1. Usha, Asha, Mesha are partners sharing profit and losses in the ratio of 5:3:2.
Their Balance Sheet as on March
31, 2016 is given below:
Liabilities Amount Assets Amount
Rs. Rs.
Creditors 1,21,000 Cash 50,500
Bills payable 10,000 Sundry debtors 31,000
Reserve Fund 20,000 Less: Reserve for
Bad debts 500 30,500
Capital Accounts: Stock 20,000
Usha 80,000 Machinery 1,40,000
Asha 60,000 Buildings 80,000
Mesha 30,000 1,79,000
3,21,000 3,21,000
Mesha retires on the following adjustments.
(1) Appreciate Building by 10% and depreciate Machinery by 20%
(2) Bad debts reserve is to be increased up to Rs.1,200
(3) Goodwill is to be created for Rs.49,000
(4) Rs. 25,000 paid to Mesha and remaining balance transfer to her loan account
Prepare Revaluation account, other accounts and new balance sheet.
2. Usha, Asha, Mesha are partners sharing profit and losses in the ratio of 5:3:2. Their Balance Sheet as on March
31, 2016 is given below:
Liabilities Amount Assets Amount
Rs. Rs.
Creditors 1,21,000 Cash 50,500
Bills payable 10,000 Sundry debtors 31,000
Reserve Fund 20,000 Less: Reserve for
Bad debts 500 30,500
Capital Accounts: Stock 20,000
Usha 80,000 Machinery 1,40,000
Asha 60,000 Buildings 80,000
Mesha 30,000 1,79,000
3,21,000 3,21,000
Mesha retires on the following adjustments.
(5) Appreciate Building by 10% and depreciate Machinery by 20%
(6) Bad debts reserve is to be increased up to Rs.1,200
(7) Goodwill is to be created for Rs.49,000
(8) Rs. 25,000 paid to Mesha and remaining balance transfer to her loan account
Prepare Revaluation account, other accounts and new balance sheet.
1. Ram, Rahim and David are partners in a firm sharing profits and losses in the ratio of 3:2:1.
On 31st March 2016 their Balance Sheet was as follows:
Liabilities Amount Assets Amount
Rs. Rs.
Creditors 1,20,000 Cash in hand 14,000
Bills payable 80,000 Cash at Bank 1,00,000
Bank Overdraft 70,000 Debtors 1,80,000
Capital Accounts: Less: Reserve 4,000 1,76,000
Ram 4,00,000 Furniture 2,40,000
Rahim 3,00,000 Stock 3,00,000
David 2,00,000 9,00,000 Plant & Machinery 4,00,000
Profit & Loss Account 60,000
12,30,000 12,30,000
Ram retired on 1st April 2016 after making the following adjustment:
(a) Furniture reduced by 10%
(b) Stock value reduced by Rs.15,000
(c) Plant & Machinery value increased by 20%
(d) Reserve for bad debts increased to Rs.9,000
(e) Goodwill was fixed at Rs.1,80,000
Prepare Ledger Accounts and new balance Sheet.
2. Ram, Rahim and David are partners in a firm sharing profits and losses in the ratio of 3:2:1.
On 31st March 2016 their Balance Sheet was as follows:
Liabilities Amount Assets Amount
Rs. Rs.
Creditors 1,20,000 Cash in hand 14,000
Bills payable 80,000 Cash at Bank 1,00,000
Bank Overdraft 70,000 Debtors 1,80,000
Capital Accounts: Less: Reserve 4,000 1,76,000
Ram 4,00,000 Furniture 2,40,000
Rahim 3,00,000 Stock 3,00,000
David 2,00,000 9,00,000 Plant & Machinery 4,00,000
Profit & Loss Account 60,000
12,30,000 12,30,000
Ram retired on 1st April 2016 after making the following adjustment:
(f) Furniture reduced by 10%
(g) Stock value reduced by Rs.15,000
(h) Plant & Machinery value increased by 20%
(i) Reserve for bad debts increased to Rs.9,000
(j) Goodwill was fixed at Rs.1,80,000
Prepare Ledger Accounts and new balance Sheet.
