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प्रश्न
Kushal Kumar and Kavita were partners in a firm sharing profit in the ratio 3:1:1. On 1st April 2012 their Balance Sheet was as follows:
| Balance Sheet of Kushal, Kumar and Kavita as at 1st April, 2012 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 1,20,000 | Cash | 70,000 | ||
| Bills Payable | 1,80,000 | Debtors | 2,00,000 | 1,90,000 | |
| General Reserve | 1,20,000 | Less: Provision | 10,000 | ||
| Capitals: | 8,80,000 | Stock | 2,20,000 | ||
| Kushal | 3,00,000 | Furniture | 1,20,000 | ||
| Kumar | 2,80,000 | Building | 3,00,000 | ||
| Kavita | 3,00,000 | Land | 4,00,000 | ||
| 13,00,000 | 13,00,000 | ||||
On the above date Kavita retired and the following was agreed:
- Goodwill of the firm was valued at ₹ 40,000.
- Land was to be appreciated by 30% and building was to be depreciated by ₹ 1,00,000.
- Value of furniture was to be reduced by ₹ 20,000.
- Bad debts provision is to be increased to ₹ 15,000.
- 10% of the amount payable to Kavita was paid in cash and the balance was transferred to her Loan Account.
- Capitals of Kushal and Kumar will be in proportion to their new profit sharing ratio. The surplus/deficit, if any in their Capital Accounts will be adjusted through Current Accounts.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of Kushal and Kumar after Kavita’s retirement.
Kushal Kumar and Kavita were partners in a firm sharing profit in the ratio 3:1:1. On 1st April 2025 their Balance Sheet was as follows:
| Balance Sheet of Kushal, Kumar and Kavita as at 1st April, 2025 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 1,20,000 | Cash | 70,000 | ||
| Bills Payable | 1,80,000 | Debtors | 2,00,000 | 1,90,000 | |
| General Reserve | 1,20,000 | Less: Provision | 10,000 | ||
| Capitals: | 8,80,000 | Stock | 2,20,000 | ||
| Kushal | 3,00,000 | Furniture | 1,20,000 | ||
| Kumar | 2,80,000 | Building | 3,00,000 | ||
| Kavita | 3,00,000 | Land | 4,00,000 | ||
| 13,00,000 | 13,00,000 | ||||
On the above date Kavita retired and the following was agreed:
- Goodwill of the firm was valued at ₹ 40,000.
- Land was to be appreciated by 30% and building was to be depreciated by ₹ 1,00,000.
- Value of furniture was to be reduced by ₹ 20,000.
- Bad debts provision is to be increased to ₹ 15,000.
- 10% of the amount payable to Kavita was paid in cash and the balance was transferred to her Loan Account.
- Capitals of Kushal and Kumar will be in proportion to their new profit sharing ratio. The surplus/deficit, if any in their Capital Accounts will be adjusted through Current Accounts.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of Kushal and Kumar after Kavita’s retirement.
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उत्तर
| Dr. | Revaluation A/c | Cr. | ||
| Particulars | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Building A/c | 1,00,000 | By Land A/c | 1,20,000 | |
| To Furniture A/c | 20,000 | By Loss t/f to capital A/cs: | ||
| To Bad debts Provision A/c | 5,000 | Kushal | 3,000 | |
| Kumar | 1,000 | |||
| Kavita | 1,000 | 5,000 | ||
| 1,25,000 | 1,25,000 | |||
| Dr. | Partner’s Capital A/c | Cr. | |||||
| Particulars | Kushal | Kumar | Kavita | Particulars | Kushal | Kumar | Kavita |
| To Revaluation loss A/c | 3,000 | 1,000 | 1,000 | By Balance b/d | 3,00,000 | 2,80,000 | 3,00,000 |
| To Kavita’s Capital A/c | 6,000 | 2,000 | - | By General Reserve A/c | 72,000 | 24,000 | 24,000 |
| To Cash A/c | - | - | 33,100 | By Kushal’s Capital A/c | - | - | 6,000 |
| To Kavita’s Loan A/c | - | - | 2,97,900 | By Kavita’s Capital A/c | - | - | 2,000 |
| To Balance c/d | 3,63,000 | 3,01,000 | - | ||||
| 3,72,000 | 3,04,000 | 3,32,000 | 3,72,000 | 3,04,000 | 3,32,000 | ||
| To Current A/c | - | 1,35,000 | - | By Balance b/d | 3,63,000 | 3,01,000 | - |
| To Balance c/d | 4,98,000 | 1,66,000 | - | By Current A/c | 1,35,000 | - | - |
| 4,98,000 | 3,01,000 | - | 4,98,000 | 3,01,000 | - | ||
| Balance Sheet | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 1,20,000 | Cash | 36,900 | ||
| Bill payable | 1,80,000 | Debtors | 2,00,000 | 1,85,000 | |
| Kavita’s Loan A/c | 2,97,900 | Less: Provision | 15,000 | ||
| Capital A/cs: | 6,64,000 | Stock | 2,20,000 | ||
| Kushal | 4,98,000 | Furniture | 1,20,000 | 1,00,000 | |
| Kumar | 1,66,000 | Less: Reduced | 20,000 | ||
| Kumar’s Current A/c | 1,35,000 | Building | 3,00,000 | 2,00,000 | |
| Less: Depreciation | 1,00,000 | ||||
| Land | 4,00,000 | 5,20,000 | |||
| Add: Appreciation | 1,20,000 | ||||
| Kushal’s Current A/c | 1,35,000 | ||||
| 13,96,900 | 13,96,900 | ||||
Working Notes:
1. Old ratio of Kushal, Kumar & Kavita = 3 : 1 : 1
Kavita retired,
New ratio of Kushal & Kumar = 3 : 1
Gaining ratio = New ratio (i.e., 3 : 1)
2. Goodwill = ₹ 40,000
Kavita’s share of goodwill = `40,000xx1/5`
= ₹ 8,000
3. Amount payable to Kavita = 3,31,000
Less: 10% paid in cash = 33,100
Kavita’s Loan = 2,97,900
4. Adjustment of capitals:
| Capital balance (after all adjustment) | ₹ |
| Kushal | 3,63,000 |
| Kumar | 3,01,000 |
| Total Capital of new firm | 6,64,000 |
Kushal’s Capital of new firm = `6,64,000xx3/4`
= ₹ 4,98,000
Kumar’s Capital of new firm = `6,64,000xx1/4`
= ₹ 1,66,000
