Raman and Rohit were partners in a firm sharing profits and losses in the ratio 0f 2 : 1. On 31st March, 2018, their Balance Sheet was as follows:
Raman and Rohit were partners in a firm sharing profits and losses in the ratio 0f 2 : 1. On 31st March, 2018, their Balance Sheet was as follows:
| Liabilities | ₹ | Assets | ₹ | |
| Capitals:
Raman Rohit Workmen Compensation Fund Creditors |
1,40,000 1,00,000 40,000 1,60,000 |
Plant and Machinery
Furniture and Fixtures stock Debtors Bank Balance |
1,10,000
|
1,75,000 65,000 47,000 1,03,000 50,000 |
| 4,40,000 | Â 4,40,000 |
On the above date, Saloni was admitted in the partnership firm. Raman surrendered 2//5th of his share and Rohit surrendered 1/5th of his share in favour of saloni. It was agreed that:
i) Plant and machinery will be reduced by ₹ 35,000 and furniture and fixtures will be reduced to ₹ 58,500.
ii) Provision for bad and doubtful debts will be increased by ₹ 3,000.
iii) A claim for ₹ 16,000 for workmen’s Compensation was admitted.
iv) A liability of ₹ 2,500 included in creditors is not likely to arise.
v) Saloni will bring ₹ 42,000 as her share of goodwill premium and proportionate capital.
Prepare Revaluation Account, partner’s Capital Accounts and Balance Sheet of the reconstituted firm.
[Ans: Loss on Revaluation = ₹ 42,000; Partner’s Capital Accounts: Raman – ₹ 1,61,600; Rohit – ₹ 1,02,400; Saloni – ₹ 1,32,000; Balance Sheet total – ₹ 5,69,500.]
Anurag Pathak Changed status to publish May 29, 2023
