Advertisements
Advertisements
प्रश्न
Sanjana and Alok were partners in firm sharing profits and losses in the ratio 3: 2. On 31st March 2018 their Balance Sheet was as follows:
Balance Sheet of Sanjana and Alok as on 31.3.2018
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Creditors | 60,000 | Cash | 1,66,000 |
| Work men's Compensation Fund | 60,000 | Debtors - 1,46,000 | |
| Less: Provision for doubtful debts - 2,000 | 1,44,000 | ||
| Capitals: | Stock | 1,50,000 | |
| Sanjana - 5,00,000 | Investments | 2,60,000 | |
| Alok - 4,00,000 | 9,00,000 | Furniture | 3,00,000 |
| 10,20,000 | 10,20,000 |
On 1st April 2018, they admitted Nidhi as a new partner for 1/4th share in the profits on the following terms:
(a) Goodwill of the firm was valued at ₹ 4,00,000 and Nidhi brought the necessary amount in cash for her share of goodwill premium, half of which was withdrawn by the old partners.
(b) Stock was to be increased by 20% and furniture was to be reduced to 90%.
(c) Investments were to be valued at ₹ 3,00,000. Alok took over investments at this value.
(d) Nidhi brought ₹ 3,00,000 as her capital and the capitals of Sanjana and Alok were adjusted in the new profit sharing ratio.
Prepare Revaluation Account, Partners Capital Accounts, and the Balance Sheet of the reconstituted firm on Nidhi's admission.
Advertisements
उत्तर
| Dr. | Revaluation Account | Cr. | |
| Particulars |
Amount(₹) |
Particulars | Amount(₹) |
| To Furniture (10% of 3,00,000) |
30,000 |
By Stock | 30,000 |
| To Profit on revaluation transferred to Old Partners’ | By Investments | 40,000 | |
| Capital Accounts | |||
| Sanjana - 24,000 | |||
| Alok - 16,000 |
40,000 |
||
|
70,000 |
70,000 | ||
| Dr. | Partners’ Capital Accounts | Cr. | |||||||
| Particulars | L.F. |
Sanjana (₹) |
Alok |
Nidhi |
Particulars | L.F. |
Sanjana (₹) |
Alok |
Nidhi |
| To Cash A/c |
30,000 |
20,000 |
|
By Balance b/d |
5,00,000 |
4,00,000 |
|
||
| To Investments A/c |
|
3,00,000 |
|
By Cash A/c |
|
|
3,00,000 |
||
| To Cash A/c |
1,40,000 |
- |
|
By WCF |
36,000 |
24,000 |
|
||
|
|
|
|
By Premium for Goodwill A/c |
60,000 |
40,000 |
|
|||
| To Balance c/d |
4,50,000 |
3,00,000 |
3,00,000 |
By Revaluation A/c |
24,000 |
16,000 |
|
||
|
|
|
|
By Cash A/c |
- |
1,40,000 |
|
|||
|
6,20,000 |
6,20,000 |
3,00,000 |
|
6,20,000 |
6,20,000 |
3,00,000 | |||
Balance Sheet as on 31st March 2018
| Liabilities |
Amount(₹) |
Assets | Amount(₹) |
| Creditors | 60,000 | Cash at Bank (1,66,000 + 3,00,000 + 1,00,000 – 50,000 + 1,40,000 – 1,40,000) | 5,16,000 |
| Partners’ Capital Accounts | Debtors - 1,46,000 | ||
| Sanjana - 4,50,000 | Less: Provision - (2000) | 1,44,000 | |
| Alok - 3,00,000 | Stock (1,50,000 + 30,000) | 1,80,000 | |
| Nidhi - 3,00,000 | 10,50,000 | Furniture (90% of 3,00,000) | 2,70,0000 |
| 11,10,000 | 11,10,000 |
Working Note:
Computation of the amount of goodwill to be brought in by Nidhi and adjusted to sacrificing partners
Revalued Goodwill of the firm = ₹ 4,00,000
Nidhi’s Share in Goodwill = `4,00,000 xx (1)/(4) = 1,00,000`
Sacrificing Ratio of old partners = Old Profit Sharing Ratio of old partners
Sanjan’s share in premium for goodwill = `1,00,000 xx (3)/(5) = 60,000`
Alok’s share premium for goodwill = `1,00,000 xx (2)/(5) = 40,000`
2) Computation of Partners’ adjusted Capital after Nidhi’ admission in the New Profit Sharing Ratio
New Profit Sharing Ratio of Sanjana = Remaining Profit Share after Nidhi’s Admission × Old Profit Sharing Ratio
New Profit Sharing Ratio of Sanjana = `(1-1/4) xx (3)/(5) = (3)/(4) xx (3)/(5) = (9)/(20);`
New Profit Sharing Ratio of Alok = `(1-1/4) xx (2)/(5) = (3)/(4) xx (2)/(5) = (6)/(20);`
Profit Sharing Ratio of Nidhi = `(1)/(4) = (5)/(20)`
So, New Profit Sharing Ratio among Sanjana, Alok and Nidhi = 9 : 6: 5
Total Adjusted Capital of Sanjana and Alok = 5,90,000 + 1,60,000 = 7,50,000
New Capital of Sanjana = `7,50,000 xx (9)/(15) = 4,50,000;`
New Capital of Alok = `7,50,000 xx (6)/(15) = 3,00,000`
