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UULIOL ULI UWOS 5,000 15,000 86. X and Y are partners sharing profits in the ratio of 2:1. Their Balance sheet asut JIJ Liabilities Assets Sundry Creditors 25,000 Cash/Bank General Reserve 18,000 Sundry Debtors Capital A/cs: Stock 75,000 Investments 62,000 1,37,000 Printer Fixed Assets 1,80,000 10,000 8,000 5,000 1,37,000 1,80,000 They admit Z into partnership on the same date on the following terms: (a) Z brings in 40,000 as his capital and he is given 1/4th share in profits. (b) Z brings in 15,000 for goodwill, half of which is withdrawn by old partners. (c) Investments are valued at * 10,000. X takes over Investments at this value. (d) Printer is to be reduced (depreciated) by 20% and Fixed Assets by 10%. (e) An unrecorded stock of Stationery on 31st March, 2019 is * 1,000. (f) By bringing in or withdrawing cash, the Capitals of X and Y are to be made proportionate to that of Z on their profit-sharing basis. Pass Journal entries, prepare Revaluation Account, Capital Accounts and new Balance Sheet of the form

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Q1
X and Y are partners sharing profits in the ratio of 2 : 1. Their Balance Sheet as at 31st March, 2019 was:
Liabilities ₹ Assets ₹
Sundry Creditors 25,000 Cash/Bank 5,000
General Reserve 18,000 Sundry Debtors 15,000
Capital A/cs: Stock 10,000
X 75,000 Investments 8,000
Y 62,000 1,37,000 Printer 5,000
Fixed Assets 1,37,000
1,80,000 1,80,000

They admit Z into partnership on the same date on the following terms:
(a) Z brings in ₹ 40,000 as his capital and he is given 1/4th share in profits.
(b) Z brings in ₹ 15,000 for goodwill, half of which is withdrawn by old partners.
(c) Investments are valued at ₹ 10,000. X takes over Investments at this value.
(d) Printer is to be reduced (depreciated) by 20% and Fixed Assets by 10%.
(e) An unrecorded stock of Stationery on 31st March, 2019 is ₹ 1,000.
(f) By bringing in or withdrawing cash, the Capitals of X and Y are to be made proportionate to that of Z on their profit-sharing basis.
Pass Journal entries, prepare Revaluation Account, Capital Accounts and new Balance Sheet of the firm.
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Q2
X and Y are partners sharing profits in the ratio of 2 : 1 . Their Balance Sheet as at 31st March, 2018 was:

Liabilities

₹

Assets

₹

Sundry Creditors

25,000

Cash/Bank

5,000
General Reserve 18,000 Sundry Debtors 15,000
Capital A/cs: Stock 10,000

X

75,000

Investments

8,000

Y

62,000

1,37,000

Typewriter

5,000

Fixed Assets

1,37,000

1,80,000

1,80,000

They admit Z into partnership on the same date on the following terms;
(a) Z brings in ₹ 40,000 as his capital and he is given 1/4th share in profits.
(b) Z brings in ₹ 15,000 for goodwill, half of which is withdrawn by old partners .
(c) Investments are valued at ₹ 10,000 . X takes over Investments at this value.
(d) Typewriter is to be depreciated by 20% and Fixed Assets by 10%.
(e) An unrecorded stock of Stationery on 31st March,2018 is ₹ 1,000.
(f) By bringing in r withdrawing cash , the Capitals of X and Y are to be made proportionate to that of Z on their profit-sharing basis.
Pass journal entries , prepare Revaluation Account , Capital Accounts and new Balance Sheet of the firm.
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Q3
Q. The following is the Balance Sheet of A & B as on 01-01-09. On which date they agrees to admit C as a partner for the 4th share in future profit.

Liabilities Amount in Rs. Assets Amount in Rs.

Sundry creditors 30,000 Cash at bank 20,000
General Reserve 6,000 Sundry Debtors 10,000
Capital Furniture and fixture 5,000
A 15,000 Land and building 26,000
B 10,000

Total 61,000 Total 61,000


The following terms are as follows :

1. C should bring Rs. 10,000 as his capital and goodwill for Rs. 5,000
2. Furniture and fixture should be depreciated by 5%
3. Land and building should be written up by 10% .

