CBSE 2023 · Region 2 · Set 3 · Q26

Madhav and Girdhari were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$:1. Their balance sheet as at $\displaystyle 31$" March, $\displaystyle 2022$ was as follows : Balance sheet of Madhav and Girdhari as on $\displaystyle 315$* March, $\displaystyle 2022$ Liabilities Amount Assets Amount c) c) Capital : Madhav $\displaystyle 3,00,000$ Machinery $\displaystyle 4,70,000$ Girdharl $\displaystyle 2,00,000$ $\displaystyle 5,00,000$ Investment $\displaystyle 1,10,000$ Workmen's compensation Debtors $\displaystyle 1,20,000$ fund $\displaystyle 60,000$ Less : Provlslon for doubtful debts $\displaystyle 10,000$ $\displaystyle 1,10,000$ Creditors $\displaystyle 1,90,000$ Stock $\displaystyle 1,40,000$ Employee's Provident fund $\displaystyle 1,10,000$ Cash $\displaystyle 30,000$ $\displaystyle 8,60,000$ $\displaystyle 8,60,000$ On 1st April, $\displaystyle 2022$, they admitted Jyoti into partnership for $\displaystyle 1$/4th share in the profits of the firm. Jyoti brought ₹ $\displaystyle 1,865,000$ as her capital and ₹ $\displaystyle 40,000$ as her share of goodwill premium in cash. The following terms were agreed upon : (i) Stock was found undervalued by ₹ $\displaystyle 23$,000. (ii) $\displaystyle 20$% of the investments were taken over by Girdhari at book value. (iii) Claim on account of workmen's compensation amounted to ₹ $\displaystyle 70,000$, which was to be paid later. (iv) Creditors included a sum of ₹ $\displaystyle 27,000$ which was not likely to be claimed. Prepare Revaluation A/c and Partners' Capital Accounts on Jyoti's admission.

OR

Radhika, Ridllima and Rupanshi were partners in a firm sharing profits and losses in the ratio of $\displaystyle 3$:$\displaystyle 5$:2. On 31st March, $\displaystyle 2022$, their balance sheet was as follows : Balance Sheet of Radhika, Ridhima and Rupanshi as on $\displaystyle 31.3.2022$ Liabilities Amount Assets Amount R) c) Sundry Creditors $\displaystyle 60,000$ Cash $\displaystyle 50,000$ General Reserve $\displaystyle 40,000$ Stock $\displaystyle 80,000$ Capitals : Debtors $\displaystyle 40,000$ Radhika $\displaystyle 3,00,000$ Investments $\displaystyle 30,000$ Ridhima $\displaystyle 2,00,000$ Buildings $\displaystyle 5,00,000$ Rupanshi $\displaystyle 1,00,000$ $\displaystyle 6,00,000$ $\displaystyle 7,00,000$ $\displaystyle 7,00,000$ Ridhima retired on the above date and it was agreed that : (i) Goodwill of the firm be valued at ₹ $\displaystyle 3,00$,000. (ii) Building was valued at ₹ $\displaystyle 6,20$,000. (iii) Capital of the new firm was fixed at ₹ $\displaystyle 5,00,000$, which will be in the new profit sharing ratio of the partners , the necessary adjustments for this purpose were to be made by opening current accounts of the partners. Prepare Revaluation Account and Partners' Capital Accounts on Ridhima's retirement.