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Reconstitution- Retirement/Death of a Partner

X, Y and Z were partners in a firm sharing profits in the ratio of 5 : 3 : 2. The firm closes its books on 31st March every year. On 30.9.2016, Z died. The partnership deed provided that on the death of a partner his executors will be entitled to the following :    (4)

(i) Balance in his capital account and interest @ 12% per annum. On 1.4.2016 balance in Z's Capital account was Rs 80,000.

(ii) His share in the profits of the firm in the year of his death, which will be calculated on the basis of rate of net profit on sales of the previous year which was 25%. The sales of the firm till 30.9.2016 were Rs 4,00,000.

(iii) His share on the goodwill of the firm. The goodwill of the firm on Z's death was valued at Rs 3,00,000.

The partnership deed also provided that the following deductions will be made from the amount payable to the executor of the deceased partner:

(i) His drawing in the year of his death. Z has withdrawn Rs 30,000 till 30.9.2016.

(ii) Interest on drawing @ 12% per annum which was calculated as Rs 2,000.

The accountant of the firm prepared Z's Capital Account to be presented to his executor but in a hurry did not complete it. Z's Capital Account as prepared by the firm's accountant is presented below :
 

Dr.

Z’s Capital Account

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

2016

 

 

2016

 

 

Sep. 30

……………

30,000

April 1

……………

80,000

Sep. 30

……………

2,000

Sep. 30

……………

4,800

Sep. 30

……………

……...

Sep. 30

……………

20,000

 

 

 

Sep. 30

……………

……...

 

 

 

Sep. 30

……………

……...

 

 

1,64,800

 

 

1,64,800

 

 

 

 

 

 

 

You are required to complete Z's Capital Account.

View Solution
CBSE Board Paper 2017




A and Z are partners in a firm sharing profits in the ratio of 7 : 3. Their Balance Sheet as on 31.3.2016 was as follows was as follows:    (8)
Balance Sheet of A and Z
as on 31.3.2016
Liabilities
Amount
(Rs)
Assets
Amount
(Rs)
Sundry Creditors
60,000
Cash
36,000
Provision for Bad Debts
6,000
Debtors
54,000
Outstanding Wages
9,000
Stock
60,000
General Reserve
15,000
Furniture
1,20,000
 
 
Plant & Machinery
120,000
Capitals:
 
 
 
A
1,20,000
 
 
 
Z
1,80,000
3,00,000
 
 
 
3,90,000
 
3,90,000
 
 
 
 

On the above date B was admitted for 14th share in the profits on the following terms:
(i) B will bring Rs 90,000 as his capital and Rs 30,000 as his share of goodwill premium, half of which will be withdrawn by A and Z.
(ii) Debtors Rs 4,500 will be written off and a provision of 5% will be created on debtors for bad and doubtful debts.
(iii) Outstanding wages will be paid off.
(iv) Stock will be depreciated by 10%, furniture by Rs 1,500 and Machinery by 8%.
(v) Investments of 7,500 not shown in the Balance Sheet will be reccorded.
(vi) A creditor of Rs 6,300 not recorded in the books was to be taken into account.

Pass necessary journal entries for the above transactions in the books of the firm on B’s admission.
OR
N, S and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31.3.2016 their Balance Sheet was as under:
Balance Sheet of N, S and G
as on 31.3.2016
Liabilities
Amount
(Rs)
Assets
Amount
(Rs)
Creditors
1,65,000
Cash
1,20,000
General Reserve
90,000
Debtors
1,35,000
 
Capitals:
 
Less Provision
15,000
1,20,000
N
2,25,000  
Stock
1,50,000
S
3,75,000  
Machinery
4,50,000
G
4,50,000 10,50,000
Patents
90,000
 
 
Building
3,00,000
 
 
Profit & Loss Account
75,000
 
13,05,000
 
13,05,000
 
 
 
 

G retired on the above date and it was agreed that:
(i) Debtors of Rs 6,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.
(ii) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.
(iii) An unrecorded creditor of Rs 30,000 will be taken into account.
(iv) N and S will share the future profits in the ratio of 2 : 3 ratio.
(v) Goodwill of the firm on G’s retirement was valued at Rs 90,000.
Pass necessary journal entries for the above transactions in the books of the firm on G’s retirement.

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CBSE Board Paper 2017



Sandeep, Mandeep and Amandeep were partners in a firm sharing profits in the ratio of 2 : 2 : 1. The firm closes its books on 31st March every year. On 30th September, 2016 Mandeep died. The partnership deed provided that on the death of a partner his executors will be entitled to the following :

(1) Balance in his capital account and interest @ 12% p.a. on capital. On 1-4-2016 the balance in Mandeep's Capital account was Rs 1,00,000.

(2) His share in the profits of the firm in the year of his death which will be calculated on the basis of rate of net profit on sales of the previous year which was 25%. The sales of the firm till 30th September, 2016 were Rs 9,00,000.

(3) His share on the goodwill of the firm. The goodwill of the firm on Mandee's detah was valued at Rs 1,50,000.

The partnership deed also provided that the following deductions will be made from the amount payable to the executor of the deceased partner:

(1) His drawing in the year of his death. Mandeep's drawings till 30th September, 2016 were Rs 4,000.

(2) Interest on drawing @ 6% per annum which calculated as Rs 120.

The accountant of the firm prepared Mandeep's Capital Account to be presented to the executor of Mandeep but in a hurry he left in incomplete. Mandeep's capital Account prepared by Accountant of the firm is shown below :

 

Dr.

Mandeep’s Capital Account

Cr.

Date

Particulars

Amount

(Rs)

Date

Particulars

Amount

(Rs)

2016

 

 

2016

 

 

Sep. 30

……………

4,000

April 1

……………

1,00,000

Sep. 30

……………

Sep. 30

……………

6,000

Sep. 30

……………

Sep. 30

……………

90,000

 

 

 

Sep. 30

……………

40,000

 

 

 

Sep. 30

……………

20,000

 

 

2,56,000

 

 

2,56,000

 

 

 

 

 

 

 

You are required to complete Mandeep's Capital Account.

