14 Dec 2020 10:37 am
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.
Dinu retires from the firms on 1st 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.
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.
Profit and loss adjustment A/c,
Capital Accounts of partners,
Balance Sheet of the new firm