Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board

Chapter 4 Reconstitution of Partnership (Retirement of Partner) Practical Problems [Pages 183 - 186]

Practical Problems | Q 3 | Page 184

The Balance Sheet of the Anu, Renu, and Dinu is as follows, the partners are sharing profits and losses in the proportion of 2:2:1 respectively.

Balance Sheet as on 31^st March 2019
Liabilities	Amount ₹	Amount ₹	Assets	Amount ₹	Amount ₹
Creditors		8,000	Bank		5,000
Bills Payable		2,000	Debtors	20,000
General Reserve		5,000	Less : R.D.D	1,000	19,000
Capital Account:			Furniture		15,000
Anu		40,000	Machinery		4,000
Renu		30,000	Free hold Property		27,000
Dinu		15,000	Goodwill		30,000
		1,00,000			1,00,000

Dinu retires from the firms on 1^st April 2019 on the following terms.

1. The assets are to be revalued as freehold property ₹ 30,000, Machinery ₹ 5000, Furniture ₹ 12000, All debtors are good.

2. Goodwill of the firm is valued at thrice the average profit for the preceding five years. Profits of the firm for the year.

2014-15	₹ 1,000
2015-16	₹ 10,500
2016-17	₹ 10,000
2017-18	₹ 16,000
2018-19	₹ 10,000

3. Dinu should be paid ₹ 3,000 by cheque

4. The Balance of Dinu’s capital A/c should be kept in the business as a loan.

Prepare:

Profit and loss adjustment A/c,

Capital Accounts of partners,

Balance Sheet of the new firm

Solution:

Dr	In the books of Partnership Firm Profit and Loss Adjustment Account					Cr
Particulars			Amount (₹)	Particulars	Amount (₹)
To Furniture A/c			3,000	By Freehold Property A/c	3,000
To Goodwill – Loss			1,500	By Machinery A/c	1,000
To Partners’ Capital A/cs: Profit			-	By R.D.D. A/c	1,000
Anu		200
Renu		200
Dinu		100	500
			5000		5000

Dr	Partners’ Capital Accounts								Cr
Particulars		Anu (₹)	Renu (₹)	Dinu (₹)	Particulars	Anu (₹)	Renu (₹)	Dinu (₹)
To Bank A/c		-	-	3000	By Balance b/d	40,000	30,000	15,000
To Loan A/c		-	-	13,100	By General reserve A/c	2,000	2,000	1,000
To Balance c/d		42,200	32,200	-	By Profit and Loss Adjustment A/c (Profit)	200	200	100
		42,200	32,200	16,100		42,200	32,200	16,100

Balbharati Solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board.

Chapter 4: Reconstitution of Partnership

(Retirement of Partner)

EXERCISE - 4 [PAGE 182]

Select the most appropriate alternative from those given below and rewrite the sentence

Write the Word/ Term/ Phrase which can substitute of the following statement

State whether the following statement is true or false with reasons

Fill in the blank and rewrite the following sentence

Answer the following.

PRACTICAL PROBLEMS [PAGES 183 - 186]

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board Chapter 4 Reconstitution of Partnership (Retirement of Partner) Practical Problems [Pages 183 - 186]

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 7: Bills of Exchange

Chapter 8: Company Accounts - Issue of Shares

Chapter 9: Analysis of Financial Statements

Chapter 10: Computer In Accounting

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HSC Accounts March 2020 Board Paper With Solution