X,Y and Z are partners sharing profits and losses in the ration 3:2:1. Their balance sheet as at 31st March,2007 was as follows:

Dear Student


As the exact requirement of question is not mentioned, Assuming that ledger accounts are required to be prepared, the solution of the problem is : 
 

Revaluation A/c
Date	Particulars	Amount (in Rs)	Date	Particulars	Amount (in Rs)
	Stock	16,000		Building	40,000
	Provision for Doubtful debt	7,000		Cash (Sale of old papers)	1,000
	Machinery	32,000
	Cash  (Family of employee)	10,000
				Capital A/c  - 24,000 in 3:2:1
				X	12,000
				Y	8,000
				Z	4,000
		65,000			65,000

 

Partner's Capital A/c
Particulars	X	Y	Z	Particulars	X	Y	Z
X's Capital A/c		8,000	7,000	Balance b/d	152,000	148,000	84,000
Revaluation Account	12,000	8,000	4,000	Y's Capital A/c	8,000
Profit and loss account	6,000	4,000	2,000	Z's Capital A/c	7,000
Cash	149,000			Cash A/c		94,300	77,200
To Bal C/d	0	222,300	148,200
	167,000	242,300	161,200		167,000	242,300	161,200

 

Balancesheet
Liabilities		Amount (in Rs)	Assets		Amount (in Rs)
Capital			Stock		24,000
Y		222,300	Debtors	100000
Z		148,200	Less :Provision	17000	83,000
			Machinery		48,000
Creditors		51,000	Building		240,000
Employees Provident fund		9,000	Cash		35,500
		430,500			430,500

 

Calculation of Sacrificing and Gaining Partners
	X	Y	Z
Old Ratio	3/6	2/6	1/6
Less : New Ratio	0	3/5	2/5
	3/6	-  8/30	-  7/30
	Sacrificing	Gaining	Gaining

 

Goodwill Adjustment
Gaining Ratio		8:7
Total Value of Goodwill		30,000
X's share of Goodwill	(30,000 x 3/6)	15,000
Distribution in Gaining Ratio
TO Be Adjusted from Y's Capital A/c	(15,000 x 8/15)	8,000
TO Be Adjusted from Z's Capital A/c	(15,000 x 7/15)	7,000

 

Adjustment Of Capital
Total Capital of new Firm = Existing capital of Y and Z + Cash to be brought to pay X + 22,500	(1,28,000 + 71,000 + 1,49,000 + 22,500)	370,500
Y's share of Capital	(3,70,500 x 3/5)	222,300
Existing Capital of Y		128,000
Cash brought in	(222300 -128000)	94,300
Z's share of Capital	(3,70,500 x 2/5)	148,200
Existing Capital of Z		71,000
Cash brought in	(148200 -71000)	77,200

Regards