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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. - Reconstitution of Partnership Examples and Solutions

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

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APPEARS IN

2014-2015 (March)
Question 3.2 | 10 marks

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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: Reconstitution of Partnership Examples and Solutions. For the courses HSC Arts, HSC Commerce, HSC Commerce (Marketing and Salesmanship)
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