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12th Standard English Medium Accountancy Subject Admission of a Partner Creative 5 Mark Questions with Solution Part - I

Published on: 22/06/2021

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Questions:

Generic 5

5 x 5 = 25

Lakshmi and Saraswathi are partners of a firm sharing profits and losses in proportion to capital. Trial Balance sheet as on 31^st March 2019 is as under

Liabilities	Rs.	Rs.	Assets	Rs.
Sundry creditors		60,000	Bank	12,000
Bills payable		40,000	Sundry debtors A/c	40,000
Capital Accounts:			Stock	40,000
Lakshmi	60,000		Plant	90,000
Saraswathi	40,000	1,000,000	Furniture	18,000
		2,00,000		2,00,000

They decided to admit Sulochana into the partnership with effect from 1st April, 2005 on the following terms.
(a) Sulochana shall bring in a capital Rs. 50,000 for \(\frac{1}{5}\)^th share of profits.
(b) Goodwill is to be valued at Rs. 40,000.
(c) Plant and furniture was to be depreciated by 5%
(d) Provision for doubtful debts be created at 1\(\frac{1}{2}\%\) on sundry debtors.
Show revaluation account, capital accounts, bank account and Balance sheet of the reconstituted partnership.

Ragu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31^st March, 2017 is as follows:

Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Capital Account:			Machinery		30,000
Ragu	40,000		Furniture		10,000
Sam	30,000	70,000	Stock		10,000
Sundry creditors		30,000	Debtors	21,000
			Less: Provision for doubtful debts	1,000	20,000
			Bank		30,000
		1,00,000			1,00,000

Prakash is admitted on 1.4.2017 subject is the following conditions:
(a) He has to bring a capital of Rs. 24,000
(b) Machinery is valued at Rs.4,000
(c) Furniture to be depreciated by Rs.3,000
(d) Provision for doubtful debts should be increased to Rs. 3,000
(e) Unrecorded trade receivables of Rs.1,000 would be brought into books now.
Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

Kavitha and Radha are partners of a firm sharing profits and losses in the ratio of 4:3. They admit Deepa on 1.1.2019. On that date, their balance sheet showed debit balance of profit and loss account being accumulate loss
Rs. 1,40,000 on the asset side of the balance sheet. Give the journal entry to transfer the accumulated loss on admission.

Eswari and Ranikumari are partners sharing profits and losses in the ratio of 7:5. They agree to admit Chitra into partnership. Eswari surrenders \(\frac{1}{7}\) th of her share and Ranikumari \(\frac{1}{5}\) th of her share in the favour of Chitrao Calculate the New profit ratio and the sacrificing ratio.

Sheela and Neela were sharing profits in the ratio of 4:3. Kamala was admitted with 1/5th share in profits of business. Calculated the New profit Ratio and the sacrificing ratio.

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Answers Key:

Generic 5

5 x 5 = 25

Dr Revaluation Account Cr
Particulars	Rs.	Particulars	Rs.	Rs.
To Plant A/c	4,500	By Loss on revaluation:
To Furniture A/c	900	Lakshmi's capital A/c	3,600
To Provision for doubtful debts	600	Saraswathi's capital A/c	2,400	6,000
	6,000			6,000

Dr Capital Account Cr
Particulars	Lakshmi Rs.	Saraswathi Rs.	Sulochana Rs.	Particulars	Lakshmi Rs.	Saraswathi Rs.	Sulochana Rs
To Revaluation A/c	3,600	2,400		By Balance b/d	60,000	40,000
To Balance c/d	34,000	26,000		By Bank A/c	-	-	50,000
	84,000	56,000	50,000		84,000	56,000	50,000
				By Balance b/d	80,400	53,000	50,000

Dr Bank A/c cr
Particulars	Rs.	Particulars	Rs.
To Balance b/s	12,000	By Balance c/d	62,000
To Sulochana's capital A/c	50,000
	62,000		62,000