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CBSE Board Paper 2017



W and R are partners in a firm sharing profits in the ratio of 3 : 2. Their Balance Sheet as on 31st March, 2016 was as follows

Balance Sheet of W and R

as on 31.3.2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Sundry Creditors

20,000

Cash

12,000

Provision for Bad Debts

2,000

Debtors

18,000

Outstanding Salary

3,000

Stock

20,000

General Reserve

5,000

Furniture

40,000

 

 

Plant & Machinery

40,000

Capitals:

 

 

 

W

60,000

 

 

 

R

40,000

1,00,000

 

 

 

1,30,000

 

1,30,000

 

 

 

 

On the above date C was admitted for 16th share in the profits on the following terms:

(i) C will bring Rs 30,000 as his capital and Rs 10,000 for his share of goodwill premium, half of which will be withdrawn by W and R.

(ii) Debtors Rs 1,500 will be written off as bad debts and a provision of 5% will be created for bad and doubtful debts.

(iii) Outstanding salary will be paid off.

(iv) Stock will be depreciated by 10%, furniture by Rs 500 and Plant and Machinery by 8%.

(v) Investments Rs 2,500 not mentioned in the balance sheet were to be taken into account.

(vi) A creditor of Rs 2,100 not recorded in the books was to be taken into account. Pass necessary Journal Entries for the above transactions in the books of the firm on C’s admission.

OR

M, N and G were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31-3-2016 their Balance Sheet was as under:

Balance Sheet of M, N and G

as on 31.3.2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

55,000

Cash

40,000

General Reserve

30,000

Debtors

45,000

 

Capitals:

 

Less Provision

5,000

40,000

M

1,50,000

 

Stock

50,000

N

1,25,000

 

Machinery

1,50,000

G

75,000

3,50,000

Patents

30,000

 

 

Building

1,00,000

 

 

Profit & Loss A/c

25,000

 

4,35,000

 

4,35,000

 

 

 

 

M retired on the above date and it was agreed that:

(i) Debtors of Rs 2,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.

(ii) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.

(iii) An unrecorded creditor of Rs 10,000 will be taken into account.

(iv) N and G will share the future profits in the ratio of 2 : 3.

(v) Goodwill of the firm on M’s retirement was valued at Rs 3,00,000.



Pass necessary Journal Entries for the above transactions in the books of the firm on M’s retirement.


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CBSE Board Paper 2017



Ashok, Babu and Chetan were partners in a firm sharing profits in the ratio of 4 : 3 : 3. The firm closes its books on 31st March every year. On 31st December, 2016 Ashok died. The partnership deed provided that on the death of a partner his executors will be entitled to the following :

(i) Balance in his capital account. On 1.4.2016,  there was a balance of Rs 90,000 in Ashok's Capital Account.

(ii) Interest on capital @ 12% per annum.

(iii) His share in the profits of the firm in the year of his death will be calculated on the basis of rate of net profit on sales of the previous year, which was 25%. The sales of the firm till 30st December, 2016 were Rs 4,00,000.

(iv) His share in the goodwill of the firm. The goodwill of the firm on Ashok's detah was valued at Rs 4,50,000.

The partnership deed also provided for the following deductions from the amount payable to the executor of the deceased partner:

(i) His drawings in the year of his death. Ashok's drawings till 31.12.2016 were Rs 15,000.

(ii) Interest on drawing @ 12% per annum which was calculated as Rs 1,500.

The accountant of the firm prepared Ashok's Capital Account to be presented to the executor of Ashok but in a hurry he left in incomplete. Ashok's Capital Account as prepared by the firm's accountant is given below :  (4)
 
Dr.
Ashok’s Capital Account
Cr.
Date
Particulars
Amount
(Rs)
Date
Particulars
Amount
(Rs)
2016
 
 
2016
 
 
Dec 31
……………
15,000
April 1
……………
90,000
Dec 31
……………
……………
Dec 31
……………
8,100
Dec 31
……………
……………
Dec 31
……………
40,000
 
 
 
Dec 31
……………
90,000
 
 
 
Dec 31
……………
90,000
 
 
3,18,100
 
 
3,18,100
 
 
 
 
 
 

 

You are required to complete Ashok's Capital Account.

View Solution
CBSE Board Paper 2017



C and D are partners in a firm sharing profits in the ratio of 4 : 1. On 31.3.2016, their Balance Sheet was as follows :

Balance Sheet of C and D

as on 31.3.2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Sundry Creditors

40,000

Cash

24,000

Provision for Bad Debts

4,000

Debtors

36,000

Outstanding Salary

6,000

Stock

40,000

General Reserve

10,000

Furniture

80,000

 

 

Plant & Machinery

80,000

Capitals:

 

 

 

C

1,20,000

 

 

 

D

80,000

2,00,000

 

 

 

2,60,000

 

2,60,000

 

 

 

 


On the above date, E was admitted for 14th share in the profits on the following terms:

(i) E will bring Rs 1,00,000 as his capital and Rs 20,000 for his share of goodwill premium, half of which will be withdrawn by C and D.
(ii) Debtors Rs 2,000 will be written off as bad debts and a provision of 4% will be created on debtors for bad and doubtful debts.
(iii) Stock will be reduced by Rs 2,000, furniture will be depreciated by 4,000 and 10%, depreciation will be charged on plant and machinery.
(iv) Investments Rs 7,000 not shown in the Balance Sheet will be taken into account.
(v) There was an an outstanding repairs bill of Rs 2,300 which will be recorded in the books.

Pass necessary journal entries for the above transactions in the books of the firm on E’s admission.
 
