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प्रश्न
Sia, Manav and Ajay were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2024, their Balance Sheet was as follows:
| Balance Sheet as at 31st March, 2024 | ||||
|---|---|---|---|---|
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Creditors | 4,00,000 | Land and Building | 8,50,000 | |
| Bank Overdraft | 3,00,000 | Machinery | 6,00,000 | |
| Capitals: | Investments | 2,00,000 | ||
| Sia | 9,00,000 | Stock | 6,00,000 | |
| Manav | 8,00,000 | Debtors | 3,00,000 | |
| Ajay | 2,00,000 | 19,00,000 | Bank | 1,00,000 |
| Employee’s Provident Fund | 2,00,000 | Profit and Loss Account | 1,50,000 | |
| Total | 28,00,000 | Total | 28,00,000 | |
On 31st March, 2024 Manav retired from the firm and the remaining partners decided to carry on the business. The assets and liabilities were revalued which resulted into a gain of ₹ 1,20,000 because of the increase in the value of Land and Building by the same amount.
- 40% of Land and Building were taken by retiring partner at revalued value.
- Goodwill of the firm be valued at ₹ 4,00,000. Sia and Ajay decided to share future profits and losses in the ratio of 3 : 2.
- The total capital of the new firm will be ₹ 20,00,000 which will be in proportion of the new profit sharing ratio of Sia and Ajay. For this, necessary cash was brought in or was paid off to the partners, as the case may be.
Prepare Partners' Capital Accounts.
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उत्तर
| Partner’s Capital Accounts | |||||||
|---|---|---|---|---|---|---|---|
| Particulars | Sia ₹ | Manav ₹ | Ajay ₹ | Particulars | Sia ₹ | Manav ₹ | Ajay ₹ |
| To P&L A/c | 60,000 | 60,000 | 30,000 | By Balance b/d | 9,00,000 | 8,00,000 | 2,00,000 |
| To Manav’s Capital A/c (Goodwill) | 80,000 | - | 80,000 | By Revaluation A/c | 48,000 | 48,000 | 24,000 |
| To Land & Building A/c | - | 3,88,000 | - | By Sia’s Capital A/c (Goodwill) | - | 80,000 | - |
| To Manav’s Loan A/c | - | 5,60,000 | - | By Ajay’s Capital A/c (Goodwill) | - | 80,000 | - |
| To Balance c/d | 12,00,000 | - | 8,00,000 | By Cash/Bank A/c | 3,92,000 | - | 6,86,000 |
| Total | 13,40,000 | 10,08,000 | 9,10,000 | Total | 13,40,000 | 10,08,000 | 9,10,000 |
Working notes:
1. Revaluation Profit
Increase in Land & Building = ₹ 1,20,000
So, Revaluation Profit = ₹ 1,20,000
Old ratio = 2 : 2 : 1
Therefore:
Sia = ₹ 1,20,000 × `2/5` = ₹ 48,000
Manav = ₹ 1,20,000 × `2/5` = ₹ 48,000
Ajay = ₹ 1,20,000 × `1/5` = ₹ 24,000
2. Distribution of Profit & Loss Account
Debit balance of P&L A/c = ₹ 1,50,000
Distributed in old ratio 2 : 2 : 1:
Sia = ₹ 60,000
Manav = ₹ 60,000
Ajay = ₹ 30,000
3. Goodwill Adjustment
Goodwill of firm = ₹ 4,00,000
Manav’s share:
`4,00,000 xx 2/5= 1,60,000`
New ratio of Sia and Ajay = 3 : 2
Old shares:
Sia = `2/5`
Ajay = `1/5`
New shares:
Sia = `3/5`
Ajay = `2/5`
Gaining ratio:
Sia: `3/5 - 2/5 = 1/5`
Ajay: `2/5 - 1/5 = 1/5`
Thus gaining ratio = 1 : 1
Therefore, Manav’s goodwill of ₹ 1,60,000 is borne equally:
Sia = ₹ 80,000
Ajay = ₹ 80,000
4. Land and Building taken over by Manav
Original Land & Building = ₹ 8,50,000
Increase = ₹ 1,20,000
Revalued amount:
₹ 8,50,000 + ₹ 1,20,000 = ₹ 9,70,000
40% taken over by Manav:
₹ 9,70,000 × 40% = ₹ 3,88,000
This amount is debited to Manav’s Capital Account.
