Question
76: Badal and Bijli were partners in a firm sharing profits in the
ratio of 3 :2. Their Balance Sheet as at 31st March, 2019 was as follows:
|
BALANCE SHEET OF BADAL AND BIJLI as at 31st March, 2019 |
||||
|
Liabilities |
|
` |
Assets |
` |
|
Capital A/cs: |
|
|
Building |
1,50,000 |
|
Badal Bijli |
1,50,000 90,000 |
2,40,000 |
Investments Stock |
73,000 43,000 |
|
Badal's Current A/c Investment Fluctuation Reserve Bills Payable Creditors |
|
12,000 24,000 8,000 26,000 |
Debtors Cash Bijli's Current A/c |
20,000 22,000 2,000 |
|
|
|
3,10,000 |
|
3,10,000 |
Raina was admitted on the above date as a new partner for
1/6th share in the profits of the firm. The terms of agreement were as follows:
(i) Raina will bring `40,000 as her capital and capitals of Badal and Bijli will be adjusted on the basis of Raina's capital by opening Current Accounts.
(ii) Raina will bring her share of goodwill premium for `12,000 in cash.
(iii) The building was overvalued by 15,000 and stock by `3,000.
(iv) A provision of 10% was to be created on debtors for bad debts.
Prepare the Revaluation Account and Current and Capital
Accounts of Badal, Bijli and Raina. (CBSE
2020)
Answer:
|
Revaluation A/c |
|||
|
Particulars |
` |
Particulars |
` |
|
To Building A/c To Stock To Prevision for doubtful Debts |
15,000 3,000 2,000 |
By Loss Transferred to: Badal’s Capital A/c - 12,000 Bijli’s Capital
A/c -
8,000 |
20,000 |
|
|
20,000 |
|
20,000 |
|
Partners’ Capital A/c |
|||||||
|
Particulars |
Badal |
Bijli |
Raina |
Particulars |
Badal |
Bijli |
Raina |
|
To Badal’s Current A/c To Bijli’s Current A/c To Balance c/d |
30,000 - 1,20,000 |
- 10,000 80,000 |
- - 40,000 |
By Balance B/d By Cash A/c |
1,50,000 - |
90,000 - |
- 40,000 |
|
|
1,50,000 |
90,000 |
40,000 |
|
1,50,000 |
90,000 |
40,000 |
|
Partners’ Current A/c |
|||||||
|
Particulars |
Badal |
Bijli |
Raina |
Particulars |
Badal |
Bijli |
Raina |
|
To Balance B/d To Revaluation A/c To Balance c/d |
- 12,000 51,600 |
2,000 8,000 14,400 |
- - - |
By Balance B/d By I. F . R By Premium By Badal’s Capital A/c By Bijli’s Capital A/c |
12,000 14,400 7,200 3,000 - |
- 9,600 4,800 - 10,000 |
- - - - - |
|
|
1,05,600 |
62,400 |
- |
|
1,05,600 |
62,400 |
- |
Working Notes:
1. Calculation of
Sacrificing Ratio
Sacrifice = Old Profit Share - New Profit Share
Old Ratio of Badal and Bijli = 3 :2
Share of Raina is 1/6
Calculation of new
profit sharing ratio
Assuming whole profit sharing ratio is 1/1
Remaining profit sharing ratio is 1/1-1/6=5/6
Share share of Badal and Bijli in Remaining share
Badal= 5/6×3/5=15/30
Bijali= 5/6×2/5=10/30
|
|
Badal |
: |
Bijli |
: |
Raina |
|
|
15/30 |
: |
10/30 |
: |
1/6 |
|
|
15/30 |
: |
10/30 |
: |
5/30 |
|
New ratio = |
3 |
: |
2 |
: |
1 |
Badal’s Sacrifice = 3
Bijli’s Sacrifice = 2;
Raina’s gaining = 1/6