OR
 
Sameer, Yasmin and Saloni were partners in a firm sharing profits and losses in the ratio of 4 : 3 : 3. On 31.3.2016, their Balance Sheet was as follows:
 

Balance Sheet of Sameer, Yasmin and Saloni

as on 31.3.2016

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

1,10,000

Cash

80,000

General Reserve

60,000

Debtors

90,000

 

Capitals:

 

Less: Provision

10,000

80,000

Sameer

3,00,000

 

Stock

1,00,000

Yasmin

2,50,000

 

Machinery

3,00,000

Saloni

1,50,000

7,00,000

Building

2,00,000

 

 

Patents

60,000

 

 

Profit & Loss A/c

50,000

 

8,70,000

 

8,70,000

 

 

 

 

On the above date, Sameer retired and it agreed that :

(i) Debtors of Rs 4,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.

(ii) An unrecorded creditor of Rs 20,000 will be recorded.

(iii) Patents will be completely written off and 5% depreciation will be charged on stock, machinery and building.

(iv) Yasmin and Saloni will share the future profits in the ratio of 3 : 2.

(v) Goodwill of the firm on Sameer’s retirement was valued at Rs 5,40,000.

Pass necessary journal entries for the above transactions in the books of the firm on Sameer’s retirement.


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CBSE Board Paper 2017



L, M and N were partners in a firm sharing profit in the ratio of 3 : 2 : 1. Their Balance Sheet on 31.3.2015 was as follows :
 

Balance Sheet of L, M and N as on 31.3.2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

1,68,000

Bank

34,000

General Reserve

42,000

Debtors

46,000

Capitals:

 

Stock

2,20,000

  L

1,20,000

 

Investments

60,000

  M

80,000

 

Furniture

20,000

  N

40,000

2,40,000

Machinery

70,000

 

4,50,000

 

4,50,000

 

 

 

 

On the above date O was admitted as a new partner and it was decided that :

(i) The new profit sharing ratio between L, M, N and O will be 2 : 2 : 1 : 1.

(ii) Goodwill of the firm was valued at Rs 1,80,000 and O brought his share of goodwill premium in cash.

(iii) The market value of investments was Rs 36,000.

(iv) Machinery will be reduced to Rs 58,000.

(v) A creditor of Rs 6,000 was not likely to claim the amount and hence to be written-off.

(vi) O will bring proportionate capital so as to give him 1/6th share in the profits of the firm.

Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the New Firm.

                                                                                      Or
J, H and K were partners in a firm sharing profits in the ratio of 5:3:2. On 31-3-2015 their Balance Sheet was as follows:

Balance Sheet of J, H and K

as on 31.3.2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

42,000

Land and Building

2,24,000

Investment-

20,000

Motor Vans

40,000

Fluctuation Fund

 

Investments

38,000

Profit and Loss

80,000

Machinery

24,000

Account

 

Stock

30,000

Capitals:

 

Debtors

80,000

 

J

1,00,000

 

Less: Provision

6,000

74,000

H

80,000

 

 

 

K

40,000

2,20,000

Cash

32,000

 

3,62,000

 

3,62,000

 

 

 

 


On the above data H retires and J and K agreed to continue the business on the following terms:
(i) Goodwill of the firm was valued at Rs 1,02,000.
(ii) There was a claim of Rs 8,000 for workmen’s compensation.
(iii) Provision for bad debts was to be reduced by Rs 2,000.
(iv) H will be paid Rs 14,000 in cash and the balance will be transferred in his loan account which will be paid in four equal yearly installments together with interest @ 10% p.a.
(v) The new profit sharing ratio between J and K will be 3:2 and their capitals will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.
 
Prepare Revaluation Account, Partner’s Capital Accounts and Balance Sheet of the new firm.

View Solution
CBSE Board Paper 2016



P, Q and R were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance Sheet was as follows :
 

Balance Sheet of P, Q and R as on 31-3-2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

2,52,000

Bank

51,000

General Reserve

63,000

Debtors

69,000

Capitals:

 

Stock

3,30,000

  P

1,80,000

 

Investments

90,000

  Q

1,20,000

 

Furniture

30,000

  R

60,000

3,60,000

Machinery

1,05,000

 

6,75,000

 

6,75,000

 

 

 

 


On the above date S was admitted as a new partner and it was decided that :


(i) The new profit sharing ratio between P, Q, R and S will be 2:2:1:1.


(ii) Goodwill of the firm was valued at Rs 2,70,000 and S will bring his share of goodwill premium in cash.


(iii) The market value of investments was Rs 64,000.


(iv) Machinery will be reduced to Rs 87,000.


(v) A creditor of Rs 9,000 was not likely to claim the amount and hence to be written-off.


(vi) S will bring proportionate capital so as to give him 1/6th share in the profits of the firm.


Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of P, Q, R and S.
 

OR


A, B and C were partners in a firm sharing profits in the ratio of 5 : 3 : 2. On 31-3-2015 their Balance Sheet was as follows:
 

Balance Sheet of A, B and C as on 31-3-2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

63,000

Land and Building

1,86,000

Investment

 

Motor Vans

60,000

Fluctuation Fund

30,000

Investments

57,000

P & L Account

1,20,000

Machinery

36,000

Capitals:

 

Stock

45,000

  A

1,50,000

 

Debtors

1,20,000

 

  B

1,20,000

 

  Less: Provision

9,000

1,11,000

  C

60,000

3,30,000

Cash

48,000

 

5,43,000

 

5,43,000

 

 

 

 


On the above date B retired and A and C agreed to continue the business on the following terms :


(1) Goodwill of the firm was valued at Rs 1,53,000.


(2) Provision for bad debts was to be reduced by Rs 3,000.


(3) There was a claim of Rs 12,000 for workmen compensation.


(4) B will be paid Rs 24,600 in cash and the balance will be transferred to his loan account which will be paid in four equal yearly instalments together with interest @ 10% p.a.


(5) The new profit sharing ratio between A and C will be 3:2 and their capital will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.


Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of A and C.


