N, S and B were partners in a firm sharing profits and losses in proportion of 1/2, 1/6 and 1/3 respectively. The Balance Sheet of the firm as at 31st March, 2017 was as follows:
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Amit, Balan and Chander were partners in a firm sharing profits in the proportion of 1/2, 1/3 and 1/6 respectively. Chander retired on 1st April, 2014. The Balance Sheet of the firm on the date of Chander’s retirement was as follows:
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X, Y and Z were in partnership sharing profits in proportion to their capitals. Their Balance Sheet as on 31st March, 2018 was as follows:
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On 31st March, 2023, the Balance Sheet of A, B and C who were sharing profits and losses in proportion to their capitals stood as:
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Lisa, Monika and Nisha were partners in a firm sharing profits and losses in the ratio of 2 : 2 : 1. On 31st March, 2019, their Balance Sheet was as follows:
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X, Y and Z are partners in a firm sharing profits in the ratio of 3 : 2 : 1. On 1st April, 2009, Y retires from the firm. X and Z agree that the capital of the new firm shall be fixed at ₹ 2,10,000 in the profit sharing ratio. The Capital Accounts of X and Z after all adjustments on the date of retirement showed balance of ₹ 1,45,000 and ₹ 63,000 respectively. State the amount of actual cash to be brought in or to be paid to the partners. [Ans.: New Capitals: X – ₹ 1,57,000; Z – ₹ 52,500: Cash brought in by X – ₹ 12,500; Cash withdrawn by Z – ₹ 10,500.]
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Harish, Paresh and Mahesh were three partners sharing profits and losses in the ratio of 5 : 4 : 1. Paresh retired on 31st March, 2022. His capital as on 1st April, 2021, was ₹ 80,000. During the year 2021-22, he withdrew ₹ 5,000. He was to be charged interest of ₹ 100 on drawings. The Partnership Deed provides that on the retirement of a partner, he will be entitled to: i) His share of capital. ii) Interest on capital @ 10% per annum. iii) His share of profit in the year of retirement. iv) His share of goodwill of the firm. v) His share in the profit/loss on revaluation of assets and liabilities. Additional Information: a) Paresh’s share in the profit of the firm for the year 2021-22 was ₹ 20,000. b) Goodwill of the firm was valued at ₹ 24,000. c) The firm incurred loss of ₹ 12,000 on the revaluation of assets and liabilities. d) Paresh was to be paid ₹ 7,700 in cash and the balance was to be transferred to his loan account bearing interest @ 6% p.a. Loan was to be repaid in two equal annual installments, the first installment to be paid on 31st March 2023. You are required to prepare: (i) Paresh’s Capital Account. (ii) Paresh’s Loan Account till it is finally closed. [Ans.: Paresh’s Loan – ₹ 1,00,000]
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Ram, Manohar and Joshi were partners in a firm. Manohar retired and his claim including his capital and share of goodwill was ₹ 1,80,000
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Rakesh retired from the firm. The amount due to his was determined at ₹ 90,000. It was decided to pay the due amount as follows: On the date of retirement – ₹ 30,000 Balance in three yearly instalments – First two instalments being of ₹ 26,000, including interest; and Balance amount as last instalment. Interest was payable @ 10% p.a. Prepare Retiring Partner’s Loan Account. [Ans.: Interest payable at the end ofyear 1 – ₹ 6,000; Year 2 – ₹ 4,000; Year 3 – ₹ 1,800; Last instalment – ₹ 19,800.]
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Ashok, Bhaskar and Chaman were in partnership sharing profits and losses equally. ‘Bhaskar’ retires from the firm. After adjustments, his Capital Account shows a credit balance of ₹ 3,00,000 as on 1st April, 2019. Balance due to ‘Bhaskar’ is to be paid in three equal annual instalments along with interest @ 10% p.a. Prepare Bhaskar’s Loan Account until he is paid the amount due to him. The firm closes its books on 31st March every year.
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