87. Raman and Rohit were partners in a firm sharing profits and losses in the ratio of 2:1. On 31st March,
5.106 Double Entry Book Keeping-CBSE XII
89.
2018, their Balance Sheet was as follows:
Liabi
BALANCE SHEET OF RAMAN AND ROHIT
as at 31st March, 2018
Grec
F ₹
Assets
Gen
Liabilities
Cap
1,75.000
65.000
47000
Capitals:
Raman
Rohit
Workmen Compensation Fund
Creditors
1,40,000
1,00,000
2,40,000
40,000
1,60,000
Plant and Machinery
Furniture and Fixtures
Stock
Debtors
Less: Provision for Doubtful Debts
Bank Balance
1,10,000
7,000
1,03,000
50,000
4,40,000
4,40.000
On the above date, Saloni was admitted in the partnership form. Raman surrendered 2/5th of his share
and Rohit surrendered 1/5th of his share in favour of Saloni. It was agreed that:
(1) Plant and machinery will be reduced by * 35,000 and furniture and fixtures will be reduced to
58,500
(ii) Provision for bad and doubtful debts will be increased by 3,000.
(iii) A claim for 16,000 for workmen's compensation was admitted.
(iv) A liability of 2,500 included in creditors is not likely to arise.
(V) Saloni will bring 42,000 as her share of goodwill premium and proportionate capital.
Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the reconstituted firm.
(CBSE 2019)
Dere harina fit and acces in the ratio of 2.5 On 21st March 2000 their
Answers
Answer:
Explanation:
Revaluation Account
Particulars Amount Particulars Amount
To plant and mach. 35000 By Creditors 2500
To Furniture 6500 By loss
To provision 3000 Raman A/c 28000
Rohit A/c 14000 42000
44500 44500
Partners capital Account
Particulars Raman Rohit Saloni Particulars Raman Rohit Saloni
To revaluation 28000 14000 -- By bal b/d 140000 100000 ---
To bal c/d 161600 102400 132000 By workmen 16000 8000 ---
By premium 33600 8400 ---
By bank ------ ---- 132000
1896600 116400 132000 189600 116400 132000