29 :- A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. Their Balance Sheet as on 31st March, 2015 was as follows:
From 1st April, 2015, A, B and C decided to share profits equally. For this it was agreed that:
(i) Goodwill of the firm will be valued at Rs 1,50,000.
(ii) Land will be revalued at Rs 80,000 and building be depreciated by 6%
(iii) Creditors of Rs 6,000 were not likely to be claimed and hence should be written off.
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the reconstituted firm.
30 :- Balance sheet of X and Y, who share profits and losses as 5:3 as at 1st April 2025, is:
On the above date, they decided to change their profit sharing ratio to 3 : 5 and agreed upon the following:
a) Goodwill be valued on the basis of two year’s purchse of the average profit of the last three years. Profits for the years ended 31st March, are: 2023 – Rs 7,500; 2024 – Rs 4,000; 202 – Rs 6,500.
b) Machiney and stock be revalued at Rs 45,000 and Rs 8,000 respectively.
c) Claim on account of workmen compensation is Rs 6,000.
Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the new firm.
Question 1 to 4 (Sacrificing and Gaining Share)
Question 5 (Calculation of Old Profit – Sharing Ratio on the basis of Sacrificing and Gaining share)
Question 6 to 10 (Accounting of goodwill)
Question 11 (Calculation of New Profit – sharing ratio on the basis of Adjustment of goodwill)
Question 12 to 16 (Accounting of Reserves, Accumulated Profits and Losses)
Question 17 to 20 (Accounting of Reserves, Accumulated Profits and Losses)
Question 21 to 24 (Accounting of Reserves, Accumulated Profits and Losses)
Question 25 to 28 (Revaluation of Assets and Reassessment of Liabilities)
Question 29 to 30 (Preparation of Balance Sheet)
Question 31 to 32 (Adjustment of capital)