69 :- X and Y were partners in the profit sharing ratio of 3:2. Their balance sheet as at 31st March 2022, was as follows
Z was admitted for 1/6th share on the following terms
(i) Z will bring Rs 56,000 as his share capital, but was not able to bring any amount to compensate the sacrificing partners.
(ii) Goodwill of the firm is valued at Rs 84,000
(iii) Plant and machinery were found to be undervalued by Rs 14,000 building was to be brought upto Rs 1,09,000.
(iv) All debtors are good.
(v) Capitals of X and Y will be adjusted on the basis of Z’s share and adjustments will be done by opening necessary current accounts.
You are required to prepare Revaluation Account and Partner’s Capital Accounts.
70 :- Badal and Bijli were partners in a firm showing profits in the ratio of 3:2. Their balance sheet as at 31st March, 2019 was as follows
Raina was admitted on the above date as a new partner for 1/6th share of profits of the firm. The terms of agreement were as follows
(a) Raina will bring Rs 40,000 as her capital and capitals of Badal and Bijli will be adjusted on the basis of Raina’s capital by opening current accounts.
(b) Raina will bring her share of goodwill premium for Rs 12,000 in cash.
(c) The building was overvalued by Rs 15,000 and stock by Rs 3,000
(d) A provision of 10% was to be created on debtors for Bad debts.
Prepare Revaluation account and Current and Capital accounts of Badal, Bijli and Raina.
71 :- Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. The balance sheet of the firm as on 31st March, 2018 was as follows
Asma is admitted as a partner for 3/8th share of profits with a capital of Rs 2,10,000 and Rs 50,000 for her share of goodwill. It was decided that:
(i) New profit-sharing ratio will be 3:2:3.
(ii) Machinery will be depreciated by 10% and furniture by Rs 5,000.
(iii) Stock was revalued at Rs 2,10,000.
(iv) Provisions for doubtful debts is to be created at 10% of debtors.
(v) The capitals of all the partners were to be in the new profit-sharing ratio on basis of capital of new partner. Any adjustment to be done through current accounts.
Prepare Revaluation account, Partner’s Capital Accounts and the Balance Sheet of the new firm.
72 :- Ishu and Vishu are partners sharing profits in the ratio of 3:2. Their balance sheet as at 31st March, 2025 was as follows
Nishu was admitted on that date for 1/6 share in the profits on the following terms:
(a) Nishu will bring Rs 56,000 as his share of capital.
(b) Goodwill of the firm is valued at Rs 84,000 and Nishu will bring his share of goodwill in cash.
(c) Plant and machinery be appreciated by 20%.
(d) All debtors are good.
(e) There is a liability of Rs 9,800 included in sundry creditors that is not likely to arise.
(f) Capitals of Ishu and Vishu will be adjusted on the basis of Nishu’s capital and any excess or deficiency will be made by withdrawing or bringing in cash by the concerned partner.
Prepare the revaluation account, Partners capital Accounts and the balance sheet of the new firm.
73 :- A and B were partners sharing profits and losses in the ratio of 3:2. Their balance sheet as at 31st March, 2018, was as follows
C was admitted as a new partner and brought Rs 64,000 as capital and Rs 15,000 for his share of goodwill premium. The new profit sharing ratio was 5:3:2. On C’s admission the following was agreed upon:
(i) Stock was to be depreciated by 5%.
(ii) Provision for doubtful debts was to be made at Rs 2,000.
(iii) Furniture was to be depreciated by 10%.
(iv) Building was valued at Rs 1,60,000.
(v) Capitals of A and B were to be adjusted on the basis of C’s capital by bringing or paying of cash as the case maybe.
Prepare Revaluation account, Partner’s capital accounts and the Balance sheet of reconstituted 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)