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प्रश्न
Following is the balance sheet of the firm of Sonu , Monu and Piyu who share profits and losses in the ratio of their capital :
Balance sheet as on 31st March, 2013
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|
| Capital A/c | Plant and Machinery | 20000 | ||
| Sonu | 50000 | Land and Building | 55000 | |
| Monu | 20000 | Stock | 12000 | |
| Piyu | 30000 | Debtors | 12000 | 11000 |
| Creditors | 15000 | Less : R.D.D | (1000) | |
| Cash | 17000 | |||
| 115000 | 115000 | |||
Piyu retires from the business on 31st March 2013 and the following adjustments were agreed :
(1) The stock is to be valued at 92% of its book value.
(2) R.D.D. is to be maintained at 10 % on debtors.
(3) The value of land and buildings is to be appreciated by 20 %.
(4) The goodwill of the firm to be fixed at ₹ 12000. Piyu share in the same be adjusted in the account of accounting partners in gain ratio.
(5) The entire capital of the new firm be fixed at ₹ 160000 between Sonu and Monu in their new profit sharing ratio which is fixed at 3 : 1 by making adjustment for difference in cash and amount payable to piyu paid in cash.
Prepare : Profit and loss adjustment account , Partners' capital account and balance sheet after retirement of piyu.
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उत्तर
In the books of Sonu, Monu and Piyu
Profit and Adjustment A/c
|
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
|
To Stock A/c
|
960
|
By Land and Building A/c
|
11000
|
||
|
To R.D.D. A/c
|
200
|
||||
|
To Profit on Revaluation Transferred to partners Capital A/c
|
|||||
|
Sonu Capital A/c
|
4920
|
9840
|
|||
|
Monu Capital A/c
|
1968
|
||||
|
Piyu Capital A/c
|
2952
|
||||
|
11000
|
11000
|
||||
Partners’ Capital A/c
|
Particulars
|
Sonu
|
Monu
|
Piyu
|
Particulars
|
Sonu
|
Monu
|
Piyu
|
|
To Goodwill A/c (5:1)
|
3000
|
600
|
-
|
By Balance b/d
|
50000
|
20000
|
30000
|
|
To Cash A/c
|
36552
|
By Profit and Loss Adjustment A/c [Profit on Revaluation]
|
4920
|
1968
|
2952
|
||
|
By Goodwill A/c
|
3600
|
||||||
| To Balance C/d | 120000 | 40000 |
By Cash A/c
|
68080
|
18632
|
-
|
|
|
123000
|
40600
|
36552
|
123000
|
40600
|
36552
|
In the books of M/s Sonu and Monu.
Balance Sheet as on 1st April, 2013.
|
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
|
Creditors
|
15000
|
Plant and Machinery
|
20000
|
||
|
Capital A/c
|
Land and Building
|
55000
|
|||
|
Sonu
|
120000
|
Add: Appreciation
|
11000
|
66000
|
|
|
Monu
|
40000
|
160000
|
Stock
|
12000
|
|
|
Less: Written off
|
960
|
11040
|
|||
|
Debtors
|
12000
|
||||
|
Less: R.D.D.
|
1200
|
10800
|
|||
|
Cash
|
67160
|
||||
|
175000
|
175000
|
||||
