Question

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130/Anil Kumar and Sunil Kumar are the partners in a firm. Their Balance Sheet as on 30th
Partnership Accounts (2): Admission of a New Partner | 67
t
June, 2013 was as follows:
Liabilities
Amount
Assets
Amount
₹
00
Bills Payable
6,000 Cash at Bank
12,000
Creditors
8,000 Debtors
6,000
Overdraft
4,000 Furniture
2,400
00
Reserve
3,600 Machinery
4,800
Capital A/c of Anil Kumar
9,000 Building
11,400
re
Capital A/c of Sunil Kumar
6,000
36,600
36,600
00
00
ed
They decided to admit Pradeep Kumar on the following terms:
(i) Machinery, Building and Furniture is to be depreciated by 5% p.a.
(i) Provide a Reserve of 5% p.a. on Debtors.
(iii) A Goodwill of the firm was valued at 6,000.
(iv) Pradeep Kumar brings 9,000 as capital and he will get 1/4th share in future profits
of the firm.
(v) Capital Accounts of all the partners are to be adjusted according to their new profit
sharing ratio.
Prepare Revaluation A/c, Partner's Capital Account, Bank A/c and the Balance Sheet of
the new firm (Show clearly the calculation of new profit sharing ratio and the adjusted
capital of the partners.)
[Ans. : Loss on Revaluation * 1,230, Partners' Capital A/C : Anil-11,250, Sunil-
*11,250, Pradeep-7,500, Balance Sheet 48,000.]
​

Answer 1

Answer:

Shamanth is admitted as a partner on the date of the Balance sheet on the following terms.

a) Shamanth bring in Rs.1,00,000 as his capital and Rs.60,000 as his share of goodwill for 1/4

th

share in profits.

b) Plant is to be appreciated to Rs.1,20,000 and the value of Building is to be appreciated by 10%

c) Stock is found over valued by Rs.5,000

d) A provision for Doubtful debts is to be created at 5% on Debtors. Prepare Revaluation account, partners capital accounts and Balance sheet of the constituted firm after admission of the new partner.