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प्रश्न
Amit and Sumit are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as of 31st March, 2024 is given below:
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Capital A/cs: | 4,30,000 | Land and Building | 3,20,000 | ||
| Amit | 1,76,000 | Investments (Market Value ₹ 55,000) | 50,000 | ||
| Sumit | 2,54,000 | Debtors | 3,00,000 | 2,90,000 | |
| Loan from Puneet | 3,00,000 | Less: Provision for Doubtful Debts | 10,000 | ||
| General Reserve | 30,000 | Stock | 1,10,000 | ||
| Employee’s Provident Fund | 10,000 | Cash at Bank | 50,000 | ||
| Creditors | 50,000 | ||||
| 8,20,000 | 8,20,000 |
They decided to admit Puneet as a new partner from 1st April, 2024 on the following terms:
- Amit will give `1/3`rd of his share and Sumit will give `1/4`th of his share to Puneet.
- Puneet’s Loan Account will be converted into his Capital.
- The Goodwill of the firm is valued at ₹ 3,00,000. Puneet will bring in his share of Goodwill in cash and the same was immediately withdrawn by the partners.
- Land and Building was found undervalued by ₹ 1,00,000.
- Stock was found overvalued by ₹ 60,000.
- Provision for Doubtful Debts will be made equal to 5% of Debtors.
- Investments are to be valued at their market price.
It was decided that the total capital of the firm after admission of the new partner would be ₹ 10,00,000. Capital Accounts of Partners will be readjusted on the basis of their profit-sharing ratio and excess or deficiency will be adjusted in cash.
Prepare (i) Revaluation Account, (ii) Partner’s Capital Accounts, and (iii) Balance Sheet of the firm after the admission of new partner.
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उत्तर
| Dr. | Revaluation Account | Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Stock A/c | 60,000 | By Land and Building A/c | 1,00,000 | ||
| To Provision for Doubtful Debts A/c | 5,000 | By Investments A/c | 5,000 | ||
| To Gain on Revaluation | 40,000 | ||||
| Amit | 24,000 | ||||
| Sumit | 16,000 | ||||
| 1,05,000 | 1,05,000 | ||||
| Dr. | Partners’ Capital Accounts | Cr. | |||||
| Particulars | Amit (₹) | Sumit (₹) | Puneet (₹) | Particulars | Amit (₹) | Sumit (₹) | Puneet (₹) |
| To Bank A/c (Withdrawal) | 60,000 | 30,000 | By Balance b/d | 1,76,000 | 2,54,000 | ||
| To Cash A/c (Capital withdrawal) | 1,30,000 | By Revaluation A/c (Gain) | 24,000 | 16,000 | |||
| To Balance c/d | 4,00,000 | 3,00,000 | 3,00,000 | By General Reserve | 18,000 | 12,000 | |
| By Puneet's Loan A/c | 4,30,000 | ||||||
| By Cash A/c (Goodwill) | 60,000 | 30,000 | |||||
| By Bank A/c (Cash) | 1,82,000 | 18,000 | |||||
| 4,60,000 | 3,30,000 | 3,00,000 | 4,60,000 | 3,30,000 | 4,30,000 | ||
|
Balance Sheet
|
|||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Capital Accounts: | 10,00,000 | Land and Building | 4,20,000 | ||
| Amit | 4,00,000 | Investments | 55,000 | ||
| Sumit | 3,00,000 | Debtors | 3,00,000 | 2,85,000 | |
| Puneet | 3,00,000 | Less: Provision for Doubtful Debts | 15,000 | ||
| Employee’s Provident Fund | 10,000 | Stock | 2,30,000 | ||
| Creditors | 50,000 | Cash at Bank | 70,000 | ||
| 10,60,000 | 10,60,000 | ||||
Working Note:
Calculate the new profit-sharing ratio and sacrificing ratio:
Old Ratio of Amit and Sumit = 3 : 2
Amit’s sacrifice = `1/3 xx 3/5`
= `3/15`
= `1/5`
Sumit’s sacrifice = `1/4 xx 2/5`
= `2/20`
= `1/10`
Sacrificing Ratio of Amit = `1/5`
= `(1 xx 2)/(5 xx 2)`
= `2/10`
Sacrificing Ratio of Amit and Sumit = `2/10 : 1/10` or 2 : 1
Puneet’s share = Amit’s sacrifice + Sumit’s sacrifice
= `1/5 + 1/10`
= `(1 xx 2)/(5 xx 2) + 1/10`
= `2/10 + 1/10`
= `(2 + 1)/10`
= `3/10`
