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प्रश्न
Ram, Mohan, Sohan and Hari were partners in a firm sharing profits in the ratio of 4 : 3: 2 :1. On 1-4-2016 their Balance Sheet was as follows:
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Balance Sheet of Ram, Mohan, Sohan and Hari as on 1.4.2016 |
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Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
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Capitals: |
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Fixed Assets |
9,00,000 |
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Ram |
4,00,000 |
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Current Assets |
5,20,000 |
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Mohan |
4,50,000 |
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Sohan |
2,50,000 |
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Hari |
2,00,000 |
13,00,000 |
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Workmen |
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Compensation Reserve |
1,20,000 |
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14,20,000 |
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14,20,000 |
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From the above data the partners decided to share the future profits in the ratio of 1 : 2 : 3 : 4. For this purpose the goodwill of the firm was valued at Rs 1,80,000. The partners also agreed for the following:
(i) The claim for workmen compensation has been estimated at Rs 1,50,000.
(ii) Adjust the capitals of the partners according to new profit sharing ratio by opening partner’s current accounts.
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.
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उत्तर
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Revaluation Account |
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Dr. |
Cr. |
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Particulars |
Amount (Rs) |
Particulars |
Amount (Rs) |
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Provision for Workmen Compensation Claim A/c |
30,000 |
Revaluation Loss |
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Ram |
12,000 |
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Mohan |
9,000 |
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Sohan |
6,000 |
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Hari |
3,000 |
30,000 |
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30,000 |
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30,000 |
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Partners’ Capital Account |
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Dr. |
Cr. |
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Particulars |
Ram |
Mohan |
Sohan |
Hari |
Particulars |
Ram |
Mohan |
Sohan |
Hari |
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Revaluation A/c |
12,000 |
9,000 |
6,000 |
3,000 |
Balance B/d |
4,00,000 |
4,50,000 |
2,50,000 |
2,00,000 |
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Ram’s Capital A/c |
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13,500 |
40,500 |
Sohan’s Capital A/c |
13,500 |
4,500 |
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Mohan’s Capital A/c |
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4,500 |
13,500 |
Hari’s Capital A/c |
40,500 |
13,500 |
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Current A/c’s |
3,15,000 |
2,05,000 |
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Current A/c’s |
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1,55,000 |
3,65,000 |
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Balance c/d |
1,27,000 |
2,54,000 |
3,81,000 |
5,08,000 |
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4,54,000 |
4,68,000 |
4,05,000 |
5,65,000 |
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4,54,000 |
4,68,000 |
4,05,000 |
5,65,000 |
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Balance Sheet |
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Liabilities |
Amount (Rs) |
Assets |
Amount (Rs) |
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Capital A/c |
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Fixed Assets |
9,00,000 |
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Ram |
1,27,000 |
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Current Assets |
5,20,000 |
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Mohan |
2,54,000 |
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Current A/c |
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Sohan |
3,81,000 |
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Ram |
3,15,000 |
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Hari |
5,08,000 |
12,70,000 |
Mohan |
2,05,000 |
5,20,000 |
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Current A/c |
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Sohan |
1,55,000 |
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Hari |
3,65,000 |
5,20,000 |
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Claim against WCF |
1,50,000 |
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19,40,000 |
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19,40,000 |
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Notes
Old RatioNew Ratio
4:3:2:1 1:2:3:4
S/R of Ram = Old Ratio − New Ratio =`4/10-1/10=3/10⇒ "Sacrificing"`
S/R of Mohan = Old Ratio − New Ratio`=3/10-2/10=1/10 ⇒ "Sacrificing"`
S/R of Sohan = Old Ratio − New Ratio=`2/10-3/10=-1/10 ⇒ "Gaining"`
S/R of Hari = Old Ratio − New Ratio=`1/10-4/10=3/10⇒"Gaining"`
(a) Sohan will compensate Ram and Mohan in the ratio 3 : 1
(b) Hari will compensate Ram and Mohan in the ratio of 3 : 1
Journal entry for Goodwill
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Sohan’s Capital A/c |
Dr. |
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18,000 |
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Hari’s Capital A/c |
Dr. |
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54,000 |
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To Ram’s Capital A/c |
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54,000 |
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To Mohan’s Capital A/c |
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18,000 |
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(Sohan and Hari will compensate Ram and Mohan in their gaining ratio) |
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Calculation of Adjusted Capital
Ram = 4,54,000 – 12,000 = Rs 4,42,000
Mohan = 4,68,000 – 9,000 = Rs 4,59,000
Sohan = 2,50,000 – 24,000 = Rs 2,26,000
Hari = 2,00,000 – 57,000 = Rs 1,43,000
Total Combined Capital = 12,70,000
Calculation of New Capital
Ram=`12,70,000 xx1/10=1,27,000`
Mohan= `12,70,000xx2/10=2,54,000`
Sohan =`12,70,000xx3/10=3,81,000`
Hari =`12,70,000 xx4/10=5,08,000`
