Chapter 3, Reconstitution of Partnership, (Admission of Partner), Full solution.

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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Q.1. PRACTICAL PROBLEMS [PAGES 161 – 167]

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,

SOLUTION


Q.2. PRACTICAL PROBLEMS [PAGES 161 – 167]

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

SOLUTION

Journal entry


Q.3. PRACTICAL PROBLEMS [PAGES 161 – 167]

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 Admission of Partner Practical Problems [Pages 161 – 167]

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

SOLUTION


Q.4. PRACTICAL PROBLEMS [PAGES 161 – 167]

Mr. Deep & Mr. Karan were in Partnership sharing Profits & Losses in the proportion of 3:1 respectively. Their Balance Sheet On 31st March 2018 Stood as follows

Practical Problems | Q 4 | Page 163

Adjustments

SOLUTIONS


Q. 5. Mr. Kishor & Mr. Lal were in partnership sharing profits & losses in the proportion of 3/4 and 1/4 respectively Practical Admission of Partner Problems | Q 5 | Page 163

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


Q.6. Vrushali and Leena are equal partners in the business. Their Balance sheet as on 31 March 2018 stood as under. Admission of Partner Practical

Problems | Q 6 | Page 164

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

2. Bills Receivable are taken over by Vrushali at the discount of 10%

3. Aparna should bring β‚Ή 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, Partner’s Capital A/c, Balance sheet of the new firm.


Q.7. The balance sheet of Medha and Radha who share profit and loss in the ratio 3: 1 is as follows Practical Problems | Q 7 | Page 164 Admission of Partner Practical Problems

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, Partner’s Capital A/c, Balance Sheet of the new firm.

Solutions


Q.8. The Balance Sheet of Sahil and Nikhil who share profits in the ratio of 3: 2 as on 31st March 2017 Practical Problems | Q 8 | Page 165 Admission of Partner

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

SOLUTION


Q.9. 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.

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.

Solution


Q.10. The following is the Balance Sheet of Om and Jay on 31st March 2018, they share profits and losses in the ratio 3:2 Practical Problems.

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.


2. He should bring 9,000 as capital for 1/4th share in future profits.


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, Partner’s Current A/c, Balance Sheet of the new firm.

Solution


For practice

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