View Solution
CBSE Board Paper 2016



A, B and C were partners in a firm sharing profit in the ratio of 3:2:1. On 31-3-2015 their Balance Sheet was as follows :

Balance Sheet of A, B and C as on 31-3-2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

84,000

Bank

17,000

General Reserve

21,000

Debtors

23,000

Capitals:

 

Stock

1,10,000

  A

60,000

 

Investments

30,000

  B

40,000

 

Furniture & Fittings

10,000

  C

20,000

1,20,000

Machinery

35,000

 

2,25,000

 

2,25,000

 

 

 

 

On the above date D was admitted as a new partner and it was decided that :

(i) The new profit sharing ratio between A, B, C and D will be 2:2:1:1.

(ii) Goodwill of the firm was valued at Rs 90,000 and D brought his share of goodwill premium in cash.

(iii) The market value of investments was Rs 24,000.

(iv) Machinery will be reduced to Rs 29,000.

(v) A creditor of Rs 3,000 was not likely to claim the amount and hence to be written-off.

(vi) D will bring proportionate capital so as to give him 1/6th share in the profits of the firm.

Prepare Revaluation Account, Partner’s Capital Accounts and the Balance Sheet of the reconstitute firm.
 

OR


X, Y and Z were partners in a firm sharing profit’s in the ratio of 5:3:2. On 31-3-2015 their Balance Sheet was as follows:

Balance Sheet of X, Y and Z on 31st March, 2015

Liabilities

Amount

(Rs)

Assets

Amount

(Rs)

Creditors

21,000

Land and Building

62,000

Investment

 

Motor Vans

20,000

Fluctuation Fund

10,000

Investments

19,000

P & L Account

40,000

Machinery

12,000

Capitals:

 

Stock

15,000

  X

50,000

 

Debtors

40,000

 

  Y

40,000

 

  Less: Provision

3,000

37,000

  Z

20,000

1,10,000

Cash

16,000

 

1,81,000

 

1,81,000

 

 

 

 

On the above date Y retired and X and Z agreed to continue the business on the following terms :

(1) Goodwill of the firm was valued at Rs 51,000.

(2) There was a claim of Rs 4,000 for Workmen’s Compensation.

(3) Provision for bad debts was to be reduced by Rs 1,000.

(4) Y will be paid Rs 8,200 in cash and the balance will be transferred in his loan account which will be paid in four equally yearly instalments together with interest @ 10% p.a.

(5) The new profit sharing ratio between X and Z will be 3:2 and their capitals will be in their new profit sharing ratio. The capital adjustments will be done by opening current accounts.

Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the reconstituted firm.


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CBSE Board Paper 2016



Om, Ram and Shanti were partners in a firm sharing profits in the ration of 3 : 2 : 1. On 1st April, 2014 their Balance Sheet was as follows :
 

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital Accounts :

 

Land and Building

3,64,000

Om

3,58,000

 

Plant and Machinery

2,95,000

Ram

3,00,000

 

Furniture

2,33,000

Shanti

2,62,000

9,20,000

Bills Receivable

38,000

General Reserve

48,000

Sundry Debtors

90,000

Creditors

1,60,000

Stock

1,11,000

Bills Payable

90,000

Bank

87,000

 

12,18,000

 

12,18,000

 

 

 

 

On the above date Hanuman was admitted on the following terms:

(i) He will bring Rs 1,00,000 for his capital and will get 1/10th share in the profits.
(ii) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was valued at Rs 3,00,000.
(iii) A liability of Rs 18,000 will be created against bills receivables discounted.
(iv) The value of stock and furniture will be reduced by 20%.
(v) The value of land and building will be increased by 10%.
(vi) Capital accounts of the partners will be adjusted on the basis of Hanuman's capital in their profit sharing ratio by opening current accounts.

Prepare Revaluation Account and Partner's Capital Accounts.

OR


Xavier, Yusuf and Zaman were partners in a firm sharing profits in the ratio of 4 : 3 : 2. On 1.4.2014 their Balance sheet was as follows :

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

41,400

Cash at Bank

33,000

Capital Accounts :

 

Sundry Debtors

30,450

 

Xavier

1,20,000

 

 Less: Prov. for Bad Debts

1,050

29,400

Yusuf

90,000

 

Stock

48,000

Zaman

60,000

2,70,000

Plant and Machinery

51,000

 

 

Land and Building

1,50,000

 

3,11,400

 

3,11,400

 

 

 

 

Yusuf had been suffering from ill health and thus gave notice of retirement from the firm. An agreement was, therefore, entered into as on 1.4.2014, the terms of which were as follows:

(i) That land and building be appreciated by 10%
(ii) The provision for bad debts is no longer necessary.
(iii) That stock be appreciated by 20%
(iv) That goodwill of the firm be fixed at Rs 54,000. Yusuf share of the same be adjusted into Xavier's and Zamna's Capital Accounts, who are going to share future profits in the ratio of 2 : 1.
(v) The entire capital of the newly constituted firm be readjusted by bringing in or paying necessary cash so that the future capitals of Xavier and Zaman will be in their profit sharing ratio.

Prepare Revaluation Account and Partner's Capital Accounts.


View Solution
CBSE Board Paper 2015



Om, Ram and Shanti were partners in a firm sharing profits in the ration of 3 : 2 : 1. On 1st April, 2014 their Balance Sheet was as follows :
 

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital Accounts :

 

Land and Building

3,64,000

Om

3,58,000

 

Plant and Machinery

2,95,000

Ram

3,00,000

 

Furniture

2,33,000

Shanti

2,62,000

9,20,000

Bills Receivable

38,000

General Reserve

48,000

Sundry Debtors

90,000

Creditors

1,60,000

Stock

1,11,000

Bills Payable

90,000

Bank

87,000

 

12,18,000

 

12,18,000

 

 

 

 

On the above date Hanuman was admitted on the following terms:

(i) He will bring Rs 1,00,000 for his capital and will get 1/10th share in the profits.
(ii) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was valued at Rs 3,00,000.
(iii) A liability of Rs 18,000 will be created against bills receivables discounted.
(iv) The value of stock and furniture will be reduced by 20%.
(v) The value of land and building will be increased by 10%.
(vi) Capital accounts of the partners will be adjusted on the basis of Hanuman's capital in their profit sharing ratio by opening current accounts.

