InterviewSolution
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Following is the Balance Sheet of A and B, who shared Profits and Losses in the ratio of 2 : 1 , as at 1st April, 2018: On the above date , the partners changed their profit-sharing ratio to 3 : 2 . For this purpose, the goodwill of the firm was valued at ₹ 3,00,000 . The partners also agreed for the following: (a) The value of Land and Building will be ₹ 5,00,000; (b) Reserve is to be maintained at ₹ 3,00,000. (c) The total capital of the partners in the new firm will be ₹ 6,00,000, which will be shared by the partners in their new profit-sharing ratio. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm. |
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Answer» AS BRAINLIST PLZ ❇️❣️❇️❣️❇️❣️❇️❣️❇️❣️❇️❣️❇️Revaluation A/c❇️➡️Particulars Amt. Particulars Amt.To Partner's Capital A/c: 210000 By LAND and Bldg A/c 210000A -140000 B- 70000 210000 210000➡️Partner's Capital A/c➡️Particulars A B Particulars A B➡️To Reserve A/c 180000 120000 By BAL b/d 300000 200000➡️To A's Capital A/c 20000 By Revaluation A/c 140000 70000➡️To Cash A/c 20000 By Reserve A/c 100000 50000✴️➡️To Bal c/d 360000 240000 By B's Capital A/c (GOODWILL) 20000 ❇️➡️By Cash A/c 60000➡️560000 380000 560000 380000❇️Balance SheetLiabilities Amount Assets AmountCapital A/cs:A - 360000B - 240000 600000 Land and Building 500000Reserves 300000 FURINITURE 80000Creditors 200000 Stock 240000Debtor 150000Cash 70000Bank 600001100000 1100000Workings:A's sacrificing ratio: 3/5 - 2/3 = (1/15) |
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