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Question 45 Chapter 5 - Class 12 Part 1 Unimax
45. Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st December, 2021 the position of the business was as follows :
| Liabilities | Amount | Assets | Amount |
| Sundry Creditors | 20,000 | Cash | 14000 |
| Profit and Loss Account | 10,000 | Debtors | 18,000 |
| Capital Accounts | Plant and Machinery | 50000 | |
| Vimal | 60000 | Stock | 40000 |
| Nirmal | 32000 | ||
| 1,22,000 | 1,22,000 |
On this day, Kailash agrees to join the business on the following terms and conditions :
(i)He will introduce Rs. 40000 as his capital and will pay Rs. 20000 to the existing partners for his share of goodwill.
(ii)The new profit sharing ratio is 2 : 1 : 1 respectively for Vimal, Nirmal and Kailash.
(iii)A revaluation of assets will be made by reducing plant and machinery to Rs. 35000 and stock by 10%. Provision of Rs. 1000 to be created for bad and doubtful debts.
Pass journal entries for the above arrangement and give the Balance Sheet of the newly constituted firm. Also specify the sacrifice ratio.
Journal
Revaluation A/c
Capital Accounts
Balance Sheet
Working Note
Old Share – New share
Vimal’s sacrifice = Old share – new share
= 3/5 – 2/4 = 2/20
Nirmal’s sacrifice = 2/5 – 1/4
= 3/20
S.R. = 2 : 3
End of Solution
The solution to all questions of Chapter No. 5 – Partnership Accounts-IV (Admission of A Partner) Class 12 Unimax is shown as follows, click on the image of the question to get the solution.
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Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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