61 :- Balance Sheet of Madhu and Vidhi who are sharing profits in the ratio of 2 : 3 as at 31st March, 2016 is given below:
Madhu and Vidhi decided to admit Gayatri as a new partner from 1st April, 2016 and their new profit sharing ratio will be 2 : 3 : 5. Gayatri brought Rs 4,00,000 as her capital and her share of goodwill premium in cash.
(a) Goodwill of the firm was valued at Rs 3,00,000.
(b) Land and Building was found undervalued by Rs 26,000.
(c) Provision for doubtful debts was to be made equal to 5% of the debtors.
(d) There was a claim of Rs 60,000 on account of workmen compensation.
Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the reconstituted firm.
62 :- X and Y share profits in the ratio of 5:3. Their balance sheet as at 31st March, 2025 was
They admit Z into partnership with 1/8th share in profits on 1st April, 2024. Z brings Rs 20,000 as his capital and Rs 12,000 for goodwill in cash. Z acquires his share from X. following revaluations are also made
(a) Employees provident fund liability is to be increased by Rs 5,000
(b) All debtors are good.
(c) Stock includes Rs 3,000 for obsolete items. Hence, are to be written off.
(d) Creditors are to be paid Rs 1,000 more
(e) Fixed assets are to be revalued at Rs 70,000
Prepare journal entries, necessary accounts and balance sheet. Also, calculate new profit sharing ratio.
63 :- Rajesh and Ravi are partners sharing profits in the ratio of 3:2. Their balance sheet as at 31st March, 2025 stood as
Raman is admitted as a new partner introducing a capital of Rs 16,000. The new profit sharing ratio is decided as 5:3:2. Raman is unable to bring in any cash for goodwill. So, it is decided to value the goodwill on the basis of Raman’s share in the profits and the capital contributed by him. Following revaluations were made.
(a) Stock to decrease by 5%
(b) Provisions for doubtful debts is to be Rs 5,000
(c) Furniture to decrease by 10%
(d) Building is valued at Rs 40,000.
Show necessary ledger accounts and the balance sheet of new firm.
64 :- On 31st March, 2019, the balance sheet of A and B who were sharing profits in the ratio of 3:2 was as follows
On 1st April, 2019, they decided to admit C as a new partner for 1/5th share in the profits on the following terms
(i) C brought Rs 1,00,000 as his capital and Rs 50,000 as his share of premium for goodwill.
(ii) Outstanding salaries of Rs 2,000 be provided for
(iii) The market value of investments was Rs 50,000.
(iv) A debtor whose dues of Rs 18,000 were written off as bad debts paid Rs 12,000 in full settlement.
Prepare Revaluation account, Partners Capital Accounts and the Balance sheet of the new firm.
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)