2. Goodwill for 1/6th share of Raina = `12,000
Goodwill payable to Badal and Bijli
Badal=12,000×3/5=7,200
Bijli=12,000×2/5=4,800
3. Capital of the
Partners in the New firm on the basis of Raina's Capital:
Raina's Capital `40,0000
Raina 's Share of Profit 1/6 for that he brings 40,000
Total Capital of the New Firm = 40,000×6/1=2,40,000
Thus,
Badal's Capital = 2,40,000 × 3/6 = `1,20,000;
Bijli's Capital = 2,40,000 × 2/6 = `80,000;
Raina's Capital = 2,40,000 × 1/6 = `40,000;
Question 77: Gautam and Yashica are partners in a firm, sharing profits and losses in 3: 1 respectively. The Balance Sheet of the firm as on 31st March, 2018 was as follows:
|
BALANCE SHEET as at 31st March, 2018 |
||||
|
Liabilities |
` |
Assets |
` |
|
|
Sundry Creditors Bills Payable |
50,000 30,000 5,00,000 |
Furniture Stock Debtors Cash in Hand Machinery |
60,000 1,40,000 80,000 90,000 2,10,000 |
|
|
Capitals: Gautamn Yashica |
4,00,000 1,00,000 |
|||
|
|
5,80,000 |
|
5,80,000 |
|
Asma is admitted as a partner for 3/8th share in the profits with a capital of `2,10,000 and `50,000 for
her share of goodwill. It was decided that:
(i) New profit-sharing ratio will be 3:2:3.
(ii) Machinery will depreciated by 10% and Furniture by `5,000.
(iii) Stock was revalued at `2,10,000.
(iv) Provision for doubtful debts is to be created at 10% of debtors.
(v) The capitals of all the partners were to be in the new profit-sharing ratio on basis of capital of new partner. Any adjustment to be done through Current Accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.
(CBSE Sample Paper 2019)
Answer:
|
Revaluation Account |
||||
|
|
|
|
Cr. |
|
|
Particulars |
` |
Particulars |
` |
|
|
To plant and machinery A/c To Furniture A/c To Provision for doubtful debts |
21,000 |
By Stock A/c |
70,000 |
|
|
5,000 |
||||
|
8,000 |
||||
|
To profit Gautam’s
capital A/c 36,000×3/4=27,000 Yashika’s Capital A/c 36,000×1/4=9,000 |
36,000 |
|||
|
|
|
|||
|
70,000 |
|
70,000 |
||
|
|
|
|
||
hjhjh
Partners’ Capital A/c
|
|||||||
Particulars
|
Gautam
|
Yashika
|
Asma
|
Particulars
|
Gautam
|
Yashika
|
Asma
|
To Balance
C/d
|
4,77,000
|
1,09,000
|
2,10,000
|
By Balance
b/d
By Cash
By Premium A/c
By Revaluation A/c
|
4,00,000
50,000
27,000
|
1,00,000
9,000
|
2,10,000
|
|
|
4,77,000
|
1,09,000
|
2,10,000
|
|
4,77,000
|
1,09,000
|
2,10,000
|
To G’s Current A/c
|
2,67,000
|
|
|
By Balance
b/d
|
4,77,000
|
1,09,000
|
2,10,000
|
To Balance C/d
|
2,10,000
|
1,40,000
|
2,10,000
|
By Y’s Current A/c
|
|
31,000
|
|
|
|
4,77,000
|
1,40,000
|
2,10,000
|
|
4,77,000
|
1,40,000
|
2,10,000
|
hjhjh
Balance sheet as at 1sh
April 2018
|
|||
Liabilities
|
`
|
Assets
|
`
|
Sundry
creditors
bills payable
Capital A/c
Gautam
=2,10,000
Yashika
=1,40,000
Ashma=2,10,000
Gautam’s
current A/c
|
50,000
30,000
5,60,000
2,67,000
|
Furniture
Stock
Debtors 80,000
Less: Prov.
