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.
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