Maharashtra State BoardHSC Commerce 12th Board Exam
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Sanil, Nitish, Sapna Were Partners in a Firm Sharing Profits and Losses in the Proportion of 1/2, 1/3 and 1/6 Respectively. Their Balance Sheet as on 31st March, 2012 Was as Follows: - Book Keeping and Accountancy

Ledger

Sanil, Nitish, Sapna were partners in a firm sharing profits and losses in the proportion of 1/2, 1/3 and 1/6 respectively. Their Balance Sheet as on 31st March, 2012 was as follows:

              Balance Sheet as on 31-03-2012

Liabilities Amount (Rs) Assets Amount (Rs)
Bills Payable 30000 Machinery 40000
Capitals:   Furniture 5000
Sanil 80000 Sundry Assets 60000
Nitish 50000 Stock 30000
Sapna 30000 Debtors 32000
    Bank 23000
  190000   190000

Sapna decided to retire on 1st April 2012 on following terms:-

1) Goodwill of the firm will be valued at Rs 30,000/-

2) Furniture was taken over by Sanil for Rs 4,700/-

3) Make a provision for unpaid expenses Rs 1,700/-

4) Out of the amount due to Sapna Rs 7,500/- to be paid by cheque and the remaining amount to be transferred to her loan account.

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Solution

                    Profit and Loss Adjustment Account
Dr.                                                                               Cr.

Particulars Amount (Rs) Particulars Amount (Rs)
Furniture 300 Loss transferred to :   
Provision for Unpaid Expenses 1700 Sanil’s Capital 1000 2000
    Nitish’s Capital 667
  Sapna’s Capital 333
  2000     2000

                   Partners’ Capital Accounts 
Dr.                                                                                Cr.

Particulars Sanil Nitish Sapna Particulars Sanil Nitish Sapna
Profit and Loss Adjustment A/c (Loss)  1000 667 333 Balance b/d 80000 50000 30000
Furniture A/c 4700     Goodwill 15000 10000 5000
Bank A/c     7500        
Loan A/c     27167        
Balance c/d 89,300 59,333          
  95000 60000 35000   95000 60000 35000
 
Balance Sheet
as on April 01, 2012 after Sapna’s retirement
Liabilities Amount (Rs) Assets Amount (Rs)
Bills Payable 30,000 Machinery 40,000
Capital A/cs :   Sundry Assets 60,000
Sanil 89,300 1,48,633 Stock 30,000
Nitish 59,333 Debtors 32,000
Provision for Unpaid Expenses 1,700 Bank 
(23,000 - 7,500)
15500
Loan A/c of Sapna 27,167 Goodwill 30,000
  2,07,500   2,07,500

Note : As per the book the Total of Balance Sheet is Rs 2,12,200 but as per our solution it should be
Rs 2,07,500.

  Is there an error in this question or solution?
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APPEARS IN

Micheal Vaz Accounts - Book Keeping and Accountancy HSC 12th Standard Maharashtra State Board
Chapter 4 Reconstitution of Partnership (Retirement of Partnership)
Practical Problems | Q 1 | Page 128
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