For D.D. 8,000
Cash
Machinery
Yashika’s
Current A/c
|
55,000
2,10,000
72,000
3,50,000
1,89,000
31,000
|
|
|
9,07,000
|
|
9,07,000
|
Working notes;
WN-1
Calculation of
old ratio and sacrificing ratio
Old ratio
Gautam : Yashika = 3:1
New ratio Gautam
: Yashika : Asma= 3:2:3
Sacrificing
ratio= Old ratio – New Ratio
Gautam
=3/4-3/8=6-3/8=3/8
Yashika=1/4-2/8=2-2/8=0/8
Therefore
sacrificing ratio of Gautam : Yashika = 3:0
WN-2
Calculation of
Capital
Total Capital
of the new firm on the basis of new partner
Total capital new
firm = 2,10,000×8/3=5,60,000
New capital of
all partners
Gautam=5,60,000×3/8=2,10,000
Yashika=5,60,000×2/8=1,40,000
Asma=5,60,000×3/8=2,10,000
Question 78:
X
and Y
are partners sharing profits in the ratio of 2 : 1. Their Balance Sheet as at
31st March, 2023 was:
|
Liabilities |
` |
Assets |
` |
|
|
Sundry
Creditors |
25,000 |
Cash/Bank |
5,000 |
|
|
General
Reserve |
18,000 |
Sundry
Debtors |
15,000 |
|
|
Capital
A/cs: |
|
Stock |
10,000 |
|
|
X |
75,000 |
|
Investments |
8,000 |
|
Y |
62,000 |
1,37,000 |
Printer |
5,000 |
|
|
|
|
Fixed
Assets |
1,37,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1,80,000 |
|
1,80,000 |
|
|
|
|
|
|
They admit Z into partnership on the same date on the following terms:
(a) Z brings in ` 40,000 as his capital and he is given 1/4th share in
profits.
(b) Z brings in ` 15,000 for goodwill, half of which is withdrawn by old
partners.
(c) Investments are valued at ` 10,000. X takes
over Investments at this value.
(d) Printer is to be reduced (depreciated) by 20% and Fixed Assets by 10%.
(e) An unrecorded stock of Stationery on 31st March, 2023 is ` 1,000.
(f) By bringing in or withdrawing cash, the Capitals of X and Y
are to be made proportionate to that of Z on their profit-sharing
basis.
Pass Journal entries, prepare Revaluation Account, Capital Accounts and new
Balance Sheet of the firm.
Answer:
|
Journal |
|||||
|
Date |
Particulars |
L.F. |
Debit ` |
Credit ` |
|
|
2023 |
|
|
|
|
|
|
April 1 |
Revaluation A/c |
Dr. |
|
14,700 |
|
|
|
To Typewriter A/c |
|
|
1,000 |
|
|
|
To Fixed Assets A/c |
|
|
13,700 |
|
|
|
(Decrease in value of typewriter and fixed assets transferred to Revaluation Account) |
|
|
|
|
|
|
|
|
|
|
|
|
April 1 |
Stationery A/c |
Dr. |
|
1,000 |
|
|
|
Investment A/c |
Dr. |
|
2,000 |
|
|
|
To Revaluation A/c |
|
|
3,000 |
|
|
|
(Increase in stationery and investment transferred to Revaluation Account) |
|
|
|
|
|
|
|
|
|
|
|
|
April 1 |
X’s Capital A/c |
Dr. |
|
7,800 |
|
|
|
Y’s Capital A/c |
Dr. |
|
3,900 |
|
|
|
To Revaluation A/c |
|
|
11,700 |
|
|
|
(Revaluation loss transferred to
X and Y’s |
|
|
|
|
|
|
|
|
|
|
|
|
April 1 |
Reserve Fund A/c |
Dr. |
|
18,000 |
|
|
|
To X’s Capital A/c |
|
|
12,000 |
|
|
|
To Y’s Capital A/c |
|
|
6,000 |
|
|
|
(Reserve Fund distributed) |
|
|
|
|
|
|
|
|
