Question

A, B and C are partners sharing profits and losses in the ratio of 4 : 3 : 3 respectively. Their Balance Sheet as at 31st March, 2018 is:
On 1st April, 2018, B retires from the firm on the following terms:
(a) Goodwill of the firm is to be valued at ₹ 14,000.
(b) Stock, Land and Building are to be appreciated by 10%.
(c) Plant and Machinery and Electronic Typewriter are to be depreciated by 10%.
(d) Sundry Debtors are considered to be good.
(e) There is a liability of ₹ 2,000 for the payment of outstanding salary to the employee of the firm. This liability has not been shown in the above Balance Sheet but the same is to be recorded now.
(f) Amount payable to B is to be transferred to his Loan Account.
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of A and C after B’s retirement.

Answer 1

B's share of goodwill is to be distributed between X and Z in their =4 : 3(Gaining Ratio)

Step by Step Explanation:

Adjustment of goodwill

A : B : C = 4 : 3 : 3( Old ratio)

B retires from the firm.So the Gaining ratio between A and C is 4 : 3

Goodwill of the firm =Rs. 14,000

Bs Goodwill = 14000×$\frac{3}{10}$ = 4,200 rs.

A's  = 4,200× = 2,400 rs.

C's  = 4,200 × = 1,800 rs.

B's share of goodwill is to be distributed between X and Z in their =4 : 3(Gaining Ratio).

Answer 2

Answer:

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