Q 7.The Balance Sheet of Madhu and Vidhi who are sharing profits in the ratio of 2 : 3 as at 31st March, 2016 is given below:
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Answer:
The Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm are calculated below:
Explanation:
(i) REVALUATION A/C
Dr. Cr.
ParticularsAmount Particulars Amount To Provision for
Doubtful Debts a/c5000 By Land and Building a/c 26000 To Workmen Compensation a/c6000 To Profit transferred to:
- Madhu's Capital a/c
- Vidhi's Capital a/c
6000
9000 26000 26000 (ii) PARTNER'S CAPITAL A/C
Dr. Cr.
Particulars Madhu Vidhi Gayatri Particulars Madhu Vidhi Gayatri By Balance b/d520000 300000 By General Reserve a/c12000 18000 By Cash a/c 400000 By Premium for
Goodwill a/c 60000 90000 To Balance b/d 598000 417000 400000 By Revaluation a/c6000 9000 598000417000 400000 598000 417000 400000
(iii) BALANCE SHEET
LiabilitiesAmount Assets Amount Capital a/cs:
- Madhu
- Vidhi
- Gayatri
598000
417000
400000 Land and Building326000 Bills Payable150000 Machinery280000 Workmen Compensation
Reserve6000 Stock80000 Debtors 300000
(-) Provision (15000)
for doubtful debts285000 Bank (50000+400000+150000)600000 1571000 1571000
Working Note:
Calculation of sacrificing ratio:
Madhu's sacrifice= 2/5-2/10
= 2/10
Vidhi's sacrifice= 3/5-3/10
= 3/10
Sacrificing ratio= 2:3
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https://www.sarthaks.com/468629/the-balance-sheet-madhu-and-vidhi-who-are-sharing-profits-ratio-31st-march-2016-given-below
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