Ganga, Yamuna are partners sharing profits and losses in 3:2 respectively. Their position on 31. 3. 2013.

Ganga, Yamuna are partners sharing profits and losses in 3:2 respectively.
Their position on 31. 3. 2013.  [10 Marks]
Balance sheet as on 31.03.2013

Liabilities
Amount
Assets
Amount
Capital A/c

Building
100000
Ganga
100000
Furniture
10000
Yamuna
75000
Stock
31000
Creditors
10000
Debtors  50000

Bills Payable
5000
Less: R.D.D.  -1000
49000
General Reserve
15000
Bank
15000





205000

205000

On 1st April, 2013, they admitted Saraswati on the following terms:

(1) Saraswati should bring in cash Rs. 1,00,000 as capital for 1/5 share in future profit and Rs. 25,000, as goodwill.

(2) Building should be revalued for Rs. 1,25,000.

(3) Depreciate Furniture at 12 1/2 % p.a. And stock at 10%.

(4) R.D.D. should be maintained as it is.

(5) The capital accounts of partners should be adjusted in their new profit sharing ratio through bank account.

Prepare: (1) Profit and loss adjustment account. (2) Capital Account. (3) Balance sheet of new firm.

Solution: In the books of the Ganga, Yamuna and Saraswati.

Profit and Loss Adjustment Account.


Particulars
Amount
Amount
Particulars
Amount
Amount
To Furniture A/c

1250
By Building A/c

25000
To Stock A/c

3100



To Profit on Revaluation Transferred to Partnes Capital A/c





Ganga’s Capital A/c
12390




Yamuna’s Capital A/c
8260
20650





25000


25000

Partners’ Capital A/c

Particulars
Ganga
Yamuna
Saraswati
Particulars
Ganga
Yamuna
Saraswati




By Balance b/d
100000
75000





By General Reserve A/c
9000
6000





By Bank A/c
-
-
100000




By Goodwill A/c
15000
10000
-




By P/L Adj. A/c
12390
8260
-
To Balance C/d
240000
160000
100000
By Bank A/c
103610
60740










240000
16000
100000

24000
16000
100000


Balance Sheet as on 1st April, 2013.

Liabilities
Amount
Amount
Assets
Amount
Amount
Capitals:


Building
100000

Ganga
240000

Add: Appreciation
25000
125000
Yamuna
160000

Furniture
10000

Saraswati
100000
500000
Less: Depreciation
1250
8750
Creditors

10000
Stock
31000

Bills Payable

5000
Less: Written off
3100
27900



Debtors
50000




Less: R.D.D.
1000
49000



Bank

304350








515000


515000

20 comments:

Unknown said...

Goodwill a/c and bank account send plZ

Unknown said...

Send me the goodwill a/c

Unknown said...

Please show once bank account cuz Iam confused


Unknown said...

Plzz send goodwill a/c and bank
a/c

esha said...
This comment has been removed by the author.
Unknown said...

Plz show the calculation of new profit sharing ratio

Unknown said...

Please show the calculations of last adjustment

Unknown said...

Ganga yamuna saraswati
Old ratio-3/5 2/5

New
Partners- 1/5
Share

Remaining 4/5 4/5
Ratio-
(1-1/5)

New
PSR 3/5 2/5 1/5


Ratio - 3:2:1


Unknown said...

Plz show last adjustment

esha said...

the last adjustment :

Take the new ratio as base i.e 12:8:5
take the incoming partner's captial below his profit sharing ratio

12......8......:5

x.......x......:100000...now cross multiply

8*100000/5 = 1,60,000
12*160000/8 = 2,40,000

So,New adjusted capital are 240000..160000..100000
Post the amount as balance c/d....on partner's debit side :)

esha said...
This comment has been removed by the author.
esha said...

The bank A/c working note.

Bank a/c debit side ............credit side

To balance b/d 15000
To saraswati's capital 100000
To Goodwill a/c 25000
To ganga's capital a/c 103610
To yamuna's capital a/c 60740......By balance c/d 304350

Total ........ 304350...........................304350

i cant make table format here ..if any doubt feel free to ask :)

Unknown said...

Goodwill a/c ??

Unknown said...

Partners cap acc ka credit side ka tally wrong hai... 🤗🤗

Unknown said...

Plz can you tell me that from where u pick up 240000 160000 100000

Unknown said...

Why depersation ha taken as 1250 of furniture

Unknown said...

How did you get the amount of the cash brought in by the partners??

Unknown said...

Plz show the table

Unknown said...

Bank A/c is wrong ☝️

Anonymous said...

from were it come????
To ganga's capital a/c 103610
To yamuna's capital a/c 60740

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