|
|
|
|
April 1 |
Cash A/c |
Dr. |
|
55,000 |
|
|
|
To Z’s Capital A/c |
|
|
40,000 |
|
|
|
To Premium for Goodwill A/c |
|
|
15,000 |
|
|
|
(Z brought capital and share of goodwill) |
|
|
|
|
|
|
|
|
|
|
|
|
April 1 |
Premium for Goodwill A/c |
Dr. |
|
15,000 |
|
|
|
To X’s Capital A/c |
|
|
10,000 |
|
|
|
To Y’s Capital A/c |
|
|
5,000 |
|
|
|
(Premium for Goodwill distributed between X and Y in their sacrificing ratio i.e 2:1) |
|
|
|
|
|
|
|
|
|
|
|
|
April 1 |
X’s Capital A/c |
Dr. |
|
5,000 |
|
|
|
Y’s Capital A/c |
Dr. |
|
2,500 |
|
|
|
To Cash |
|
|
7,500 |
|
|
|
(Half of the Premium for Goodwill withdrawn by X and Y) |
|
|
|
|
|
|
|
|
|
|
|
|
April 1 |
X’s Capital A/c |
Dr. |
|
10,000 |
|
|
|
To Investments A/c |
|
|
10,000 |
|
|
|
(X took over the Investment) |
|
|
|
|
|
|
|
|
|
|
|
|
April 1 |
Cash A/c |
Dr. |
|
4,800 |
|
|
|
To X’s Capital A/c |
|
|
4,800 |
|
|
|
(X’ brought cash to make up deficiency in capital) |
|
|
|
|
|
|
|
|
|
|
|
|
April 1 |
Y’s Capital A/c |
Dr. |
|
26,600 |
|
|
|
To Cash A/c |
|
|
26,600 |
|
|
|
(Y withdrew excess capital after all adjustments) |
|
|
|
|
|
|
|
|
|
|
|
|
Cash/Bank Account |
|||
|
Dr. |
|
Cr. |
|
|
Particulars |
` |
Particulars |
` |
|
Balance b/d |
5,000 |
X’s Capital (Goodwill) |
5,000 |
|
Z’s Capital |
40,000 |
Y’s Capital (Goodwill) |
2,500 |
|
Premium for Goodwill |
15,000 |
Y’s Capital |
26,600 |
|
X’s Capital |
5,800 |
Balance c/d |
31,700 |
|
|
65,800 |
|
65,800 |
|
|
|
|
|
|
Revaluation Account |
|||
|
Dr. |
|
Cr. |
|
|
Particulars |
` |
Particulars |
` |
|
|
|
|
|
|
Typewriter (5,000 × 20%) |
1,000 |
Investment |
2,000 |
|
Fixed Assets (1,37,000 × 10%) |
13,700 |
Stationery |
1,000 |
|
|
|
Loss transferred to |
|
|
|
|
X’s Capital 7,800 |
|
|
|
|
Y’s Capital 3,900 |
11,700 |
|
|
14,700 |
|
14,700 |
|
|
|
|
|
|
Partners’ Capital Accounts |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Particulars |
X |
Y |
Z |
Particulars |
X |
Y |
Z |
|
Revaluation |
7,800 |
3,900 |
|
Balance b/d |
75,000 |
62,000 |
|
|
Investment |
10,000 |
|
|
Reserve Fund |
12,000 |
6,000 |
|
|
Cash (withdraw of goodwill) |
5,000 |
2,500 |
|
Cash |
|
|
40,000 |
|
Balance c/d |
74,200 |
66,600 |
40,000 |
Premium for Goodwill |
10,000 |
5,000 |
|
|
|
97,000 |
73,000 |
40,000 |
|
97,000 |
73,000 |
40,000 |
|
Cash |
|
26,600 |
|
Balance b/d |
74,200 |
66,600 |
40,000 |
|
Balance c/d adjusted |
80,000 |
40,000 |
40,000 |
Cash |
5,800 |
|
|
|
|
80,000 |
66,600 |
40,000 |
|
80,000 |
66,600 |
40,000 |
|
|
|
|
|
|
|
|
|
|
Balance Sheet as on March 31, 2023 after Z’s admission |
||||
|
Liabilities |
` |
Assets |
` |
|
|
Sundry Creditors |
25,000 |
Cash |
31,700 |
|
|
Capital A/cs: |
|
Sundry Debtors |
15,000 |
|
|
X |
80,000 |
|
Stock |
10,000 |
|
Y |
40,000 |
|
Typewriter (5,000 – 1,000) |
4,000 |
|
Z |
40,000 |
1,60,000 |
