,95,000 |
