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

14 Dec 2020 10:37 am

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. Practical Problems | Q 3 | Page 184 Retirement of Partner

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

Solution


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