Prepare Revaluation Account and Partner's Capital Accounts.

OR


Xavier, Yusuf and Zaman were partners in a firm sharing profits in the ratio of 4 : 3 : 2. On 1.4.2014 their Balance sheet was as follows :

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

41,400

Cash at Bank

33,000

Capital Accounts :

 

Sundry Debtors

30,450

 

Xavier

1,20,000

 

 Less: Prov. for Bad Debts

1,050

29,400

Yusuf

90,000

 

Stock

48,000

Zaman

60,000

2,70,000

Plant and Machinery

51,000

 

 

Land and Building

1,50,000

 

3,11,400

 

3,11,400

 

 

 

 

Yusuf had been suffering from ill health and thus gave notice of retirement from the firm. An agreement was, therefore, entered into as on 1.4.2014, the terms of which were as follows:

(i) That land and building be appreciated by 10%
(ii) The provision for bad debts is no longer necessary.
(iii) That stock be appreciated by 20%
(iv) That goodwill of the firm be fixed at Rs 54,000. Yusuf share of the same be adjusted into Xavier's and Zamna's Capital Accounts, who are going to share future profits in the ratio of 2 : 1.
(v) The entire capital of the newly constituted firm be readjusted by bringing in or paying necessary cash so that the future capitals of Xavier and Zaman will be in their profit sharing ratio.

Prepare Revaluation Account and Partner's Capital Accounts.


View Solution
CBSE Board Paper 2015



Om, Ram and Shanti were partners in a firm sharing profits in the ration of 3 : 2 : 1. On 1st April, 2014 their Balance Sheet was as follows :
 

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital Accounts :

 

Land and Building

3,64,000

Om

3,58,000

 

Plant and Machinery

2,95,000

Ram

3,00,000

 

Furniture

2,33,000

Shanti

2,62,000

9,20,000

Bills Receivable

38,000

General Reserve

48,000

Sundry Debtors

90,000

Creditors

1,60,000

Stock

1,11,000

Bills Payable

90,000

Bank

87,000

 

12,18,000

 

12,18,000

 

 

 

 

On the above date Hanuman was admitted on the following terms:

(i) He will bring Rs 1,00,000 for his capital and will get 1/10th share in the profits.
(ii) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was valued at Rs 3,00,000.
(iii) A liability of Rs 18,000 will be created against bills receivables discounted.
(iv) The value of stock and furniture will be reduced by 20%.
(v) The value of land and building will be increased by 10%.
(vi) Capital accounts of the partners will be adjusted on the basis of Hanuman's capital in their profit sharing ratio by opening current accounts.

Prepare Revaluation Account and Partner's Capital Accounts.

OR


Xavier, Yusuf and Zaman were partners in a firm sharing profits in the ratio of 4 : 3 : 2. On 1.4.2014 their Balance sheet was as follows :

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

41,400

Cash at Bank

33,000

Capital Accounts :

 

Sundry Debtors

30,450

 

Xavier

1,20,000

 

 Less: Prov. for Bad Debts

1,050

29,400

Yusuf

90,000

 

Stock

48,000

Zaman

60,000

2,70,000

Plant and Machinery

51,000

 

 

Land and Building

1,50,000

 

3,11,400

 

3,11,400

 

 

 

 

Yusuf had been suffering from ill health and thus gave notice of retirement from the firm. An agreement was, therefore, entered into as on 1.4.2014, the terms of which were as follows:

(i) That land and building be appreciated by 10%
(ii) The provision for bad debts is no longer necessary.
(iii) That stock be appreciated by 20%
(iv) That goodwill of the firm be fixed at Rs 54,000. Yusuf share of the same be adjusted into Xavier's and Zamna's Capital Accounts, who are going to share future profits in the ratio of 2 : 1.
(v) The entire capital of the newly constituted firm be readjusted by bringing in or paying necessary cash so that the future capitals of Xavier and Zaman will be in their profit sharing ratio.

Prepare Revaluation Account and Partner's Capital Accounts.


View Solution
CBSE Board Paper 2015



Charu and Harsha were partners in a firm sharing profits in the ratio of 3 : 2. On 1-4-2014 their Balance Sheet was as follows :
 

Balance Sheet of Charu and Harsha as on 1-4-2014

Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

17,000

Cash

6,000

General Reserve

4,000

Debtors

15,000

Workmen Compensation Fund

9,000

Investments

20,000

Investment Fluctuation Fund

11,000

Plant

14,000

Provision for bad debts

2,000

Land and Building

38,000

Capitals :

 

 

 

Charu

30,000

 

 

 

Harsha

20,000

50,000

 

 

 

93,000

 

93,000

 

 

 

 


On the above date Vaishali was admitted for 1/4th share in the profits of the firm on the following terms :

(a) Vaishali will bring Rs 20,000 for her capital and Rs 4,000 for her share of goodwill premium.
(b) All debtors were considered good.
(c) The market value of investments was Rs 15,000.
(d) There was a liability of Rs 6,000 for workmen compensation.
(e) Capital accounts of Charu and Harsha are to be adjusted on the basis of Vaishali's capital by opening current accounts.

Prepare Revaluation Account and Partners' Capital Accounts.

