52 :- Sushil, Satish and Samir are partners sharing profits in the ratio of 5:3:2. Satish retires on 1st April 2025 from the firm, on which date capitals of Sushil, Satish and Samir after all adjustments are Rs 1,03,680, Rs 87,840 and Rs 26,880 respectively. Cash and Bank balance on that date was Rs 9,600. Satish is to be paid through amount brought by Sushil and Samir in such a way as to make their capitals proportionate to their new profit sharing ratio which will be Sushil 3/5 and Samir 2/5. Calculate the amount to be paid or to be brought by the continuing partner if minimum cash and bank balance of Rs 7,200 was to be maintained and pass the necessary journal entries.
53 :- Meghna, Mehak and Mandeep were partners in a firm whose balance sheet as on 31st March, 2023 was as under :-
Mehak retired on this date under following terms :-
(a) To reduce stock and furniture by 5% and 10% respectively.
(b) To provide for doubtful debts at 10% on debtors.
(c) Goodwill was valued at Rs 12,000
(d) Creditors of Rs 8,000 were settled at Rs 7,100
(e) Mehak should be paid off and the entire sun payable to Mehak shall be brought in by Meghna and Mandeep in such a way that their capitals should be in their new profit sharing ratio and a balance of Rs 25,000 is maintained in the cash account.
Prepare Revaluation account and Partner’s Capital Accounts of the new firm.
54 :- Suraj, Pawan and Kamal are partners in a firm sharing profits and losses in the ratio of 3:2:1. Their balance sheet as at 31st March 2025 is :
Pawan retired on 1st April 2025 on the following terms
(a) Provision for doubtful debts be raised by Rs 1,000.
(b) Stock to be reduced by 10% and furniture by 5%
(c) There is an outstanding claim of damages of Rs 1,100 and it is to be provided for
(d) Creditors will be written back by Rs 6,000
(e) Goodwill of the firm is valued at Rs 22,000.
(f) Pawan is paid in full with the cash brought in by Suraj and Kamal in such a manner that their capitals are in proportion to their profit-sharing ratio and cash in hand remains at Rs 10,000.
Prepare Revaluation account, Partner’s capital accounts and the Balance sheet of Suraj and Kamal.
55 :- The balance sheet of Asha, Deepa and Lata who were sharing profits in the ratio of 5:3:2 as at 31st March 2025 is as follows
Asha retired on 1st April 2025 and Deepa and Lata decided to share profits in future in the ratio of 3:2 respectively.
The other terms on retirement were:
(a) Goodwill of the firm is to be valued at Rs 80,000.
(b) Fixed assets are to be depreciated to Rs 57,500.
(c) Make a provision for doubtful debts at 5% on debtors.
(d) A liabiltiy for claim, included in creditors for Rs 10,000 is settled at Rs 8,000.
The amount to be paid to Asha by Deepa and Lata in such a way that their Capitals are proportionate to their profit-sharing ratio and leave a balance of Rs 15,000 in the bank account.
Prepare Revaluation account and Partner’s capital Accounts.