Fixed Assets (1,37,000 – 13,700) |
1,23,300 |
|
|
|
Stationery |
1,000 |
|
|
|
|
|
|
|
|
|
1,85,000 |
|
1,85,000 |
|
|
|
|
|
|
|
Working Notes:
WN1: Sacrificing Ratio
|
|
X |
Y |
|
Old
ratio |
2 : |
1 |
|
Sacrificing
Ratio |
2 : |
1 |
WN2: Distribution of Revaluation Loss
revaluation loss transferred to X’s capital =11,700×2/3=7,800
revaluation loss transferred to X’s capital
=11,700×1/3=3,900
WN3: Distribution of Premium for Goodwill
A will get =15,000×2/3=10,000
B will get =15,000×1/3=5,000
WN4: Adjustment of Capital
Total Capital of the firm on the basis of Z’s share =40,000×4/1=1,60,000
|
Total Capital of the firm |
= |
1,60,000 |
|
Less: Z’s Capital |
= |
40,000 |
|
Combined Capital of X and Y |
= |
1,20,000 |
|
|
|
|
Question 79:
Kalpana and Kanika were partners in a firm sharing profits in 3 : 1 ratio. They admitted Karuna as a partner for 1/4th share in the future profits. Karuna was to bring ` 60,000 for his capital. The Balance Sheet of Kalpana and Kanika as at 1st April, 2023, the date on which Karuna was admitted, was:
|
|
|||||
|
Liabilities |
` |
Assets |
` |
||
|
Capital
A/cs: |
|
Land
and Building |
40,000 |
||
|
Kalpana |
50,000 |
|
Plant
ad Machinery |
70,000 |
|
|
Kanika |
80,000 |
1,30,000 |
Stock |
30,000 |
|
|
General
Reserve |
|
10,000 |
Debtors |
35,000 |
|
|
Creditors |
|
70,000 |
Less: Provision for
Doubtful Debts |
1,000 |
34,000 |
|
|
|
Investments |
26,000 |
||
|
|
|
Cash |
10,000 |
||
|
|
2,10,000 |
|
2,10,000 |
||
|
|
|
|
|
||
The other terms agreed upon were:
(a) Goodwill of the firm was valued at
` 24,000.
(b) Land and Building were valued at
` 65,000 and Plant and
Machinery at ` 60,000.
(c) Provision for Doubtful Debts was found in excess by ` 400.
(d) A liability of ` 1,200 included in Sundry Creditors was not likely to arise.
(e) The capitals of the partners be adjusted on the basis of C's contribution
of capital to the firm.
(f) Excess of shortfall, if any, be transferred to Current Accounts.
Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of
the new firm.
Answer:
|
Revaluation Account |
|||
|
Dr. |
|
Cr. |
|
|
Particulars |
` |
Particulars |
` |
|
Plant and Machinery |
10,000 |
Land and Building |
25,000 |
|
Profit transferred to |
|
Provision for Doubtful Debts |
400 |
|
Kalpana’s Capital 12,450 |
Creditors |
1,200 |
|
|
Kanika’s Capital 4,150 |
16,600 |
|
|
|
|
|
|
|
|
|
26,600 |
|
26,600 |
|
|
|
|
|
|
Partners’ Capital Accounts |
|||||||
|
Dr. |
|
Cr. |
|||||
|
Particulars |
Kalpana |
Kanika |
Karuna |
Particulars |
Kalpana |
Kanika |
Karuna |
|
|
|
|
|
Balance b/d |
50,000 |
80,000 |
|
|
|
|
|
|
General Reserve |
7,500 |
2,500 |
|
|
|
|
|
|
Revaluation (Profit) |
12,450 |
4,150 |
|
|
|
|
|
|
Cash |
|
|
60,000 |
|
Balance c/d |
74,450 |
88,150 |
60,000 |
Karuna 's Current A/c |
4,500 |
1,500 |
|
|
|
74,450 |
88,150 |
60,000 |
|
