X,Y and Z were partners sharing Profits and Losses in the ratio of 1:2:2 as on 31.3.2008. Mr. Z died on 31st December, 2008. The firm closses its accounts on 31st March every year.
Goodwill is to be calculated at the rate of two year's purchase on the basis of average of last three year's profits and losses.
The profits and losses for the three years were as detailed below :

Year end on	Profit/Loss RS
31-3-2008	30,000
31-3-2007	20,000
31-3-2006	(10,000) Loss

Profit for the period 1.4.2008 onwards shall be ascertained proportionately on the basis of average profits and losses of the preceding three years.
During the year ending on 31.3.2008, a car costing RS.40,000 was purchased on 1.4.2007 and wrongly debited to travelling expenses account on which depreciation os to be calculated at 20% p.a. The asset is to be broght into account at depreciated value.
Pass necessary journal entries for the treatment of goodwill and Z's share of profit at the time of his death assuming X and Y share further Profits and Losses in the ratio of 3:2.

Albert, Boris and Cyril are partners sharing profits and losses in the ratio of 3:2:1 and their balance sheet as on 31st March 2002 stood as under:

Albert died on 1st July, 2002 and the folowing decisions were taken by the surviving partners. According to the Partnership Deed, his executors were entitled to :

(a) The deceased partner's capital as appearing in the last balance sheet and interest thereon at 6% per annum upto the date of death.

(b) His share of profit for the period he was alive should be based on the figure of 31st March 2002.

(c) Goodwill according to his share of profit to be calculated by taking twice the amount of the average profit of the last three years. The profits of the previous year were :

           31st March 2002 - RS.11,000;

           31st March 2001 - RS.15,000 and 

           31st March 2000 - RS.10,000

(d) Assets were to be revalued :

           Building - RS.80,000;

           Stock    - RS.30,000 and 

           Provision for bad debts @ 10%

Assuming that all the above changes are to be incorporated in the new firm and are not to be written off, prepare the Revaluation Account, Partner's Capital Account and a Balance Sheet as on 1st July 2002.

(All calculations are to be made to the nearest rupee)

X,Y and Z were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31.03.2010 their Balance Sheet was as follows:

Liabilities		RS	Assets	RS
Capital Accounts:			Building	50,000
X	75,000		Patents	15,000
Y	62,500		Machinery	75,000
Z	37,500	1,75,000	Stock	37,5000
SundryCreditors		42,500	Debtors	20,000
			Cash at Bank	20,000
		2,17,500		2,17,500

Z died on 31.7.2010. It was agreed that:

(a) Goodwill be valued at 2 half year's purchase of the average profits of the four year's which were as follows:

Year	Net Profit
	RS
2006-2007	32,500
2007-2008	30,000
2008-2009	40,000
2009-2010	37,500

(b) Machinery be valued at RS.70,000; Patents at RS.20,000 and Building at RS.62,500.
(c) For the purpose of calculating Z's share of profits in the year of his death, the profits in 2010-2011 should be taken to have been accured on the same scale as in 2009-2010.
(d) A sum of RS.17,500 was paid immediately to the executors of Z and the balance was paid in four half yearly installments together with interest at 12% p.a. starting from 31.1.2011.
Give necessary journal entries to record the above transaction's and Z's executor's account till the payment of installment due on 31.01.2011.

A, B and C were partners in a firm sharing profits in the ratio of 2:1:1 Their Balance Sheet as on 31.3.2010 was as follows:

Liabilities		RS	Assets	RS
Capital Accounts:			Furniture	9,000
A	10,000		Stock	4,000
B	5,000		Debtors	6,000
C	5,000	20,000	Bills Receivable	2,000
General Reserves		3,200	Cash at Bank	5,000
Creditors		3,000	Cash in Hand	200
		26,200		26,200

On 30.6.2010, C died. Under the provisions of partnership deed the executors of a deceased partner were entitled to the following :

(i) Amount standing to the credit of partners capital account.

(ii) Interest on capital @ 5% p.a.

(iii) Share of goodwill on the basis of two years purchase of the average profits of last three years.

(iv) Share of profit in the year of his death, till the date of his death on the basis of the last year's profit.

The profits of the firm during the previous three years were as follows:

year	profit RS
2007 - 2008	5,000
2008 - 2009	9,000
2009 - 2010	7,000

Pass necessary Journal Entries, at the time of C's death, prepare C's Capital Account and C's Executor's Account upto 31.12.2010.C's executors were paid RS.800 on 1.7.2010 and the balance in three equal instalments of equal intervals of 6 months starting from 31.12.2010 with interest @ 10% per annum.

On 1.1.2008, Uday and Kaushal entered into partnership with fixed capitals of RS.7,00,000 and RS.3,00,000 respectively. They were doing good business and were interested in its expansion but could not do the same because of lack of capital. Therefore, to have more capital, they admitted Govind as a new partner on 1.1.2010. Govind brought RS.10,00,000 as capital and the new profit sharing ratio decided was 3:2:5. On 1.1.2012, another new partner Hari was admitted with a capital with of RS.8,00,000 for 1/10th share in the profits, which he acquired equally from Uday, Kaushal and Givind. On 1.4.2014 Govind died and his share was taken over by Uday and Hari equally, Calculate:

(i) The sacrificing ratio of Uday and Kaushal on Govind's admission.

(ii) New profit sharing ratio of Uday, Kaushal and Hari on Govind's death.

The Balance Sheet of Keshav, Nirmal and pankaj who are partners in a firm sharing profits according to their capital as at 31st March, 2012 was as follows:

Liabilities	Rs	Assets		Rs
Creditors	42,000	Buildings		2,00,000
Keshav's Capital	1,60,000	Machinery		1,00,000
Nirmal's Capital	80,000	Stock		36,000
Pankaj capital	80,000	Debtors	40,000
General reserve	40,000	Less:Provision for Bad Debts	(2,000)	38,000
		Cash at Bank		28,000
	4,02,000			4,02,000

On that date Nirmal decided to retire from the firm and was paid for his share in the firm subject to the following:
(i) Buildings to be appreciated by 20%.
(ii) Provision for Bad Debts to be increased to 15% on Debtors.
(iii) Machinery to be depreciated by 20 %.
(iv) Goodwill of the firm is valued at Rs.1,44,000 and the retiring partner's share is adjusted through the capital accounts of  remaining partners.
(v) The capital of the new firm be fixed at 2,40,000.
Prepare Revaluation Account, Capital Accounts of the partners, Bank Account and the Balance Sheet after Nirmal's retirement.

Sandeep, Praveen and Tara are partners sharing profits in the ratio of 3:2:1. On 1st April, 2012  Sandeep gave a notice to retire from the firm. Praveen and Tara after all adjustments showed a balance of Rs.64,000 and Rs.1,00,000 respectively. The total amount to be paid to Sandeep was Rs.1,23,000. This amount was to be paid by Praveen and Tara in such a way Pass necessary Journal entires for the above transations in the books of the firm. Show your working clearly.