46 :- Shweta, Meenu and Asha were partners in a firm sharing profits and losses in the ratio of 3:5:2. Meenu retired on 1st April, 2022. After making all adjustments relating to revaluation, goodwill and accumulated profits etc. Capital accounts of Shweta and Asha showed credit balance of Rs 3,00,000 and Rs 1,00,000 respectively. It was decided to adjust the capitals of Shweta and Asha in their new profit sharing ratio.
Pass necessary journal entries for bringing in or withdrawal of the necessary amounts involved. Show your workings clearly.
47 :- Amit, Balan and Chander were partners in a firm sharing profits in the proportion of 1/2, 1/3 and 1/6 respectively. Chander retired on 1st April 2014. The balance sheet of the firm on the date of Chander’s retirement was as follows :
It was agreed that :
(i) Goodwill will be valued at Rs 27,000
(ii) Depreciation of 10% was to be provided on machinery
(iii) Patents were to be reduced by 20%
(iv) An old photocopier previously written off was sold for Rs 600
(v) Chander took over installments for Rs 15,800
(vi) Amit and Balan decided to adjust their capitals in proportion of their profit-sharing ratio by opening current accounts.
Prepare Revaluation account and Partner’s Capital accounts on Chander’s retirement.
48 :- N, S and B were partners in a firm sharing profits and losses in proportion of 1/2, 1/6 and 1/3 respectively. The balance sheet of the firm as at 31st March 2017 was as follows :-
B retired from the business on the above date and the partners agreed to the following
(i) Freehold premises and stock were to be appreciated by 20% and 15% respectively.
(ii) Machinery and Furniture were to be depreciated by 10% and 7% respectively.
(iii) Provision for Bad debts was to be increased by Rs 1,500.
(iv) On B’s retirement goodwill of the firm was valued at Rs 21,000.
(v) The continuing partners decided to adjust their capitals in their new profit sharing ratio after retirement of B. Surplus/deficit , if any, in their capital accounts was to be adjusted through their current accounts.
Prepare Revaluation account, Partners Capital accounts and the balance sheet of the reconstituted firm.