55 :- Amit and Anil are partners sharing profits and losses in the ratio of 2 : 1. Their Balance Sheet as on 31st March, 2024 was as follows:
Ankit is admitted as a partner on the date of the balance sheet on the balance sheet on the following terms
(a) Ankit will being in Rs 1,00,000 as his capital and Rs 60,000 as his share of goodwill for 1/4th share in profits.
(b) Machinery is to be appreciated to Rs 1,20,000 and the value of building is to be appreciated by 10%.
(c) Stock is found overvalued by Rs 4,000.
(d) General Reserve will continue to appear in the books of the reconstituted firm at its original value.
(e) A Provision for Doubtful Debts is to be created at 5% of debtors.
(f) creditors were unrecorded to the extent of Rs 1,000
Prepare revaluation account and partner’s capital account.
56 :- Vimal and Nirmal are partners in a firm sharing profits and losses in the ratio of 5 : 3. They admit Kailash into the firm on 1st April 2025, when their Balance Sheet was as follows:
Terms of Kailash’s admission were as follows
(i) Kailash will bring Rs 30,000 as his share of capital and will be entitled to 1/3rd share in the profits
(ii) Kailash is not to bring goodwill in cash.
(iii) Goodwill of the firm is valued on the basis of 2 year’s purchase of the average profit of the last three years. Average profit of the last three years is Rs 6,000.
(iv) Machinery and stock are revalued at Rs 45,000 and Rs 8,000 respectively.
Prepare a Revaluation Account and Partner’s Capital Accounts incorporating the above adjustments.
Question 1 to 5 (Calculation of New Profit – Sharing Ratio and Sacrificing Ratio)
Question 6 to 10 (Calculation of New Profit – Sharing Ratio and Sacrificing Ratio)
Question 11 to 14 (Calculation of New Profit – Sharing Ratio and Sacrificing Ratio)
Question 15 to 18 (Calculation of New Profit – Sharing Ratio and Sacrificing Ratio)
Question 19 to 23 (Goodwill/Premium for Goodwill is brought in Cash by the New Partner and Retained in the Business)
Question 24 to 28 (Goodwill/Premium for Goodwill is brought in Cash by the New Partner and Retained in the Business)
Question 29 (Premium for Goodwill brought in Kind)
Question 30 to 32 (When Premium for Goodwill is brought by New or Incoming Partner and is withdrawn by Old Partners Fully or Partly)
Question 33 to 34 (When Only Part of Premium for Goodwill is brought by New Partner)
Question 35 to 36 (When New or Incoming Partner is not able to bring his Share of Premium for Goodwill)
Question 37 to 41 (Hidden Goodwill)
Question 42 to 46 (Revaluation of Assets and Reassessment of Liabilities)
Question 47 to 50 (Revaluation of Assets and Reassessment of Liabilities)
Question 51 to 54 (Reserves and Accumulated Profits/Losses and Preparation of Revaluation Account)
Question 55 to 56 (Preparation of Revaluation Account and Partner’s Capital Accounts)
Question 57 to 60 (Preparation of Revaluation Account, Partner’s Capital Accounts and Balance Sheet)
Question 61 to 64 (Preparation of Revaluation Account, Partner’s Capital Accounts and Balance Sheet)
Question 65 to 68 (Preparation of Revaluation Account, Partner’s Capital Accounts and Balance Sheet)
Question 69 to 73 (Adjustments of the Old Partner’s Capitals on the Basis of New or Incoming Partner’s Capital)
Question 74 to 76 (When the New Partner is required to bring Proportionate Capital)
Question 77 to 78 (When New Partner has to bring Capital on the basis of Combined Capitals of Old Partners)