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Question 54 Chapter 5 - Unimax Class 12 Part 1 - 2021
54. A firm has two partners X and Y, sharing profits in the ratio of 3 : 2. They admit Z into the firm on 1st January, 2021, when the Balance Sheet of the firm was as follows :
| Liabilities | Amount | Assets | Amount |
|---|---|---|---|
| Sundry Creditors | 80,000 | Fixed Assets | 2,60,000 |
| Bills Payable | 20,000 | Investments | 1,40,000 |
| Capital : | Debtors | 90,000 | |
| X | 3,00,000 | Stock | 60,000 |
| Y | 1,00,000 | Cash | 20,000 |
| General Reserve | 70000 | ||
| 570000 | 570000 |
Terms of admission are as follows :
You are required to prepare Revaluation A/c, Partner’s Capital Accounts and the Balance Sheet of the firm after the above.
Revaluation A/c
| Particulars |
Rs. | Particulars |
Rs. | |
|---|---|---|---|---|
| To Fixed Assets a/c | 52,000 | By Loss on revaluation | ||
| To Stock a/c | 10,000 | X (3 : 2) | 37,200 | |
| Y | 24,800 | 62,000 | ||
| 62,000 | 62,000 |
Capital Accounts
| Particulars | A | B | C | Particulars | A | B | C |
|---|---|---|---|---|---|---|---|
| To Cash a/c | 85,800 | - | - | By Balance b/d | 3,00,000 | 1,00,000 | _ |
| To Loss on revaluation a/c | 37,200 | 24,800 | By Cash A/c | _ | 42,800 | 2,00,000 | |
| To Balance c/d | 2,40,000 | 1,60,000 | 2,00,000 | By Premium A/c | 21,000 | 14,000 | _ |
| By General Reserve A/c | 42,000 | 28,000 | _ | ||||
| 3,63,000 | 1,84,800 | 2,00,000 | 3,63,000 | 1,84,800 | 2,00,000 |
Balance Sheet
| Liabilities |
Rs. | Assets |
Rs. | |
|---|---|---|---|---|
| Sundry Creditors | 80000 | Fixed Assets | 208000 | |
| Capital Accounts | Investments | 140000 | ||
| X | 240000 | Debtors | 90000 | |
| Y | 160000 | Stock | 50000 | |
| Z | 200000 | 600000 | Cash (20000 + 200000 + 35000 + 42800 -85800) | 212000 |
| Bills Payable | 20000 | |||
| 700000 | 700000 |
Working Note
| Let total share = 1 |
| Z’s share = 1/3 |
| Remaining share = 1 – 1/3 = 2/3 |
| A’s new share = 2/3 X 3/5 = 2/5 |
| B’s new share = 2/3 X 2/5 = 4/15 |
| C’s share = 1/3 |
| New PSR = 6 : 4 : 5 |
Capital contributed by old partners :
Total capital of firm = 200000 X 3/1 = Rs. 600000
A’s adjustment capital = 6/15 X 600000 = Rs. 240000
B’s adjustment capital = 4/15 X 600000 = Rs. 160000
C’s capital = Rs. 200000
https://tutorstips.com/what-is-partnership/
T.S. Grewal’s Double Entry Book Keeping +2 (Vol. I: Accounting for Not-for-Profit Organizations and Partnership Firms)
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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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24 April 2023
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