74,450 |
88,150 |
60,000 |
|
|
|
|
|
|
|
|
|
|
Kanika’s Current A/c |
|
43,150 |
|
Balance b/d |
74,450 |
88,150 |
60,000 |
|
Balance c/d (Adjusted) |
1,35,000 |
45,000 |
60,000 |
Kalpna’s Current A/c |
60,550 |
|
|
|
|
1,35,000 |
88,150 |
60,000 |
|
1,35,000 |
88,150 |
60,000 |
|
|
|
|
|
|
|
|
|
|
Balance Sheet as on April 01, 2023 after Karuna’s admission |
|||||
|
Liabilities |
` |
Assets |
` |
||
|
Creditors (70,000 – 1,200) |
68,800 |
Land and Building |
65,000 |
||
|
Capital A/cs: |
|
Plant and Machinery |
60,000 |
||
|
Kalpana |
1,35,000 |
|
Stock |
30,000 |
|
|
Kanika |
45,000 |
|
Debtors |
35,000 |
|
|
Karuna |
60,000 |
2,40,000 |
Less: Prov. for Doubtful Debts |
600 |
34,400 |
|
Kanika’s Current A/c |
43,150 |
Investments |
26,000 |
||
|
|
|
Cash |
70,000 |
||
|
|
|
Kalpana’s Current A/c |
60,550 |
||
|
|
|
Karuna 's Current A/c |
6,000 |
||
|
|
3,51,950 |
|
3,51,950 |
||
|
|
|
|
|
||
Working Notes:
WN1
|
|
Kalpana |
Kanika |
|
OLD RATION |
3 : |
1 |
|
SACRIFICING RATIO |
3 : |
1 |
WN2
Karuna ‘s of goodwill=24,000×1/4=6,000
Kalpana will get =6,000×3/4=4,500
Kanika will get
=6,000×1/4=1,500
As Karuna has not brought his share of
goodwill in cash, hence, his share shall be debited to his current account.
WN3 Distribution of Revaluation Profit
Kalpana will get =16,600×3/4=12,450
Kanika will get
=16,600×1/4=4,150
WN4 Adjustment of Capital
|
Total Capital of the firm after Karuna’s admission |
= |
60,000 × 4 |
= |
2,40,000 |
|
Less: Karuna’s Capital |
|
|
= |
60,000 |
|
Combined Capital of Kalpana and Kanika |
|
|
= |
1, 80,000 |
Kalpana’s proportion of capital=1,80,000×3/4=1,35,000
Kanika’s
proportion of capital =1,80,000×1/4=45,000
WN5
|
Cash Account |
|||
|
Dr. |
|
Cr. |
|
|
Particulars |
` |
Particulars |
` |
|
Balance b/d |
10,000 |
Balance c/d |
70,000 |
|
Karuna’s
Capital |
60,000 |
(Balancing Figure) |
|
|
|
70,000 |
|
70,000 |
|
|
|
|
|
Question 80: A and B were partners sharing profits and losses in
the ratio of 3:2. Their Balance Sheet as at 31st March, 2018, was as follows:
|
BALANCE SHEET OF A
AND B as at 31st March, 2018 |
|||||
|
Liabilities |
` |
Assets |
` |
||
|
Capitals: |
|
Cash |
8,000 36,000 60,000 6,000 76,000 1,40,000 20,000 |
||
|
A B |
1,04,000 52,000 |
1,56,000 |
Sundry
Debtors Less:
Provision for Doubtful Debts |
37,600 1,600 |
|
|
Creditors
Employees'
Provident Fund Workmen
Compensation Fund Contingency
Reserve |
1,54,000 16,000 10,000 10,000 |
Stock
Prepaid
Insurance Plant
and Machinery Building
Furniture
|
|||
|
|
3,46,000 |
|
3,46,000 |
||
C
was admitted as a new partner and brought 64,000 as capital and 15,000 for his
share of goodwill premium.
The
new profit-sharing ratio was 5 : 3 :2. On C's admission the following was
agreed upon:
(i)
Stock was to be depreciated by 5%.
(ii)
Provision for doubtful debts was to be made at `2,000.
