Question

Q1. On 31 march 2015, the balance sheet of Saman, Harish and Meeta who
were sharing profits and losses in the ratio of 2:3:2, stood as follows:
Liabilities
Amountain Rs.) Assets
Capitals
Amount(in Rs.)
Suman 10,00,000
Land and Building 19,00,000
Machinery
Harish
5,00,000
15,00,000
Furniture
7,70,000
Meeta 10,00,000 35,00,000 Closing Stock
5,00,000
Workmen
Sundry Debtor
7,00,000
compensation fund 8,40,000
Cash
4,80,000
Sundry Creditors 5,10,000
48,50,000
48,50,000
On 31st March, 2015, Harish retired from the firm and the remaining partners
decided to carry the business. It was agreed to revalue assets and liaiblities as
follows:
1) Land and Building to be appreciated by 20%
2) Machinery to be depreciated by 20%
3) Closing stock to be valued at Rs.4,50,000
4) Provision for Doubtful Debts to be made @5% on Debtors
5) Sundry Creditors of Rs.65,000 be written off
6) Goodwill of the firm valued at Rs.5,60,000 and Harish's share of the
goodwill be adjusted in the accounts of Saman and Meeta who will share
future profits and losses in the ratio of 3:2
7) Amount due to Harish was settled by accepting a bill of exchange in his
Prepare Revaluation A/C, Partners' Capital A/C and Balance sheet of the new firm
on Harish's retirement.​

Answer 1

Harish's Share of Goodwill =Rs 2,40,000 (i.e., Rs

) is contributed by Suman and Meeta in their gaining ratio, i.e.,

Thus, Saman's contribution-Rs 1,76,000 and meeta's contribution-Rs 64,000. <br> Gain (Profit) on Revaluation-Rs 2,60,000, Partners' Capital Accounts: Saman- Rs 21,00,000 and Meeta-Rs 14,00,000. Account payable to Haris(Bills Payable)-Rs 22,11,428. <br> Saman's Current Account (Dr. Balance): Rs 9,61,714, <br> Meeta's Current Account (Dr.Balance): Rs 1,49,714, Balance Sheet Total-Rs 61,56,428.

Answer 2

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