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Subject: Accountancy, asked on on 21/12/13
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Subject: Accountancy, asked on on 6/3/17
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Subject: Accountancy, asked on on 17/9/16

Arti,Bharti and Seema arepartners sharing profits in the proportion of 3:2:1 and their Balance Sheet ason March 31, 2003 stood as follows:

 

Books of Arti, Bharti and Seema

 

Balance Sheet as on March 31, 2003

 

 

Liabilities

Amount

Rs

Assets

Amount

Rs

Bills Payable

12,000

Buildings

21,000

Creditors

14,000

Cash in Hand

12,000

General Reserve

12,000

Bank

13,700

Capitals:

 

Debtors

12,000

Arti 20,000

 

Bills Receivable

4,300

Bharti

12,000

 

Stock

1,750

Seema

8,000

40,000

Investment

13,250

 

78,000

 

78,000

 

 

 

 

 

Bhartidied on June 12, 2003 and according to the deed of the said partnership, herexecutors are entitled to be paid as under:

(a) The capital toher credit at the time of her death and interest thereon @ 10% per annum.

(b) Herproportionate share of reserve fund.

(c) Her share ofprofits for the intervening period will be based on the sales during thatperiod, which were calculated as Rs 1,00,000. The rateof profit during past three years had been 10% on sales.

(d) Goodwillaccording to her share of profit to be calculated by taking twice the amount ofthe average profit of the last three years less 20%. The profits of theprevious years were:

2001 – Rs 8,200

2002 – Rs 9,000

2003 – Rs 9,800

The investmentswere sold for Rs 16,200 and her executors were paid out. Pass the necessaryjournal entries and write the account of the executors of Bharti.

 

 

A & 5 others asked a question
Subject: Accountancy, asked on on 20/8/15
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Subject: Accountancy, asked on on 11/8/16
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Subject: Accountancy, asked on on 7/1/16
Drama Diva asked a question
Subject: Accountancy, asked on on 10/2/15
A, B & C are in partnership sharing profits in the ratio 5:3:2. The balance sheet of the firm as on 31st march 2014 was as follows:

Liabilities Rs. Assets Rs
Capital accounts bills receivables 15,000
A 40,000 machinery 82,000
B 61,000 furniture 4,000
C 24,000 debtors 70,000
Reserve 40,000 less: provision 3,000 67,000
Sundry creditors 50,000 stock 20,000
Profit and loss A/c 28,000 cash at bank 50,000
Bills payable 5,000 Advertisement suspense A/c 10,000
2,48,000 2,48,000



on 1st april 2014, B retires & A & C continued in partnership sharing profits and losses in the ratio 3:2. it was agreed that following adjustments were to be made on retirement of B:
A) The machinery was to be revalued at Rs.85,000
b) The stock was to be reduced by Rs.1,000
c) The furniture was to be reduced to Rs.1,600.
d) The provision for doubtful debts would be ^%
e) A provision of Rs.800 was to be made to outstanding expenses.
f) A liability n account of damages of Rs.7,000 included in creditors is settled at Rs.12,000.
The partnership agreement provides that in case of retirement of partner goodwill was to be valued at 3yrs purchase of a average profits which wRs.10,000but no goodwill is to be raised.
B was paid in full. A & C were to deposit such an amount in bank so as to make their capitals proportionate to the new profit sharing ratio, subject to the condition that a bank balance of Rs.40,000 was to be maintained as working capital.
Required: prepare revaluation account, partners capital account and balance sheet after retirement.
Saif Khan asked a question
Subject: Accountancy, asked on on 21/6/10
Harry Sharma asked a question
Subject: Accountancy, asked on on 6/2/18
Can Any please Make the Capital Account..

Q19. Lokesh, Mansoor and Nihal  were partners in a firm sharing profit as 50%, 30% and 20% respectively. On 31st March, 2014, their Balance Sheet was as follows :
          
Liabilities   Rs.  Assets  Rs.
 Creditors
Provident Fund
Investment Fluctuation Fund
Capital A/c Lokesh                  1,40,000
                   Masoor                      80,000
                   Nihal                          50,000
  34,000
  10,000
  20,000


2,70,000
Cash
Stock
Debtors                   98,000
Less : Provision        6,000
Investment 
Goodwill
Profit and Loss
  68,000
  38,000

   88,000
   80,000
   40,000
   20,000
  3,34,000   3,34,000

     On the above date, Mansoor retired and Lokesh and Nihal agreed to continue on the following terms :

     (i) Firm's goodwill was valued at Rs. 1,02,000 and it was decided to adjust Mansoor's share of goodwill into the Capital Accounts of the continuing partners.

    (ii) There was a claim for Workmen's Compensation to the extent of Rs. 12,000 and  investments were brought down to Rs, 30,000.

    (iii) Provision for Bad Debts was to be reduced by Rs.2,000.

    (iv) Mansoor was to be paid Rs. 20,600 in cash and the balance will be transferred to his Loan Account which was paid in two equal instalments together with interest @10% per annum.

    (v) Lokes's and Nihal's capital were to be adjusted in their new profit-sharing ratio by bringing in or paying off cash as the case may be.

     Prepare Revaluation Account and Partners' Capital Accounts.
 
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