(iii)
Furniture was to be depreciated by 10%.
(iv)
Building was valued at `1,60,000.
(v)
Capitals of A and B were to be adjusted on the basis of C's capital by bringing
or paying of cash as the case may be.
Prepare
Revaluation Account, Partners' Capital Accounts and the Balance Sheet of
reconstituted firm. (CBSE 2019)
Answer:
|
Revaluation Account |
|
||||||||||||||||
|
Dr. |
|
|
Cr. |
|
|||||||||||||
|
Particulars |
` |
Particulars |
` |
|
|||||||||||||
|
To Stock To Provision for D.D. To Furniture To Profit transferred to |
3,000 400 2,000 |
By Building |
20,000 |
|
|||||||||||||
|
A=14,600×3/5= |
8,760 |
|
|
||||||||||||||
|
B=14,600×2/5= |
5,840 |
14,600 |
|
||||||||||||||
|
|
20,000 |
|
20,000 |
|
|||||||||||||
|
|
|
|
|
|
|||||||||||||
|
|
|
||||||||||||||||
|
Dr. |
|
|
|
|
|
|
Cr. |
||||||||||
|
Particulars |
A |
B |
C |
Particulars |
A |
B |
C |
||||||||||
|
Balance c/d |
1,32,260 |
73,340 |
64,000 |
Balance b/d |
1,04,000 |
52,000 |
|||||||||||
|
Cash A/c |
64,000 |
||||||||||||||||
|
|
Premium for Goodwill |
7,500 |
7,500 |
||||||||||||||
|
|
Revaluation A/c (Profit) |
8,760 |
5,840 |
||||||||||||||
|
|
Workers’ compensation reserve Contingency reserve |
6000 6000 |
4000 4000 |
||||||||||||||
|
|
1,32,260 |
73,340 |
64,000 |
1,32,260 |
73,340 |
64,000 |
|||||||||||
|
Balance c/d |
1,60,000 |
96,000 |
64,000 |
Balance b/d Cash A/c |
1,32,260 27,740 |
73,340 22,660 |
64,000 |
||||||||||
|
1,60,000 |
96,000 |
64,000 |
1,60,000 |
96,000 |
64,000 |
||||||||||||
|
Balance Sheet as on March 31, 2019 |
|
||||||||||||||||
|
Liabilities |
` |
Assets |
` |
|
|||||||||||||
|
Creditors |
1,54,000 |
Cash (8,000+64,000+15,000+50,400) |
1,37,400 |
|
|||||||||||||
|
Debtors 37,600 Less; Prov. For D.D. 2,000 |
35,600 |
|
|||||||||||||||
|
Employees Provident Fund |
16,000 |
Stock Prepaid Insurance Plant and Machinery Building |
57,000 6,000 76,000 1,60,000 |
|
|||||||||||||
|
Capital A/cs: |
|
Furniture |
18,000 |
|
|||||||||||||
|
Raghu |
1,60,000 |
|
|
||||||||||||||
|
Rishu |
96,000 |
|
|
|
|
||||||||||||
|
Rishabh |
64,000 |
3,20,000 |
|
|
|
||||||||||||
|
|
|
|
|
|
|||||||||||||
|
|
4,90,000 |
|
4,90,000 |
|
|||||||||||||
|
|
|
|
|
|
|||||||||||||
Working notes;
WN-1 Calculation of old and
sacrificing ratio;
Old ratio of A
and B =3:2
New ratio of
A:B:C =5:3:2
A=3/5-5/10=6-5/10=1/10
B=2/5-3/10=4-3/10=1/10
Sacrificing
ratio of A and B is 1:1
WN-2 Calculation of new firm’s
capital;
Total capital
of new firm on the basis of C’s Capital
C’s capital
=64,000
New firm’s
total capital=64,000×10/2=`3,20,000
New capital of
A,B and C
A=
3,20,000×5/10 = `1,60,000
B=
3,20,000×3/10 = `96,000
C= 3,20,000×2/10
= `64,000
Ts Grewal Solution 2023-2024
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Class 12 / Volume – I