Advertisements
Advertisements
प्रश्न
On 31st March, 2019 the Balance Sheet of Madan and Mohan who share profits and losses in the ratio of 3 : 2 was as follows:
| Balance Sheet of Madan and Mohan as at 31st March, 2019 |
|||||
| Liabilities | ₹ | ₹ | Assets | ₹ | ₹ |
| Creditors | 28,000 | Cash at Bank | 10,000 | ||
| General Reserve | 10,000 | Debtors | 65,000 | 60,000 | |
| Employees Provident Fund | 22,000 | Less: Provision for Doubtful Debts | 5,000 | ||
| Capitals: | 1,00,000 | Stock | 33,000 | ||
| Madan | 60,000 | Patents | 57,000 | ||
| Mohan | 40,000 | ||||
| 1,60,000 | 1,60,000 | ||||
They decided to admit Gopal on 1st April, 2019 for `1/5`th share, which Gopal acquired wholly from Mohan on the following terms:
- Gopal shall bring ₹ 10,000 as his share of the premium for Goodwill.
- A debtor whose dues of ₹ 3,000 were written off as bad debt paid ₹ 2,000 in full settlement.
- A claim of ₹ 5,000 on account of workmen’s compensation was to be provided for.
- Patents were undervalued by ₹ 2,000. Stock in the books was valued 10% more than its market value.
- Gopal was to bring in capital equal to 20% of the combined capitals of Madan and Mohan after all adjustments.
Prepare the Revaluation Account, the Capital Accounts of the Partners and the Balance Sheet of the new firm.
खातेवही
Advertisements
उत्तर
| Dr. | Revaluation Account | Cr. | |||
| Particulars | Amount (₹) | Amount (₹) | Particulars | Amount (₹) | Amount (₹) |
| To Workmen’s Compensation Claim | 5,000 | By Bank A/c (Bad Debts Recovered) |
2,000 | ||
| To Stock | 3,000 | By Patents | 2,000 | ||
| By Loss on Revaluation: | 4,000 | ||||
| Madan’s share | 2,400 | ||||
| Mohan’s share | 1,600 | ||||
| 8,000 | 8,000 | ||||
| Dr. |
Partners’ Capital Accounts
|
Cr. | |||||
| Particulars | Madan (₹) | Mohan (₹) | Gopal (₹) | Particulars | Madan (₹) | Mohan (₹) | Gopal (₹) |
| To Revaluation Loss | 2,400 | 1,600 | By Balance b/d | 60,000 | 40,000 | ||
| To Balance c/d | 63,600 | 52,400 | 23,200 | By General Reserve | 6,000 | 4,000 | |
| By Bank A/c (Goodwill) |
10,000 | ||||||
| By Bank A/c (Capital) |
23,200 | ||||||
| 66,000 | 54,000 | 23,200 | 66,000 | 54,000 | 23,200 | ||
| New Balance Sheet as at 1st April, 2019 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Creditors | 28,000 | Cash at Bank | 45,200 | ||
| Employees Provident Fund | 22,000 | Debtors | 65,000 | 60,000 | |
| Workmen’s Compensation Claim | 5,000 | Less: Provision | 5,000 | ||
| Capitals: | 1,39,200 | Stock | 30,000 | ||
| Madan | 63,600 | Patents | 59,000 | ||
| Mohan | 52,400 | ||||
| Gopal | 23,200 | ||||
| 1,94,200 | 1,94,200 | ||||
shaalaa.com
या प्रश्नात किंवा उत्तरात काही त्रुटी आहे का?
