12. Ram, Shyam and
Bharat were partners sharing profits and losses in the ration of 2:3:3
respectively. Their Balance Sheet on 31st March, 2012 was as follows.
Balance Sheet as on 31st
March, 2012
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
|
Bills
Payable
|
|
10000
|
Cash
in Hand
|
|
500
|
|
Trade
Creditors
|
|
30000
|
Cash
at Bank
|
|
22000
|
|
Loan
from 'Usha'
|
|
20000
|
Bills
Receivable
|
|
4500
|
|
General
Reserve
|
|
16000
|
Trade
Debtors
|
|
60000
|
|
Capital
Account:
|
|
|
Stock
in Trade
|
|
35000
|
|
Ram
|
20000
|
|
Furniture
|
|
2000
|
|
Shyam
|
27000
|
|
Building
|
|
29000
|
|
Bharat
|
30000
|
77000
|
|
|
|
|
|
|
153000
|
|
|
153000
|
On 1st April, 2012 they
admitted Laxman into prtnership for ¼ th share on the following terms.
(i) Laxman should bring Rs. 25,000 as capital.
(ii) A goodwill account be opened in the books for
Rs. 40,000 and the old partners be credited in their profit sharing ratio.
(iii) The value of stock in trade be reduced by
10%.
(iv) Building be appreciated by 15%.
(v) A provision for Bad Debts of Rs. 4000 be made.
(vi) An item of Rs. 502 included in Trade
Creditors is not likely to be claimed and hence should be written off.
(vii) There being a claim for damages against the
firm, a liability to the extent of Rs. 1000 should be created.
(viii) After Laxman's Admission in the firm
Goodwill account should be written off.
Prepare (a) Profit and
Loss Adjustment Account. (b) Balance Sheet of the new firm.
|
Ans.
|
|
|
Profit and loss
adjustment a/c
|
Profit. Rs. 3648
|
|
Balance sheet
total
|
174850
|
|
Bank A/c Bal
|
47000
|
|
Capital A/c
|
|
|
Ram
|
25588
|
|
Shyam
|
35382
|
|
Bharat
|
38382
|
|
Laxman
|
15000
|
