Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board Chapter 3 Reconstitution of Partnership (Admission of Partner) Practical Problems [Pages 161 - 167]
Practical Problems | Q 5 | Page 163
Mr. Kishor & Mr. Lal were in partnership sharing profits & losses in the proportion of 3/4 and 1/4 respectively.
Balance Sheet as on 31 March 2018
Liabilities | Amt ₹ | Amt ₹ | Assets | Amt ₹ | Amt ₹ |
Creditors | 1,20,000 | Land and Building | 75,000 | ||
General Reserve | 12,000 | Furniture | 6,000 | ||
Capital A/c: Kishor Lal | 90,000 48,000 | 1,38,000 | Stock | 60,000 | |
Debtors | 60,000 | ||||
Bills Receivable | 39,000 | ||||
Cash at Bank | 30,000 | ||||
2,70,000 | 2,70,000 |
They decided to admit Ram on 1 April 2018 on following terms:
1. He should be given 1/5th share in profit and for that he brought in ₹ 60,000 as capital through RTGS.
2. Goodwill should be raised at ₹ 60,000
3. Appreciate Land and Building by 20%
4. Furniture and Stock are to be depreciated by 10%
5. The Capitals of all partners should be adjusted in their new profit sharing ratio through Bank A/c.
Pass necessary Journal Entries in the books of the Partnership firm and a Balance sheet of the new firm.
Solution:
Journal entries in the books of the firm
Date | Particulars | L.F | Debit (₹) | Credit (₹) |
2018 April 1 | General Reserve A/c Dr. To Mr. Kishor’s Capital A/c To Mr. Lal’s Capital A/c (Being general reserve distributed among old partners) | 12,000 | 9,000 3,000 | |
1 | Profit and Loss Adjustment A/c Dr. To Furniture A/c To Stock A/c (Being decrease in the value of assets) | 6,600 | 600 6,000 | |
1 | Land and Building A/c Dr. To Profit and Loss Adjustment A/c (Being increase in the value of assets) | 15,000 | 15,000 | |
1 | Profit and Loss Adjustment A/c Dr. To Mr. Kishor’s Capital A/c To Mr. Lal’s Capital A/c (Being profit on revaluation distributed in profit sharing ratio) | 8,400 | 6,300 2,100 | |
1 | Bank A/c Dr. To Ram’s Capital A/c (Being capital amount brought in through RTGS) | 60,000 | 60,000 | |
1 | Goodwill A/c Dr. To Kishor’s Capital A/c To Lal’s Capital A/c (Being the goodwill raised and transferred to capital A/cs in their old ratio) | 60,000 | 45,000 15,000 | |
1 | Bank A/c Dr. To Kishor’s Capital A/c (Being deficit in capital account settled in cash by Kishor) | 29,700 | 29,700 | |
1 | Lal’s Capital A/c Dr. To Bank A/c (Being surplus capital amount paid to Lal) | 8,100 | 8,100 |
Dr. | Balance Sheet as on 1st April 2018 | Cr. | |||||
Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) | ||
Capital Accounts: Mr. Kishor Mr. Lal Ram | 1,80,000 60,000 60,000 | 3,00,000 | Land & Building Add: Appreciation | 75,000 15,000 | 90,000 | ||
Creditors | 1,20,000 | Furniture Less: Depreciation | 6,000 600 | 5,400 | |||
Stock Less : Depreciation | 60,000 6,000 | 54,000 | |||||
Debtors | 60,000 | ||||||
Goodwill | 60,000 | ||||||
Bills Receivable | 39,000 | ||||||
Cash at Bank | 1,11,600 | ||||||
4,20,000 | 4,20,000 | ||||||
Working Notes :
(1)
Dr | Partners’ Capital Accounts | Cr | |||||||
Particulars | Kishor (₹) | Lal (₹) | Ram (₹) | Particulars | Kishor (₹) | Lal (₹) | Ram (₹) | ||
To Bank A/c | 8,100 | By Balance b / d | 90,000 | 48,000 | |||||
To Balance c / d | 1,80,000 | 60,000 | 60,000 | By Bank A/c | 60,000 | ||||
By Goodwill A/c | 45,000 | 15,000 | |||||||
By General Reserve A/c | 9,000 | 3,000 | |||||||
By Revaluation A/c (Profit) | 6,300 | 2,100 | |||||||
By Bank A/c | 29,700 | ||||||||
1,80,000 | 68,100 | 60,000 | 1,80,000 | 68,100 | 60,000 | ||||
Bank Account
Particulars | Amount (₹) | Particulars | Amount (₹) |
To Balance b / d | 30,000 | By Lal’s Capital A/c | 8,100 |
To Ram’s Capital A/c | 60,000 | By Balance c / d | 1,11,600 |
To Kishor’s Capital A/c | 29,700 | ||
1,19,700 | 1,19,700 |
PRACTICAL PROBLEMS [PAGES 161 - 167]
Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board Chapter 3 Reconstitution of Partnership (Admission of Partner) Practical Problems [Pages 161 - 167]
Practical Problems | Q 1 | Page 161
Practical Problems | Q 2 | Page 161
Practical Problems | Q 3 | Page 162
Practical Problems | Q 4 | Page 163
Practical Problems | Q 5 | Page 163
Practical Problems | Q 6 | Page 164
Practical Problems | Q 7 | Page 164
Practical Problems | Q 8 | Page 165
Practical Problems | Q 9 | Page 166
Practical Problems | Q 10 | Page 167
Select appropriate alternatives from those given below and rewrite the sentence.
Write a word/phrase/term which can substitute the following statement.
State True or False with reason.
Calculate the following.
Calculate the following.
Calculate the following.
Book-keeping and Accountancy 12th Standard
HSC Maharashtra State Board. Latest Syllabus.
Chapter 1: Introduction to Partnership and Partnership Final Accounts
Chapter 2: Accounts of ‘Not for Profit’ Concerns
Chapter 3: Reconstitution of Partnership (Admission of Partner)
Chapter 4: Reconstitution of Partnership (Retirement of Partner)
Chapter 5: Reconstitution of Partnership (Death of Partner)
Chapter 6: Dissolution of Partnership Firm
Chapter 8: Company Accounts - Issue of Shares
Chapter 9: Analysis of Financial Statements
Chapter 10: Computer In Accounting
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