Question

Ram, Mohan, Sohan and Hari were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1 . On 1st April, 2016 , their Balance Sheet was as follows:
From the above date, the partners decided to share the future profits in the ratio of 1 : 2 : 3 : 4 . For this purpose the goodwill of the firm was valued at ₹ 1,80,000. The partners also agreed for the following:
(a) The Claim for Workmen Compensation has been estimated at ₹ 1,50,000.
(b) Adjust the Capitals of the partners according to the new profit-sharing ratio by opening Partners Current Accounts.
Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.

Answer 1

Answer:

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Ram, Mohan, Sohan and Hari were partners in a firm sharing profits in the ratio of 4 : 3 : 2 : 1 . On 1st April, 2016 , their Balance Sheet was as follows: From the above date, the partners decided to share the future profits in the ratio of 1 : 2 : 3 : 4 . For this purpose the goodwill of the firm was valued at Rs.

Answer 2

Ram's New Capital  = 1,27,000

Mohan's New Capital     = 2,54,000

Sohan's New Capital   = 3,81,000

Hari's New Capital    = 5,08,000

Explanation:

Calculation of Gaining / Sacrificing Ratio

Old ratio =4:3:2:1

New ratio =1:2:3:4

Sacrificing Ratio = Old Ratio - New Ratio

Sacrificing Ratio of  Ram = $\frac{4}{10}$ -$\frac{1}{10}$ =  $\frac{3}{10}$

Sacrificing Ratio of Mohan = $\frac{3}{10}$ - $\frac{2}{10}$ = $\frac{1}{10}$

Sacrificing Ratio of Sohan  = $\frac{2}{10}$ -$\frac{3}{10}$ = $\frac{1}{10}$

Sacrificing Ratio of Hari = $\frac{1}{10}$ -$\frac{4}{10}$ =  - $\frac{3}{10}$

Calculation of Adjusted Capital

Ram= 4,54,000 - 12,500 = 4,42,000

Mohan = 4,68,000 - 9,000 =  4,59,000

Sohan= 2,50,000 - 24,000 =2,26,000

Hari = 2,00,000 - 57,000 =1,43,000

Total Companied Capital = 12,70,000

Calculation of New Capital

Ram =  12,70,000× $\frac{1}{10}$ = 1,27,000

Mohan =  12,70,000× $\frac{2}{10}$  = 2,54,000

Sohan =  12,70,000× $\frac{3}{10}$ = 3,81,000

Hari =  12,70,000×$\frac{4}{10}$  = 5,08,000