74 :- Raman and Rohit were partners in a firm sharing profits and losses in the ratio of 2:1. On 31st March, 2018, their balance sheet was as follows:
On the above date, Saloni was admitted in the partnership firm. Raman surrendered 2/5th of his share and Rohit surrendered 1/5th of his share in favour of Saloni. It was agreed that;
(i) Plant and machinery will be reduced by Rs 35,000 and furniture and fixtures will be reduced to Rs 58,500
(ii) Provision for bad and doubtful debts will be increased by Rs 3,000
(iii) A claim for Rs 16,000 for workmen’s compensation was admitted.
(iv) A liability of Rs 2,500 included in creditors is not likely to arise.
(v) Saloni will bring Rs 42,000 as her share of goodwill premium and proportionate capital.
Prepare Revaluation account, Partners Capital Accounts and Balance Sheet of the reconstituted firm.
75 :- L, M and N were partners in a firm sharing profits in the ratio of 3:2:1. Their balance sheet on 31st March 2015 was as follows
On the above date, O was admitted as a new partner and it was decided and it was decided that
(i) The new profit-sharing ratio between L, M, N and O will be 2:2:1:1
(ii) Goodwill of the firm was valued at Rs 1,80,000 and O brought his share of goodwill premium in cash
(iii) The market value of investments was Rs 36,000
(iv) Machinery will be reduced to Rs 58,000.
(v) A creditor of Rs 6,000 was not likely to claim the amount and hence was to be written off.
(vi) O will bring proportionate capital so as to give him 1/6th share in the profits of the firm.
Prepare revaluation account, Partners capital accounts and the balance sheet of the new firm.
76 :- Leena and Rohit are partners in a firm sharing profits in the ratio of 3:2. On 31ST march 2018, their Balance sheet was as follows
On the above date Manoj was admitted as a new partner for 1/5th share in the profits of the firm on the following terms
(i) Manoj brought proportionate capital. He also brought his share of goodwill premium of Rs 80,000 in cash
(ii) 10% of the general reserve was to be transferred to provision for doubtful debts
(iii) Claim on account of workmen compensation amounted to Rs 40,000
(iv) Stock was overvalued by Rs 16,000
(v) Leena, Rohit and Manoj will share future profits in the ratio of 5:3:2.
Prepare revaluation account, partners capital accounts and the balance sheet of the 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)