HSC Arts 12th Board ExamMaharashtra State Board
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The Balance Sheet of Meena and Heena Who Shared the Profits and Losses in the Ratio of 2 : 1 is as Under : - HSC Arts 12th Board Exam - Book Keeping and Accountancy

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Question

The Balance Sheet of Meena and Heena who shared the profits and losses in the ratio of 2 : 1 is as under :

Balance Sheet as on 31st March, 2016

 

Liabilities Amount Assets Amount
Capital :   Leasehold property 20,000
Meena 1,34,000 Livestock 6,600
Heena 1,20,000 Loose tools 90,200
Creditors 53,800 Stock 86,800
Rent outstanding 10,000 Debtors                        48,000  
Reserve fund 7,200 Less : R.D.D.                  2,000 46,000
    Bank 75,400
       
  3,25,000   3,25,000

On 1st April, 2016 Seema was admitted as `1/4` th partner on the following terms :

1. Seema should bring in `Rs 1,20,000 towarsds her capital. 

2.Firm's goodwill is valued at `Rs 1,44,000 and Seema agreed to bring her share in the firm's goodwill by a cheque.

3.Reserve for doubtful bebts should be maintained at 7.5% on debtors.

4.Increase live stock by `Rs 4,400 and write off loose tools by 20%.

5.Outstanding rent Rs 9,040 is paid in full settlement.

Prepare :

1. Profit and Loss Adjustment Account.

2. Partners' Capital Account . 

3. Balance Sheet of the new firm

Solution

31 the Book of firm
Profit and Loss Adjustment AC

Particulars Amount Particulars Amount
To Reserve for Doubtful Debts 1,600 By live stick 4400
To Loose Tools 18,040 By outs tending Rent 960
    By Loss trusters to  
    Meena's capital A/c     9520  
    Heena's capital A/c     4760  
      14,280
  19,640   19,640

Partner's Capital A/c

Particulars
Meena
Heena
Seema
Particulars
Meena
Heena
Seeema
To Profit & Loss Adj. A/c
9520
4760
 
By Balance b/d
134000
120000
 
To Balance C/d
153280
129640
120000
By Reserve Fund A/c
4800
2400
 
       
By Bank A/c
   
120000
       
By Goodwill A/c
24000
12000
 
               
 
162800
134400
120000
 
162800
134400
120000

Balance Seheet

as on Ist April, 2016

Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Capital Accounts:
   
Leasehold Property
 
20000
Meena
153280
 
Live  Stock
6600
 
Heena
129640
 
Add: Appreciation
4400
11000
Seema
120000
402920
Loose Tools
90200
 
Creditors
 
53800
Less: Depreciation
18040
72160
     
Stock
 
86800
     
Debtors
48000
 
     
Less: R.D.D.
-3600
44400
     
Bank
 
222360
   
456720
   
456720
  Is there an error in this question or solution?

APPEARS IN

 2017-2018 (March) (with solutions)
Question 3.1 | 10.00 marks
Solution The Balance Sheet of Meena and Heena Who Shared the Profits and Losses in the Ratio of 2 : 1 is as Under : Concept: Admission of a Partner - Adjustment of Accumulated Profits and Losses.
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