31 :- 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 1,80,000. The partners also agreed for the following:
a) The claim for workmen’s compensation has been estimated at Rs 1,50,000.
b) Adjust the capital of the partners according to the new profit-sharing ratio by opening partners’ current accounts.
Prepare the Revaluation Account, Partner’s Capital Accounts, and the Balance Sheet of the reconstituted firm.
32 :- Suresh, Ramesh, Mahesh and Ganesh were partners in a firm sharing profits in the ratio of 2 : 2 : 3 : 3. On 1st April, 2016, their Balance Sheet was as follow
From the above date, the partners decided to share the future profits equally. For this purpose, the goodwill of the firm was valued at Rs 90,000. It was also agreed that:
a) Claim against Workmen Compensation Reserve will be estimated at Rs 1,00,000 and fixed assets will be depreciated by 10%.
b) The Capitals of the partners will be adjusted according to the new profit sharing ratio.
Prepare revaluation account, partners capital accounts and the balance sheet of the reconstituted 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)Question 1 to 4 (Sacrificing and Gaining Share)