share was acquired by A and B equally. Goodwill was valued at 3 years’ purchase of average profit of last 4 years, which was Rs. 40,000. General Reserve showed a balance of Rs. 1,30,000 and D’s Capital in the Balance Sheet was Rs. 3,00,000 at the time of D’s retirement. You are required to record necessary Journal entries in the books of the firm and prepare D’s capital account on his retirement.
(b) Kavita, Meenakshi and Gauri are partners doing a paper business in Ludhiana. After the accounts of partnership have been drawn up and closed, it was discovered that for the years ending 31st March 2013 and 2014, interest on capital has been allowed to partners @ 6% p.a. although there is no provision for interest on capital in the partnership deed. Their fixed capitals were Rs. 2,00,000; Rs. 1,60,000 and Rs. 1,20,000 respectively. During the last two years they had shared the profits as under:
Year
31 March 2013 31 March 2014
Ratio 3:2:1 5:3:2
You are required to give necessary adjusting entry on April 1, 2014.
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