BALANCE SHEET OF LISA, MONIKA AND NISHA as at 31st March, 2019
Assets
14. Lisa, Monika and Nisha were partners in a firm sharing profits and losses in the ratio of 2:2:1. On
31st March, 2019, their Balance Sheet was as follows:
Employees' Provident Fund
On 31st March, 2019, Monika retired from the firm and the remaining partners decided to carry on the
business. It was agreed that:
(iii) Provision for doubtful debts was to be made at 5% on debtors.
(ii) 50% of the stock was taken over by the retiring partner at book value.
(0) Land and building be appreciated by * 2,40,000 and machinery be depreciated by 10%.
(iv) Goodwill of the firm be valued at 3,00,000 and Monika's share of goodwill be adjusted in the accounts
(V) The total capital of the new firm be fixed at 27,00,000 which will be in the proportion of the new profit-
sharing ratio of Lisa and Nisha. For this purpose, Current Accounts of the partners were to be opened.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm
Chapter 6 - Retirement of a Partner 6.63
₹
10,00,000
12,00,000
10,00,000
4,00,000
40,000
36,40,000
Liabilities
1,60,000
2,44,000
76,000
made Creditors
Bulls Payable
Land and Building
Machinery
Stock
Sundry Debtors
Bank
Capitals:
14,00,000
14,00,000
3,60,000
Monika
Misha
31,60,000
36,40,000
of Lisa and Nisha.
on Monika's retirement.
(CBSE 2019 C)
1 st March, 2020, the Balance Sheet of A, B and who worn chori
Answers
Answer:
Explanation: class 12th chpter 6 sol of ques 44 page no. 6.63
Balance sheet, Revaluation and Partner's capital account of the reconstituted firm after Monika's retirement
Explanation:
Revaluation a/c
Particulars Amt (₹) Particulars Amt(₹)
To Machinery 120000 By Land & Building 240000
To Provision 20000
(doubtful debts)
To Profit trf to:
Lisa’s Cap A/c : 40000
Monika’s Cap A/c: 40000
Nisha’s Capl A/c: 20000 100000
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240000 240000
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Partners' Capital Account (refer attachment)
Balance Sheet of the reconstituted firm as on 31st March 2019
Liabilities Amt (₹) Assets Amt(₹)
Trade Creditors 160000 Land and Building 1240000
Bills Payable 244000 Machinery 1080000
Employees PF 76000 Stock 500000
Monika’s Loan 1060000 Debtors 400000
Less: Provision
for doubtful debts 20000 380000
Capitals:
Lisa 1800000 Bank 40000
Nisha 900000 2700000
Lisa’s Current A/c 440000
Nisha’s Current A/c 560000
________________________________________________________
4420000 4420000
__________________________________________________________
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A and B are partners with a profit sharing ratio of 2:1 and capitals of ...
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