HSC Commerce (Marketing and Salesmanship) 12th Board ExamMaharashtra State Board
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Solution - Given Below is the Balance Sheet of Vaishali, Madhuri and Shobha, Who Were Sharing Profits and Losses in the Ratio of 3 : 3 : 2. - HSC Commerce (Marketing and Salesmanship) 12th Board Exam - Book Keeping and Accountancy

Question

Given below is the balance sheet of Vaishali, Madhuri and Shobha, who were sharing profits and losses in the ratio of 3 : 3 : 2.

                                                           Balance Sheet as on

                                                             31st March, 2012

Liabilities Amount (Rs.) Assets Amount (Rs.)
Creditors 34800 Cash 21600
Bills Payable 8800 Machinery 34800

Capital A/c

        Vaishali

        Madhuri

        Shobha

 

48000

52000

36000

Debtors 50000
 Reserved Fund 16000 Stock 25200
    Furniture 16000
    Building 48000
  195600   195600

 

On 1st April, 2012 Shobha retired from the firm on the following terms:

1. Assets be revalued as under:

Stock Rs. 24,000, Machinery Rs. 32,000, Furniture Rs. 16,800.

2. R.D.D. be maintained at 4% on debtors.

3. An item of Rs. 400 from creditors is no longer a liability and hence should be properly adjusted.

4. The amount due to Shobha be transferred to her loan account.

Pass necessary Journal Entries in the books of the firm.

Solution

Journal Entries In the books of Vaishali, Madhuri and Shobha

Date

Particulars

LF

Debit

Credit

1.4.12

Reserve Fund A/c .... Dr.

 

16000

 
 

To Vaishali’s Capital A/c

   

6000

 

To Madhuri’s Capital Account

   

6000

 

To Shobha’s Capital A/c

   

4000

 

[Being the Reserve Fund is transferred. ]

     
         

1.4.12

Revaluation A/c ..... Dr.

 

1200

 
 

To Stock A/c

   

1200

 

[Being the stock is depreciated]

     
         

1.4.12

Revaluation A/c .... Dr.

 

2800

 
 

To Machinery A/c

   

2800

 

[Being the Machinery is depreciated]

     
         

1.4.12

Furniture A/c .... Dr.

 

800

 
 

To Revaluation A/c

   

800

 

[Being the furniture is appreciated]

     
         

1.4.12

Revaluation A/c .... Dr.

 

2000

 
 

To R.D.D. A/c

   

2000

 

[Being the R.D.D. is charged]

     
         

1.4.12

Creditors A/c .... Dr.

 

400

 
 

To REvaluation A/c

   

400

 

[Being discount received on creditors]

     
         

1.4.12

Vaishali’s Capital A/c .... Dr.

 

1800

 
 

Madhuri’s Capital A/c .... Dr.

 

1800

 
 

Shobha’s Capital A/c .... Dr.

 

1200

 
 

To Revaluation A/c

   

4800

 

[Being the loss made on Revaluation ]

     
         

1.4.12

Shobha’s Capital A/c ..... Dr.

 

38800

 
 

To Shobha’s Loan A/c

   

38800

 

[Being the balance due to retiring partner is transferred to her loan account]

   
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Solution for question: Given Below is the Balance Sheet of Vaishali, Madhuri and Shobha, Who Were Sharing Profits and Losses in the Ratio of 3 : 3 : 2. concept: null - Reconstitution of Partnership Examples and Solutions. For the courses HSC Commerce (Marketing and Salesmanship), HSC Arts, HSC Commerce
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