                                                                                         OR

Amit, Balan and Chander were partners in a firm sharing profits in the proportion of 12,13and 16respectively. Chander retired on 1-4-2014. The Balance Sheet of the firm on the date of Chander's retirement was as follows :

Balance Sheet of Amit, Balan and Chander as on 1-4-2014

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

12,600

Bank

4,100

Provident Fund

3,000

Debtors

30,000

 

General Reserve

9,000

Less : Provision

1,000

29,000

Capitals :

 

Stock

25,000

Amit

40,000

 

Investments

10,000

Balan

36,500

 

Patents

5,000

Chander

2,000

96,500

Machinery

48,000

 

1,21,100

 

1,21,100

 

 

 

 

It was agreed that :
(a) Goodwill will be valued at Rs 27,000.
(b) Depreciation of 10% was to be provided on machinery.
(c) Patents were to be reduced by 20%.
(d) Liability on account of Provident Fund was estimated at Rs 2,400.
(e) Chander took over investments for Rs 15,800.
(f) Amit and Balan decided to adjust their capitals in proportion of their profit sharing ratio by opening current accounts.

Prepare Revaluation Account and Partners' Capital Accounts on Chander's retirement.

 


View Solution
CBSE Board Paper 2015



Charu and Harsha were partners in a firm sharing profits in the ratio of 3 : 2. On 1-4-2014 their Balance Sheet was as follows :
 

Balance Sheet of Charu and Harsha as on 1-4-2014

Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

17,000

Cash

6,000

General Reserve

4,000

Debtors

15,000

Workmen Compensation Fund

9,000

Investments

20,000

Investment Fluctuation Fund

11,000

Plant

14,000

Provision for bad debts

2,000

Land and Building

38,000

Capitals :

 

 

 

Charu

30,000

 

 

 

Harsha

20,000

50,000

 

 

 

93,000

 

93,000

 

 

 

 


On the above date Vaishali was admitted for 1/4th share in the profits of the firm on the following terms :

(a) Vaishali will bring Rs 20,000 for her capital and Rs 4,000 for her share of goodwill premium.
(b) All debtors were considered good.
(c) The market value of investments was Rs 15,000.
(d) There was a liability of Rs 6,000 for workmen compensation.
(e) Capital accounts of Charu and Harsha are to be adjusted on the basis of Vaishali's capital by opening current accounts.

Prepare Revaluation Account and Partners' Capital Accounts.

                                                                                         OR

Amit, Balan and Chander were partners in a firm sharing profits in the proportion of 12,13and 16respectively. Chander retired on 1-4-2014. The Balance Sheet of the firm on the date of Chander's retirement was as follows :

Balance Sheet of Amit, Balan and Chander as on 1-4-2014

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

12,600

Bank

4,100

Provident Fund

3,000

Debtors

30,000

 

General Reserve

9,000

Less : Provision

1,000

29,000

Capitals :

 

Stock

25,000

Amit

40,000

 

Investments

10,000

Balan

36,500

 

Patents

5,000

Chander

2,000

96,500

Machinery

48,000

 

1,21,100

 

1,21,100

 

 

 

 

It was agreed that :
(a) Goodwill will be valued at Rs 27,000.
(b) Depreciation of 10% was to be provided on machinery.
(c) Patents were to be reduced by 20%.
(d) Liability on account of Provident Fund was estimated at Rs 2,400.
(e) Chander took over investments for Rs 15,800.
(f) Amit and Balan decided to adjust their capitals in proportion of their profit sharing ratio by opening current accounts.

Prepare Revaluation Account and Partners' Capital Accounts on Chander's retirement.

 


View Solution
CBSE Board Paper 2015



Charu and Harsha were partners in a firm sharing profits in the ratio of 3 : 2. On 1-4-2014 their Balance Sheet was as follows :
 

Balance Sheet of Charu and Harsha as on 1-4-2014

Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

17,000

Cash

6,000

General Reserve

4,000

Debtors

15,000

Workmen Compensation Fund

9,000

Investments

20,000

Investment Fluctuation Fund

11,000

Plant

14,000

Provision for bad debts

2,000

Land and Building

38,000

Capitals :

 

 

 

Charu

30,000

 

 

 

Harsha

20,000

50,000

 

 

 

93,000

 

93,000

 

 

 

 


On the above date Vaishali was admitted for 1/4th share in the profits of the firm on the following terms :

(a) Vaishali will bring Rs 20,000 for her capital and Rs 4,000 for her share of goodwill premium.
(b) All debtors were considered good.
(c) The market value of investments was Rs 15,000.
(d) There was a liability of Rs 6,000 for workmen compensation.
(e) Capital accounts of Charu and Harsha are to be adjusted on the basis of Vaishali's capital by opening current accounts.

Prepare Revaluation Account and Partners' Capital Accounts.

                                                                                         OR

Amit, Balan and Chander were partners in a firm sharing profits in the proportion of 12,13and 16respectively. Chander retired on 1-4-2014. The Balance Sheet of the firm on the date of Chander's retirement was as follows :

Balance Sheet of Amit, Balan and Chander as on 1-4-2014

Liabilities

Amount

Rs

Assets

Amount

Rs

Sundry Creditors

12,600

Bank

4,100

Provident Fund

3,000

Debtors

30,000

 

General Reserve

9,000

Less : Provision

1,000

29,000

Capitals :

 

Stock

25,000

Amit

40,000

 

Investments

10,000

Balan

36,500

 

Patents

5,000

Chander

2,000

96,500

Machinery

48,000

 

1,21,100

 

1,21,100

 

 

 

 

It was agreed that :
(a) Goodwill will be valued at Rs 27,000.
(b) Depreciation of 10% was to be provided on machinery.
(c) Patents were to be reduced by 20%.
(d) Liability on account of Provident Fund was estimated at Rs 2,400.
(e) Chander took over investments for Rs 15,800.
(f) Amit and Balan decided to adjust their capitals in proportion of their profit sharing ratio by opening current accounts.

Prepare Revaluation Account and Partners' Capital Accounts on Chander's retirement.

 


View Solution
CBSE Board Paper 2015



A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 1.4.2014 their Balance Sheet was as follows :

Liabilities Amount Rs Assets Amount
Rs
Creditors 25,200 Bank 8,200
Provident Fund 3,000 Debtors 60,000  
General Reserve 21,000   Less: Provision 2,000 58,000
Capital Accounts :   Stock 50,000
   A 80,000   Investments 20,000
   B 73,000   Patents 10,000
   C 40,000 1,93,000 Machinery 96,000
  2,42,200   2,42,200
       

On the above date C retired. It was agreed that :

(i) Goodwill of the firm be valued at Rs 5,400.

