HSC Commerce 12th Board ExamMaharashtra State Board
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Solution for The balance sheet of 'Anand Traders, Wardha' is as follows. Partners share profits and losses as 5/10 , 2/10, 3/10. - HSC Commerce 12th Board Exam - Book Keeping and Accountancy

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Question

The balance sheet of 'Anand Traders, Wardha' is as follows. Partners share profits and losses as 5/10 , 2/10, 3/10.
Balance Sheet as on 31st March, 2013.
Liabilities
Amount
(Rs.)
Assets
 
Amount
(Rs.)
Capital Accounts
 
Plant and machinery
 
32,000
Sunil
36,000
Factory Building
 
40,000
Pankaj
32,000
Stock
 
20,400
Paresh
17,600
Debtors
   16,800
 
Creditors
21,200
Less: R.D.D.
  • 800
16,00
General Reserve
14,000
Cash
 
12,400
 
1,20,800
   
1,20,800
Pankaj retired from the business on 1st April, 2013 on the following terms:
(1) The assets were revalued as under .....
(i) Stock at Rs. 28,000.
(ii) Factory building is appreciated by 10%.
(iii) Reserve for doubtful debts is to be increased up to Rs. 1,000.
(iv) Plant and machinery is to be depreciated by 10%

(2) The goodwill of the retiring partner is to be valued at Rs. 8,000 and the remaining partners decided that goodwill be written back in their new profit sharing ratio which will be 5:3.

(3) Amount due to Pankaj is to be transferred to his loan account.

Prepare : (a) Profit and Loss adjustment account

(b) Capital account of partners.

(c) Balance sheet of new firm.

Solution

In the books of Anand Traders, Wardha
Profit and Loss Adjustment A/c
Particulars
Amount Rs.
Amount Rs.
Particulars
Amount Rs.
Amount Rs.
To R.D.D. A/c
 
200
By Stock A/c
 
7600
To Plant & Machinery A/c
 
3200
By Factory Building A/c
 
4000
To Revaluation Profit :
         
Sunil Capital A/c
4100
       
Pankaj Caipital A/c
1640
       
Paresh Capital A/c
2460
8200
     
   
11600
   
11600

Partners’ Capital Accounts

Particulars
Sunil
Pankaj
Paresh
Particulars
Sunil
Pankaj
Paresh
To Goodwill A/c
5000
-
3000
By Balance b/d
36000
32000
17600
To Loan A/c
 
44440
 
By General Reserve A/c
7000
2800
4200
To Balance C/d
42100
 
21260
By Profit and Loss Adjustment A/c
4100
1640
2460
       
By Goodwill A/c
-
8000
-
               
To Balance C/d
42100
 
21260
       
 
47100
44440
24260
 
47100
44440
24260

Balance Sheet as on 1st April, 2013

Liabilities
Amount
Rs.
Amount
Rs.
Assets
Amount
Rs.
Amount
Rs.
Capital A/c:
   
Stock
20400
 
Sunil
42100
 
Add: Appreciation
7600
28000
Paresh
21260
63360
Factory Building
40000
 
     
Add: Appreciation
4000
44000
Creditors
 
21200
Debtors
16800
 
Pankaj’s Loan
 
44440
Less: R.D.D.
1000
15800
     
Plant & Machinery
32000
 
     
Less: Depreciation
3200
28800
     
Cash
 
12400
   
129000
   
129000

 

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Solution for question: The balance sheet of 'Anand Traders, Wardha' is as follows. Partners share profits and losses as 5/10 , 2/10, 3/10. concept: Reconstitution of Partnership Examples and Solutions. For the courses HSC Commerce, HSC Commerce (Marketing and Salesmanship), HSC Arts
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