You are required to give journal entries , relevant leder account & Balance Sheet of A, B and C.
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Q4
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Q.17 The Balance Sheet of Q and R who share profit in the ratio of 3 : 1 as 31st March 2015 was as follows.
Liabilities Rs. Assets Rs.
Bills payable
Sundry creditors
General reserve
Investment fluctuation fund
Q's Capital
R's capital		 20,000
21,000
4,000
5,000
30,000
16,200		 Cash
Debtors
Bills Receivable
Stock
Investments
Furniture
Land and Buildings
Goodwill
Profit and Loss A/c
Deferred Revenue Expenditure		 10,200
10,000
3,000
20,000
15,000
1,000
25,000
4,000
4,000
4,000
96,200 96,200

On 1st April 2015 S was admitted into partnership on the following terms:
(i) S pays 10,000 as his capital for one fifth share
(ii) S pays 5,000 as goodwill and Q and R withdrew half of this sum.
(iii) Stock and Furniture appreciated by 10% land and building appreciated by 10,000, investments were to be reduced by 7,500.
(iv) An item of 250 included in Sundry Creditors is not likely to be claimed and hence written back.
(v) Capitals of Q and R to be adjusted taking S's capital as the base and all adjustments to be made through cash.
Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of the new firm as on 1st April 2015.
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Q5

A, B and C are partners in a firm sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as at 31st March, 2018 is as follows:

LiabilitiesAmount AssetsAmount(Rs) (Rs) Sundry Creditors36,000Cash14,000Bank Overdraft20,000Sundry Debtors 50,000Reserve15,000(-) Provision 2,500––––––47,500Capital A/c:Stock60,000 A60,000Patents6,000 B60,000Fixed Assets98,500 C50,000Goodwill15,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,41,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,41,000

On 1st April, 2018 they admitted D into the firm with 1/4th share in profits, which he gets 1/8th from A and 1/8th from B. Other terms of agreement are as under:

(i) D will introduce Rs 60,000 as his capital and pay Rs 18,000 as his share of goodwill.

(ii) 10% of reserve is to remain as a provision against bad and doubtful debts.

(iii) A liability to the extent of Rs 1,000 be created in respect of a claim for damages against the firm.

(iv) An item of Rs 4,000 included in sundry creditors in snot likely to be claimed.

(v) Stock is to be reduced by 30% and patents to be written off in full.

After making the above adjustments the capital accounts of the old partners be adjusted on the basis of D's capital to his share in the business i.e., actual cash to be paid off or brought in by, the old partners as the case may be. Prepare Partner's Capital Accounts and the Balance Sheet of the new firm.

OR

The Balance sheet of A,B and C who were sharing profits in the ratio of 5:3:2 is given below as at March 31,2013.

BALANCE SHEET OF A,B AND C
as at March 31, 2003
LiabilitiesAmount AssetsAmount(Rs) (Rs) Capital A/cPlant and Machinery4,65,000 A7,20,000Building3,80,000 B4,15,000 Stock1,85,000 C3,45,000Sundry Debtors1,72,000Outstanding Expenses16,000Land4,00,000Sundry Creditors1,24,000Cash in Hand1,21,000Reserve Fund1,80,000Furniture and Fitting77,00018,00,00018,00,000

B dies on 1st June and the following adjustments are agreed upon:

(i) Stock was valued at Rs 1,72,000.

(ii) Furniture and fitting were under valued by Rs 13,000.

(iii) An amount of Rs 10,000 is to be made as a provision for debts.

(iv) Goodwill of the firm was valued at Rs 1,80,000 but it was decided not to show goodwill in the books of accounts.

(v) His executor was paid Rs 40,000 immediately and the balance will be transferred to loan account.

(vi) His share of profit till the date of death will be calculated on the basis of profits of last 4 years which were Rs 36,000.

(vii) A and C were to share future profits in the ratio of 3:2.

Prepare Revaluation Acoount and Capital Account.

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