(ii) Depreciation of 10% was to be provided on machinery.

(iii) Patents were to be reduced by 20%.

(iv) Liability on account of Provident Fund was estimated at Rs 2,500.

(v) C took over investments for Rs 31,700.

(vi) A and B decided to adjust their capitals in proportion to their profit sharing ratio. For this purpose current accounts were opened.

Prepare Revaluation Account and Partners' Capital Accounts on C's retirement.

OR

O, R and S were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 1.4.2014 their Balance Sheet was as follows :

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital Accounts :

 

R’s Current Account

7,000

O

1,75,000

 

Land and Building

1,75,000

R

1,50,000

 

Plant and Machinery

67,500

S

1,25,000

4,50,000

Furniture

80,000

Current Accounts :

 

Investment

36,500

O

4,000

 

Bills Receivable

17,000

S

6,000

10,000

Sundry Debtors

43,500

General Reserve

15,000

Stock

1,37,000

Profit and Loss Accounts

7,000

Bank

43,500

Creditors

80,000

 

 

Bills Payable

45,000

 

 

 

6,07,000

 

6,07,000

 

 

 

 


On the above date, H was admitted on the following terms :
(i) H will bring Rs 50,000 as his capital and will get 1/6th share in the profits.
(ii) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was valued at Rs 90,000.
(iii) The new profits sharing ratio will be 2 : 2 : 1 : 1.
(iv) A liability of Rs 7,004 will be created against bills receivables discounted.
(v) The value of stock, furniture and investments is reduced by 20% whereas the value of land and building and plant and machinery will be appreciated by 20% and 10% respectively.
(vi) The Capital accounts of the partners will be adjusted on the basis of H's Capital through their current accounts.

Prepare Revaluation Account and Partner's Current Accounts and Capital Accounts.


View Solution
CBSE Board Paper 2015



A, B and C were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 1.4.2014 their Balance Sheet was as follows :

Liabilities Amount Rs Assets Amount
Rs
Creditors 25,200 Bank 8,200
Provident Fund 3,000 Debtors 60,000  
General Reserve 21,000   Less: Provision 2,000 58,000
Capital Accounts :   Stock 50,000
   A 80,000   Investments 20,000
   B 73,000   Patents 10,000
   C 40,000 1,93,000 Machinery 96,000
  2,42,200   2,42,200
       

On the above date C retired. It was agreed that :

(i) Goodwill of the firm be valued at Rs 5,400.

(ii) Depreciation of 10% was to be provided on machinery.

(iii) Patents were to be reduced by 20%.

(iv) Liability on account of Provident Fund was estimated at Rs 2,500.

(v) C took over investments for Rs 31,700.

(vi) A and B decided to adjust their capitals in proportion to their profit sharing ratio. For this purpose current accounts were opened.

Prepare Revaluation Account and Partners' Capital Accounts on C's retirement.

OR

O, R and S were partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 1.4.2014 their Balance Sheet was as follows :

Liabilities

Amount

Rs

Assets

Amount

Rs

Capital Accounts :

 

R’s Current Account

7,000

O

1,75,000

 

Land and Building

1,75,000

R

1,50,000

 

Plant and Machinery

67,500

S

1,25,000

4,50,000

Furniture

80,000

Current Accounts :

 

Investment

36,500

O

4,000

 

Bills Receivable

17,000

S

6,000

10,000

Sundry Debtors

43,500

General Reserve

15,000

Stock

1,37,000

Profit and Loss Accounts

7,000

Bank

43,500

Creditors

80,000

 

 

Bills Payable

45,000

 

 

 

6,07,000

 

6,07,000

 

 

 

 


On the above date, H was admitted on the following terms :
(i) H will bring Rs 50,000 as his capital and will get 1/6th share in the profits.
(ii) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was valued at Rs 90,000.
(iii) The new profits sharing ratio will be 2 : 2 : 1 : 1.
(iv) A liability of Rs 7,004 will be created against bills receivables discounted.
(v) The value of stock, furniture and investments is reduced by 20% whereas the value of land and building and plant and machinery will be appreciated by 20% and 10% respectively.
(vi) The Capital accounts of the partners will be adjusted on the basis of H's Capital through their current accounts.

Prepare Revaluation Account and Partner's Current Accounts and Capital Accounts.


View Solution
CBSE Board Paper 2015



Mohan and Mahesh were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2012 they admitted Nusrat as a partner in the firm. The Balance Sheet of Mohan and Mahesh on that date was as under :

Balance Sheet of Mohan and Mahesh as on 1st April, 2012

Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

2,10,000

Cash in hand

1,40,000

Workmen's Compensation Fund

2,50,000

Debtors

1,60,000

General Reserve

1,60,000

Stock

1,20,000

Capitals:

 

Machinery

1,00,000

Mohan

1,00,000

 

Building

2,80,000

Mahesh

80,000

1,80,000

 

 

 

8,00,000

 

8,00,000

 

 

 

 


It was agreed that:

(i) The value of Building and Stock be appreciated to Rs 3,80,000 and Rs 1,60,000 respectively.
(ii)The liabilities of workmen's compensation fund was determined at Rs 2,30,000.
(iii) Nusrat brought in her share of goodwill Rs 1,00,000 in cash.
(iv) Nusrat was to bring further cash as would make her capital equal to 20% of the combined capital of Mohan and Mahesh after above revaluation and adjustments are carried out.
(v) The future profit sharing ratio will be Mohan 2th5, Mahesh 2th5, Nusrat 1th5.


Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the new firm. Also show clearly the calculation of Capital brough by Nusrat.
 

