42 :- X, Y and Z are partners in a firm sharing profits in the ratio of 3:2:1. On 1st April, 2009, Y retires from the firm. X and Z agree that the capital of the new firm shall be fixed at Rs 2,10,000 in the profit sharing ratio. The Capital accounts of X and Z after all adjustments on the date of retirement showed balance of Rs 1,45,000 and Rs 63,000 respectively. State the amount of actual cash to be brought in or to be paid to the partners.
43 :- Lisa, Monika and Nisha were partners in a firm sharing profits and losses in the ratio of 2:2:1. On 31st March 2025, their Balance Sheet was as follows
On 31st March, 2025, Monika retired from the firm and the remaining partners decided to carry on the business. It was agreed that :
(i) Land and Building be appreciated by Rs 2,40,000 and Machinery be depreciated by 10%
(ii) 50% of the stock was taken over by the retiring partner at book value.
(iii) Provison for doubtful debts was to be made at 5% on debtors.
(iv) Goodwill of the firm be valued at Rs 3,00,000 and Monika’s share of goodwill be adjusted in the accounts of Lisa and Nisha.
(v) The total capital of the new firm be fixed at Rs 27,00,000 which will be in the proportion of the new profit – sharing ratio of Lisa and Nisha. For this purpose, Current Accounts of the partners were to be opened.
Prepare Revaluation account, Partner’s capital accounts and the balance sheet of the reconstituted firm on Monika’s retirement.
44 :- On 31st March 2025, the balance sheet of A, B and C who were sharing profits and losses in proportion to their capitals stood as :
B retired on 1st April 2025 and following adjustments were agreed to determine the amount payable to B :
(a) Out of the amount of insurance premium debited to profit and loss account, Rs 1,000 be carried forward as prepaid insurance.
(b) Freehold premises be appreciated by 10%.
(c) Provision for doubtful debts is brought up to 5% on debtors.
(d) Machinery be reduced by 5%.
(e) Liability for workmen compensation to the extent of Rs 1,500 would be created.
(f) Goodwill of the firm be fixed at Rs 18,000 and B’s share of the same be adjusted into the capital Accounts of A and C who will share future profits in the ratio of 3/4th and 1/4th
(g) Total capital of the firm as newly constituted be fixed at Rs 60,000 between A and C in the proportion of 3/4th and 1/4th after passing entries in their accounts for adjustments, I.e, actual cash to be paid or to be brought in by continuing partners as the case maybe.
(h) B be paid Rs 5,000 in cash and the balance be transferred to his loan account.
Prepare Capital accounts of partners and the Balance sheet of the firm of A and C.
45 :- X, Y and Z were in partnership sharing profits in proportion to their capitals. Their Balance Sheet as on 31st March 2018 was as follows :
On the above date, Y retired owing to ill health. The following adjustments were agreed upon for calculation of amount due to Y
(a) Provision for doubtful debts to be increased to 10% of debtors.
(b) Goodwill of the firm be valued at Rs 36,000 and be adjusted into the capital accounts of X and Z, who will share profits in future in the ratio of 3:1.
(c) Included in the value of Sundry Creditors was Rs 2,500 for an outstanding legal claim, which will not arise.
(d) X and Z also decided that the total capital of the new firm will be Rs 1,20,000 in their profit sharing ratio. Actual cash to be brought in or to be paid off as the case may be.
(e) Y to be paid Rs 9,000 immediately and balance to be transferred to his loan account.
Prepare Revaluation account, Partner’s capital accounts and the balance sheet of the new firm after the Y’s retirement.