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Accountancy · 2026 · 3 marks
Reconstitution of a Partnership Firm – Retirement/Death of a PartnerAdjustment of Accumulated Profits and Losses3 marksshort answer
CBSE 2026 · Region 5 · Set 1 · Q18
Naik, Vinay and Vibhuti were partners in a firm sharing profits and losses in the ratio of 4: 2: 3. On 31st March, 2025, their Balance Sheet was as…
Naik, Vinay and Vibhuti were partners in a firm sharing profits and losses in the ratio of $\displaystyle 4$ : $\displaystyle 2$ : 3. On 31st March, $\displaystyle 2025$, their Balance Sheet was as follows :
Balance Sheet of Naik, Vinay and Vibhuti as at 31st March, $\displaystyle 2025$
Naik retired from the firm on the above date on the following terms : (i) Goodwill of the firm was valued at *s $\displaystyle 1,80,000$ and the same was to be treated without opening goodwill account. (ii) Revaluation of assets and reassessment of liabilities resulted in a loss of $\displaystyle 18$,000. (iii) Amount payable to Naik was transferred to his loan account. Pass necessary journal entries for general reserve, revaluation of assets and reassessment of liabilities and goodwill on Naik's retirement.
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Capitals : | Patents | $\displaystyle 54,000$ | |
| Naik $\displaystyle 1,20,000$ | Land and Building | $\displaystyle 2,07,000$ | |
| Vinay $\displaystyle 1,20,000$ | Stock | $\displaystyle 1,08,000$ | |
| Vibhuti $\displaystyle 1,20,000$ | $\displaystyle 3,60,000$ | Debtors | $\displaystyle 81,000$ |
| General Reserve | $\displaystyle 45,000$ | Cash at bank | $\displaystyle 54,000$ |
| Creditors | $\displaystyle 99,000$ | ||
| $\displaystyle 5,04,000$ | $\displaystyle 5,04,000$ |
Marking-scheme solution
Books of Naik, Vinay and Vibhuti
Journal
Date Particulars L.F. Dr. Cr.
Amount(₹) Amount(₹)
$\displaystyle 2025$ General Reserve A/c Dr. $\displaystyle 45,000$
March $\displaystyle 31$ To Naik’s Capital A/c $\displaystyle 20,000$
To Vinay’s Capital A/c $\displaystyle 10,000$
To Vibhuti’s Capital A/c $\displaystyle 15,000$
(General reserve transferred to all
partners in old ratio)
,, Naik’s Capital A/c Dr. $\displaystyle 8,000$
Vinay’s Capital A/c Dr. $\displaystyle 4,000$
Vibhuti’s Capital A/c Dr. $\displaystyle 6,000$
To Revaluation A/c $\displaystyle 18,000$
(Loss on revaluation transferred to
all partners in old ratio)
,, Vinay’s Capital A/c Dr. $\displaystyle 32,000$
Vibhuti’s Capital A/c Dr.
$\displaystyle 48,000$
To Naik’s Capital A/c
$\displaystyle 80,000$
(Adjustment entry made for
goodwill)
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