OR


Kushal Kumar and Kavita were partners in a firm sharing profits in the ratio of 3 : 1 : 1.
On 1st April, 2012 their Balance Sheet was as follows :

Balance Sheet of Kushal, Kumar and Kavita as on 1st April, 2012

Liabilities

Amount

Rs

Assets

Amount

Rs

Creditors

1,20,000

Cash

70,000

Bills Payable

1,80,000

Debtors

2,00,000

 

General Reserve

1,20,000

Less: Provision

10,000

1,90,000

Capitals:

 

Stock

2,20,000

Kushal

3,00,000

 

Furniture

1,20,000

Kumar

2,80,000

 

Building

3,00,000

Kavita

3,00,000

8,80,000

Land

4,00,000

 

13,00,000

 

13,00,000

 

 

 

 


On the above date Kavita retired and the following was agreed :

(i) Goodwill of the firm was valued at Rs 40,000.
(ii) Land was to be appreciated by 30% and building was to be depreciated by Rs 1,00,000.
(iii) Value of furniture was to be reduced by Rs 20,000.
(iv) Bad debts reserve is to be increased to Rs 15,000.
(v) 10% of the amount payable to Kavita was paid in cash and the balance was transferred to her Loan Account.
(vi) Capitals of Kushal and Kumar will be in proportion to their new profit sharing ratio. The surplus/deficit, if any in their Capital Accounts will be adjusted through Current Accounts.


Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of Kushal and Kumar after Kavita's retirement.


View Solution
CBSE Board Paper 2014



Shikhar and Rohit were partners in a firm sharing profits in the ratio of 7 : 3. On 1st April, 2013 they admitted Kavi as a new partner for 1/4 share in profits of the firm. Kavi brought Rs 4,30,000 as his capital and Rs 25,000 for his share of goodwill premium. The Balance Sheet of Shikhar and Rohit as on 1st April, 2013 was as follows :

Balance Sheet of Shikhar and Rohit as on 1st April, 2013

Liabilities

Amount

Rs

Assets

Amount

Rs

Capitals:

 

Land and Building

3,50,000

Shikhar

8,00,000

 

Machinery

4,50,000

Rohit

3,50,000

11,50,000

Debtors

2,20,000

 

General Reserve

1,00,000

Less: provision

20,000

2,00,000

Workmen’s Compensation Fund

1,00,000

Stock

3,50,000

Creditors

1,50,000

Cash

1,50,000

 

15,00,000

 

15,00,000

 

 

 

 


It was agreed that
(i) the value of Land and Building will be appreciated by 20%.
(ii) the value of Machinery will be depreciated by 10%.
(iii) the liabilities of Workmen's Compensation Fund was determined at Rs 50,000.
(iv) capitals of Shikhar and Rohit will be adjusted on the basis of Kavi's capital and actual cash to be brought in or to be paid off as the case may be.

Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.
 

OR


L, M and N were partners in a firm sharing profits in the ratio of 2 : 1 : 1. On 1st April, 2013 their Balance Sheet was follows :

Balance Sheet of L, M and N as on 1st April, 2013

Liabilities

Amount

Rs

Assets

Amount

Rs

Capitals:

 

Land

8,00,000

L

6,00,000

 

Building

6,00,000

M

4,80,000

 

Furniture

2,40,000

N

4,80,000

15,60,000

Debtors

4,00,000

 

General Reserve

4,40,000

Less: provision

20,000

3,80,000

Workmen’s Compensation Fund

3,60,000

Stock

4,40,000

Creditors

2,40,000

Cash

1,40,000

 

26,00,000

 

26,00,000

 

 

 

 


On the above date N retired.

The following were agreed :
(i) Goodwill of the firm was valued at Rs 6,00,000.
(ii) Land was to be appreciated by 40% and Building was to be depreciated by Rs 1,00,000.
(iii) Furniture was to be depreciated by Rs 30,000.
(iv) The liabilities for Workmen's Compensation Fund was determined at Rs 1,60,000.
(v) Amount payable to N was transferred to his loan account.
(vi) Capitals of L and M were to be adjusted in their new profit sharing ratio and for this purpose current accounts of the partners will be opened.
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.


View Solution
CBSE Board Paper 2014



Shikhar and Rohit were partners in a firm sharing profits in the ratio of 7 : 3. On 1st April, 2013 they admitted Kavi as a new partner for 1/4 share in profits of the firm. Kavi brought Rs 4,30,000 as his capital and Rs 25,000 for his share of goodwill premium. The Balance Sheet of Shikhar and Rohit as on 1st April, 2013 was as follows :

Balance Sheet of Shikhar and Rohit as on 1st April, 2013

Liabilities

Amount

Rs

Assets

Amount

Rs

Capitals:

 

Land and Building

3,50,000

Shikhar

8,00,000

 

Machinery

4,50,000

Rohit

3,50,000

11,50,000

Debtors

2,20,000

 

General Reserve

1,00,000

Less: provision

20,000

2,00,000

Workmen’s Compensation Fund

1,00,000

Stock

3,50,000

Creditors

1,50,000

Cash

1,50,000

 

15,00,000

 

15,00,000

 

 

 

 


It was agreed that
(i) the value of Land and Building will be appreciated by 20%.
(ii) the value of Machinery will be depreciated by 10%.
(iii) the liabilities of Workmen's Compensation Fund was determined at Rs 50,000.
(iv) capitals of Shikhar and Rohit will be adjusted on the basis of Kavi's capital and actual cash to be brought in or to be paid off as the case may be.

Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.
 
OR


L, M and N were partners in a firm sharing profits in the ratio of 2 : 1 : 1. On 1st April, 2013 their Balance Sheet was follows :

Balance Sheet of L, M and N as on 1st April, 2013

Liabilities

Amount

Rs

Assets

Amount

Rs

Capitals:

 

Land

8,00,000

L

6,00,000

 

Building

6,00,000

M

4,80,000

 

Furniture

2,40,000

N

4,80,000

15,60,000

Debtors

4,00,000

 

General Reserve

4,40,000