Solve question no.27

Dear Student,
 

Revaluation A/c
Particulars	Amount (in Rs)	Particulars	Amount (in Rs)
Building (50000*6%)	3,000	Land A/c	30,000
Profit on revaluation to be transferred to		Creditors	6,000
A's Capital A/c	16,500
B's Capital A/c	11,000
C's Capital A/c	5,500
	36,000		36,000

 

Partners Capital A/c
Particulars	A's Capital A/c	B's Capital A/c	C's Capital A/c	Particulars	A's Capital A/c	B's Capital A/c	C's Capital A/c
A's Capital A/c (Goodwill share)			25,000	Balance b/d	100,000	50,000	25,000
Balance c/d	156,500	71,000	10,500	General Reserve	15,000	10,000	5,000
				Revaluation A/c	16,500	11,000	5,500
				C's Capital A/c	25,000
	156,500	71,000	35,500		156,500	71,000	35,500

Old ratio was 3:2:1 & New ratio is 1:1:1

Finding out for sacrificing & gainng partners we see that A sacrificed by one-sixth ratio & C gained by same ratio
Share of goodwill to be credited to A's Capital A/c = $1,50,000\times \frac{1}{6}=25,000$ (same to be debited to C's Capital A/c)
 

Balance sheet
Liabilities	Amount (in Rs)	Assets	Amount (in Rs)
Creditors (50,000-6,000)	44,000	Land (revalued)	80,000
Bills payable	20,000	Building (revalued)	47,000
Capital A/cs		Plant	100,000
A's Capital A/c	156,500	Stock	40,000
B's Capital A/c	71,000	Debtors	30,000
C's Capital A/c	10,500	Bank	5,000
	302,000		302,000

Regards,