112. Qadir and Rishab are partners sharing profits in the ratio of 3: 2. Their
Balance Sheet as at 31st March, 2016 is given below:
Liabilities
Rs.
Assets
Rs.
Qadir's Capital
11,40,000 Land and Building
5,60,000
Rishab's Capita
7,00,000 Plant
and
6,00,000
Machinery
Workmens Compensation 60,000 Stock
160,000
Reserve
Creditors
1,00,000 Debtors
600,000
Less:Provision 20,000 5,80,000
Bank
1,00,000
20,00,000
20,00,000
Qadir and Rishab decide to admit Sapna as a new partner from 1st April, 2016. Their
new profit-sharing ratio was 3:2 : 5. Sapna brought in Rs.6,00,000 as her capital
and her share of goodwill premium in cash.
(a) Sapna's share of goodwill premium was valued at Rs.30,000.
(b) Plant and Machinery be valued at 125%.
(c) Creditors were unrecorded to the extent of Rs.30,000.
(d) Claim on account of workmen compensation was Rs. 40,000.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of
the reconstituted firm.
(AI 2017 C)
Answers
Answer:
Explanation:
Revaluation A/c
Unrecorded creditors 30000 By Plant and machinery 150000
Transfered to
Quadir A/c 72000
Rishabh A/c 48000 120000
150000 150000
Patners Capital account Particulars Qadir Rishab sapna
To bal c/d 12420000 768000 600000
12420000 768000 600000
By Bal b/d 1140000 700000 ------
By cr 12000 8000 -------
By premium for goodwill 18000 12000 ----
By Cash --- ----- 600000
By Revaluation 72000 48000 ---
12420000 768000 600000
Balance sheet
Quadir cap 1242000 Land And Building 560000
Rishabh cap 768000 Plant and machinery 750000
Sapna 600000 Stock 160000
WCR 40000 Debtors 60000
Creditors 130000 provision(20000) 580000
Bank 730000
2780000 2780000