11 Nov 2020 7:54 am
Balbharati, Solutions, for, Book-keeping, and, Accountancy, 12th, Standard, HSC, Maharashtra, State, Board,Chapter 3, Reconstitution of Partnership, (Admission of Partner),
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Vikram and Pradnya, share profits and losses in the ratio 2:3 respectively, Practical Problems, Q 1, Page 161, Balbharati, solutions, for Book-keeping and Accountancy, 12th,
Practical Problems | Q 2 | Page 161
Amalendu and Sameer share profits and losses in the ratio 3:2 respectively Their balance sheet as on 31st March 2017 was as under.
Balance Sheet as on 31st March 2017
Vasu and Viraj Share Profits and Losses in the Ratio of 3:2 respectively Their Balance Sheet as on 31st March 2019 was as under
Adjustments
SOLUTIONS
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]
Balance Sheet as on 31 March 2018
Vrushali and Leena are equal partners in the business. Their Balance sheet as on 31 March 2018 stood as under.
Balance Sheet as on 31 March 2018
3. Aparna should bring βΉ 60,000 as capital for her 1/4th share in future profits.
4. The capital accounts of all the partners be adjusted in proportion in the new profit sharing ratio by opening current accounts of the partners.
Prepare Profit and Loss Adjustment A/c, Partnerβs Capital A/c, Balance sheet of the new firm.
PRACTICAL PROBLEMS [PAGES 161-167]
The balance sheet of Medha and Radha who share profit and loss in the ratio 3: 1 is as follows:
Balance Sheet as on 31 March 2018
1. Krutika is taken as partner on 1st April 2017 she will pay 40,000 as her capital for 1/5 share in future profits and Rs. 2,500 as goodwill.
2. A 5% provision for bad and doubtful debt be created on debtors.
3. Furniture be depreciated by 20%.
4. Stocks be appreciated by 5% and plant & machinery by 20%
5. The Capital accounts of all partners be adjusted in their new profit sharing ratio by adjusting the amount through loan.
6. The new profit sharing ratio will be 3/5 1/5 1/5 respectively.
You are required to prepare profit and loss adjustment A/c, Partnerβs Capital A/c, Balance Sheet of the new firm.
PRACTICAL PROBLEMS [PAGES 161-167]
Practical Problems | Q 8 | Page 165
The Balance Sheet of Sahil and Nikhil who share profits in the ratio of 3: 2 as on 31st March 2017
Balance Sheet as on 31st March 2017
1. Varad was to pay 1,00,000 for his share of capital.
2. He was also to pay 40,000 as his share of goodwill.
3. The new profit sharing ratio was 3:2:3
4. Old partners decided to revalue the assets as follows:
Building 1,00,000, Furniture- 48,000, Debtors – 38,000 (in view of likely bad debts)
5. It was found that there was a liability for 3,000 for goods in March 2017 but recorded on 2nd April 2017.
You are required to prepare:
a) Profit and Loss adjustment accounts
b) Capital accounts of the partners
c) Balance sheet after the admission of Varad
PRACTICAL PROBLEMS [PAGES 161-167]
Mr. Amit and Baban share profits and losses in the ratio 2:3 respectively. Their balance sheet as on 31st March 2018 was as under
Balance Sheet as On 31st March 2018
4. Land and building to be valued at 60,000 and furniture to be depreciated by 10%.
5. Provision for bad and doubtful debts is to be maintained at 5% on the sundry debtors.
6. Stocks to be valued 1,10,000 The capital A/c of all partners to be adjusted in their new profit and loss ratio and excess amount be transferred to their loan accounts.
Prepare profit and loss adjustment A/c, Capital A/cs, and New Balance Sheet.
PRACTICAL PROBLEMS [PAGES 161-167]
The following is the Balance Sheet of Om and Jay on 31st March 2018, they share profits and losses in the ratio 3:2
Balance Sheet As On 31st March 2018.
3. Building to be valued at 18,000, Machinery and Furniture to be reduced by 10%
4. A Provision of 5% on debtors to be made for doubtful debts. 5. Stock is to be taken at a value of 15,000.
Prepare profit and loss A/c, Partnerβs Current A/c, Balance Sheet of the new firm.