Dear Student, Revaluation A/c Date Particulars Amount (in Rs) Date Particulars Amount (in Rs) 31 12 2013 Machinery 3,500 31 12 2013 Stock 5,000 Motor Van 1,200 4,500 Provision for doubtful debts 1,950 Liability for Workmen Compensation 1,650 Ravaluation profit transferred to Vinod's Capital A/c 600 Mohan's Capital A/c 400 Raj's Capital A/c 200 9,500 9,500 Partner's Capital A/c Date Particulars Vinod's Capital A/c Mohan's Capital A/c Raj's Capital A/c Date Particulars Vinod's Capital A/c Mohan's Capital A/c Raj's Capital A/c 31 12 2013 Mohan's Capital A/c 1,800 4,200 31 12 2013 Balance b/d 40,000 30,000 25,000 Mohan's Loan A/c 40,400 Reserve Fund 6,000 4,000 2,000 Balance c/d 44,800 23,000 Profit on Revaluation A/c 600 400 200 Vinod's Capital A/c 1,800 Raj's Capital A/c 4,200 46,600 40,400 27,200 46,600 40,400 27,200 Balance Sheet as on 31 12 2013 Liabilities Amount (in Rs) Amount (in Rs) Assets Amount (in Rs) Amount (in Rs) Creditors 19,000 Cash at bank 2,500 Bills Payable 5,000 Debtors 16,000 Liability for Workmen Compensation 1,650 Less: Provision for doubtful Debts 2,450 13,550 Mohan's Loan A/c 40,400 Stock 30,000 Capital A/c Motor Vans 6,800 Vinod's Capital A/c 44,800 Machinery 31,500 Raj's Capital A/c 23,000 67,800 Building 49,500 133,850 133,850 Share of Mohan's Goodwill = 18,000×26=6,00018,000×26=6,000 Old Ratio was 3:2:1 & New ratio is 3:2; so Gaining ratio of Vinod & Raj is 3:7 Regards,

Q7 please

Q7 please XII-ACCOUMTANCY HOLIDAY ASSI&ÅJMEMT 2017.pd+ 87500 LAND & BUILDING 5:06 PM 25000 87500 They agreed to take C into the partnership on '2011 on the following terms: C pays Rs 10,000 as his capital share in future profits. • Good will Of the firm be valued at Rs 20,000 and C brings his share Of goodwill in cash. • Stock and furmLurc be reduced by 100/" & a 5% provision is cavatcd on debtors. That the value Of & building be appreciated by 20 0/0. • 'Illat the capital aceounts of the panners he readjusted on the basis of their profit shaling anmgement and any excess or deficiency be transferred to their Current accounts. Prepare necessary ledger accounts. Vinod, Mohan and Raj were partners in a firm sharing profits in the ratio of 1/2; 1/3; 1/6 respectively. The Balance Sheet ofthe firm on 31st December 2013 stood as follows: Liabilities Creditors Bills Payable Reserve Fund Capitals : Vinod 40.000 Mohan 30,000 Raj Amount 19,000 5,000 12,000 95ß00 Assets Cash at Bank Debtors Less: Provision Stock Motor Vans Machinery Building 16000 500 Amount 2,500 15,500 25,000 9,000 35,000 45,000 Mohan retired from the firm on the above date subject to the following conditions: (iii) (iv) Goodwill of the firm be valued at and is not to be shown in the books of the firm. Machinery would be depreciated by 10% and Motor Vans by 15%. Stock would be appreciated by 20% and Building by 10%. The provision for doubtful debts would be increased by 1,950. Liability for workmen's compensation to the extent of 1,650 would be created. It was agreed that Vinod and Raj would share profits in future in the ratio of 32. Prepare Revaluation Account, Partners capital account and Balance Sheet, Mohan, Rohan and Sohan were partners in a firm sharing profits in the ratio of 22:1. Their Balance Sheet on 31.3.2014 was as follows:

Dear Student,

Revaluation A/c
Date	Particulars	Amount (in Rs)	Date	Particulars	Amount (in Rs)
31.12.2013	Machinery	3,500	31.12.2013	Stock	5,000
	Motor Van	1,200			4,500
	Provision for doubtful debts	1,950
	Liability for Workmen Compensation	1,650
	Ravaluation profit transferred to
	Vinod's Capital A/c	600
	Mohan's Capital A/c	400
	Raj's Capital A/c	200
		9,500			9,500

Partner's Capital A/c
Date	Particulars	Vinod's Capital A/c	Mohan's Capital A/c	Raj's Capital A/c	Date	Particulars	Vinod's Capital A/c	Mohan's Capital A/c	Raj's Capital A/c
31.12.2013	Mohan's Capital A/c	1,800		4,200	31.12.2013	Balance b/d	40,000	30,000	25,000
	Mohan's Loan A/c		40,400			Reserve Fund	6,000	4,000	2,000
	Balance c/d	44,800		23,000		Profit on Revaluation A/c	600	400	200
						Vinod's Capital A/c		1,800
						Raj's Capital A/c		4,200
		46,600	40,400	27,200			46,600	40,400	27,200

Balance Sheet as on 31.12.2013
Liabilities	Amount (in Rs)	Amount (in Rs)	Assets	Amount (in Rs)	Amount (in Rs)
Creditors		19,000	Cash at bank		2,500
Bills Payable		5,000	Debtors	16,000
Liability for Workmen Compensation		1,650	Less: Provision for doubtful Debts	2,450	13,550
Mohan's Loan A/c		40,400	Stock		30,000
Capital A/c			Motor Vans		6,800
Vinod's Capital A/c	44,800		Machinery		31,500
Raj's Capital A/c	23,000	67,800	Building		49,500

		133,850			133,850

Share of Mohan's Goodwill =

18, 000 \times \frac{2}{6} = 6, 000

18, 000 \times \frac{2}{6} = 6, 000

Old Ratio was 3:2:1 & New ratio is 3:2; so Gaining ratio of Vinod & Raj is 3:7

Regards,

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