138. Balanace shet as at 31st March 2012 of Ramesh, Kumar and PAppu who were sharing profits and losses in the ratio of 2:3:5
| Liablities | Rs. | Assets | Rs. |
| Capitals | Cash | 18000 | |
| Ramesh | 36000 | B/R | 24000 |
| Kumar | 44000 | Furniture | 28000 |
| Pappu | 52000 | Stock | 44000 |
| Creditiors | 64000 | Debtors | 42000 |
| B/P | 32000 | Investments | 32000 |
| Profit & Loss A/c | 14000 | Machinery | 34000 |
| Goodwill | 20000 | ||
| 242000 | 242000 |
I. Furniture, Investments and Machinery to be reduced by 15%.
2. The value of stock to be taken at Rs. 48000
3. Shilpa will bring in 26,000 as her share of goodwill.
4 Shilpa to bring 32,000 towards capital for 1/6th share and old patners to
adjust their capita1s accordingly
S Outstanding rent amounted to 1800
& Prepaid salaries 800.
7. Adjustments of capitals to be made by cash.
Prepare revalulationA/C, Capital account , cash account and the Balance Sheet of the new firm
Dear Student,
Old ratio was 2:3:5 and Shilpa came with one-sixth share so new ratio was 10:15:25:10;
Baisi Shilpa's Share of Capital new capital for existing partners would be Rs 32,000, 48,000, 80,000
Regards,
| Revaluation A/c | |||
| Particulars | Amount (in Rs) | Particulars | Amount (in Rs) |
| Furniture A/c (28,000*15%) | 4,200 | Prepaid Salaries A/c | 800 |
| Investments A/c (32,000*15%) | 4,800 | Revaluation Loss transferred to | |
| Machinery A/c (34,000*15%) | 5,100 | Ramesh's Capital A/c | 3,020 |
| Rent Outstanding | 1,800 | Kumar's Capital A/c | 4,530 |
| Pappu's Capital A/c | 7,550 | ||
| 15,900 | 15,900 | ||
| Partners' Capital A/c | |||||||||
| Particulars | Ramesh's Capital A/c | Kumar's Capital A/c | Pappu's Capital A/c | Shilpa's Capital A/c | Particulars | Ramesh's Capital A/c | Kumar's Capital A/c | Pappu's Capital A/c | Shilpa's Capital A/c |
| Revaluation A/c | 3,020 | 4,530 | 7,550 | Balance b/d | 36,000 | 44,000 | 52,000 | ||
| Goodwill A/c | 4,000 | 6,000 | 10,000 | Profit & Loss A/c | 2,800 | 4,200 | 7,000 | ||
| Cash A/c | 4,980 | Cash A/c | 32,000 | ||||||
| Balance c/d | 32,000 | 48,000 | 80,000 | 32,000 | Premium for Goodwill A/c | 5,200 | 7,800 | 13,000 | |
| Cash A/c | 2,530 | 25,550 | |||||||
| 44,000 | 58,530 | 97,550 | 44,000 | 58,530 | 97,550 | 32,000 | |||
| Cash A/c | |||
| Particulars | Amount (in Rs) | Particulars | Amount (in Rs) |
| Balance b/d | 18,000 | Ramesh's Capital A/c | 4,980 |
| Shilpa's Capital A/c | 32,000 | Balance c/d | 99,100 |
| Premium for Goodwill A/c | 26,000 | ||
| Kumar's Capital A/c | 2,530 | ||
| Pappu's Capital A/c | 25,550 | ||
| 104,080 | 104,080 | ||
| Balance Sheet | |||
| Liabilities | Amount (in Rs) | Assets | Amount (in Rs) |
| Capital A/cs | Cash | 99,100 | |
| -- Ramesh | 32,000 | B/R | 24,000 |
| -- Kumar | 48,000 | Furniture | 23,800 |
| -- Pappu | 80,000 | Stock | 44,000 |
| -- Shilpa | 32,000 | Debtors | 42,000 |
| Creditors | 64,000 | Investments | 27,200 |
| B/P | 32,000 | Machinery | 28,900 |
| Rent Outstanding | 1,800 | Prepaid Salaries | 800 |
| 289,800 | 289,800 | ||
Old ratio was 2:3:5 and Shilpa came with one-sixth share so new ratio was 10:15:25:10;
Baisi Shilpa's Share of Capital new capital for existing partners would be Rs 32,000, 48,000, 80,000
Regards,