Q. 3. In the books of Harsha and Varsha
Profit and Loss Adjustment Account.
Particulars
|
Amount
Rs.
|
Particulars
|
Amount
Rs.
|
To Furniture
|
7600
|
By Land and Building
|
40000
|
To R.D.D.
|
15000
|
By Stock
|
40000
|
To Profit on Revaluation A/c is transferred to Partners Capital A./c
| |||
Harsha's Capital A/c 34440
| |||
Varsha/s Capital A/c 22960
|
57400
| ||
80000
|
80000
|
Partners' Capital A/c
Particulars
|
Harsha
|
Varsha
|
Asha
|
Particulars
|
Harsha
|
Varsha
|
Asha
|
By Balance b/d
|
280000
|
280000
| |||||
By Goodwill A/c
|
48000
|
32000
| |||||
Varsha's Loan A/c
[Balancing Fig.]
|
214960
|
By Bank A/c
|
100000
| ||||
Harsha's Loan A/c
[Balancing Fig.]
|
182440
|
By Profit Or Loss Adjustment A/c
[Profit]
|
34440
|
22960
| |||
To Balance c/d [Working Note]
|
180000
|
120000
|
10000
| ||||
362440
|
344960
|
100000
|
362440
|
344960
|
100000
|
Balance Sheet of New Firm.
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
Sundry Creditors
|
400000
|
Land & Building
|
200000
| ||
Harsha's Loan A/c
|
182440
|
(+) Appreciation
|
40000
|
240000
| |
Varsha's Loan A/c
|
214960
|
Furniture
|
76000
| ||
(-) Depreciation @ 10%
|
- 7600
|
68400
| |||
Capital A/c [Working Note]
|
Sundry Debtors
|
300000
| |||
Harsha
|
180000
|
(-) R.D.D. @ 5%
|
-15000
|
285000
| |
Varsha
|
120000
|
Stock
|
160000
| ||
Asha
|
100000
|
400000
|
(+) Appreciation
|
40000
|
200000
|
Bank Balance
|
404000
| ||||
1197400
|
1197400
|
Bank A/c
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
To Balance b/d
|
224000
| ||||
To Goodwill A/c
|
80000
| ||||
To Asha's Capital A/c
|
100000
|
By Balance c/d
|
404000
| ||
404000
|
404000
|
Goodwill A/c
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
Particulars
|
Amount
Rs.
|
Amount
Rs.
|
To Harsha's Capital A/c
|
48000
|
By Bank A/c
|
80000
| ||
To Varsha's Capital A/c
|
32000
|
80000
| |||
80000
|
80000
|
Working Note: Calculation of New Ratio and Proportionate Capital.
Balance Ratio = 1 - Share Given to New Partner.
Therefore, Balance Ratio = 1 - 1/4 = 3/4
Harsha's New Ratio = B.R. x O.R. = 3/4 x 3/5 = 9/20
Varsha's New Ratio = B.R. x O.R. = 3/4 x 2/5 = 6/20
Asha's New Ratio = 1/4 x 5/5 = 5/20
Therefore their New Ratio = 9 : 6 : 5
New Partner brought Rs. 1,00,000 as her new capital
Therefore, their proportionate capital are
Harsha's Capital = Rs. 1,80,000
Varsha's Capital = Rs. 1,20,000
Asha's Capital = Rs. 1,00.000