Balance sheet of Lakshmi, Saraswathi and Sulochana as on 31.3.2005
Liabilities	Rs.	Rs.	Assets	Rs.	Rs.
Sundry creditors		60,000	Bank		62,000
Bills payable		40,000	Sundry Debtors	40,000
			Less: Provision for doubtful debts	600	39,400
Capital Accounts:			Stock		40,000
Lakshmi	80,400		Plant	90,000
Saraswathi	53,600		Less: Depreciation	4,500	85,500
Sulochana	50,000	1,84,000	Furniture	18,000
			Less: Depreciation	900	17,100
			Goodwill		40,000
		2,84,000			2,84,000

Journal entries
Date	Particulars		Debit Rs.	Credit Rs.
2017 April 1	Bank A/c	Dr	10,000
	To Prakash's capital A/c			10,000
	Revaluation A/c	Dr	11,000
	To Machinery A/c			6,000
	To Furniture A/c			3,000
	To Provision for doubtful debts A/c			2,000
	(Depreciation on machinery and furniture and provision made for doubtful debts adjusted)
2017 April 1	Trade receivables A/c	Dr	1,000
	To Revaluation A/c			1,000
	(Unrecorded trade receivables recorded)
2017 April 1	Raghus capital A/c	Dr	6,000
	Sam's capital A/c	Dr	4,000
	To Revaluation A/c			10,000
	(Loss on revaluation transferred to capital accounts)

Dr Revaluation Account Cr
Particulars	Rs.	Particulars	Rs.	Rs.
To Machinery	6,000	By Trade receivables A/c		1,000
To Furniture	3,000	By Loss on revaluation transferred to
To Provision for bad debts	2,000	Ragu's capital A/c (3/5)	6,000
		Sam's capital A/c (2/5)	4,000	10,000
	11,000			11,000

Dr Capital Account Cr
Particulars	Ragu Rs.	Sam Rs.	Prakash Rs.	Particulars	Ragu Rs.	Sam Rs.	Prakash Rs.
To Revaluation A/c	6,000	4,000	-	By Balance b/d	40,000	30,000	-
To Balance c/d	34,000	26,000	10,000	By Bank	-	-	10,000
	40,000	30,000	10,000		40,000	30,000	10,000
				By Balance b/d	34,000	26,000	10,000

Journal entry
Date	Particulars		Debit Rs.	Credit Rs.
2019 January 1	Kavutha's capital A/c	Dr	80,000
	Radha's capital A/c	Dr	60,000
	To Profit and loss A/c			1,40,000
	(Accumulated loss transferred to old partner's capital account in the old profit sharing ratio)

Eswari :  Ranikumari : Chitra
Old ratio = 7 : 5 : -
Old share = \(\frac{7}{12}\) :    \(\frac{5}{12}\) : -
Surrender = \(\frac { 7 }{ 12 } \times \frac { 1 }{ 7 } \) : \(\frac { 5 }{ 12 } \times \frac { 1 }{ 5 } \) : -
=   \(\frac{1}{12}\) : \(\frac{1}{12}\) : -
New ratio= Old share - Surrender
=   \(\frac { 7 }{ 12 } -\frac { 1 }{ 12 } \) : \(\frac { 5 }{ 12 } -\frac { 1 }{ 5 } \) : -
= \(\frac{6}{12}\) :   \(\frac{4}{12}\) :   \(\frac{2}{12}\)
= 6 : 4 : 2
New ratio = 3 : 2 : 1
Sacrificing ratio = 1 : 1

(i) New partner sharing ratio:
Let the total profit be 1
New partner Kamala's share \(=\frac{1}{5}\)
Remaining share of Sheela and Neela \(=1-\frac{1}{5}=\frac{5-1}{5}=\frac{4}{5}\)
New share of Sheela = Remaining share x Sheela's old share
Sheela \(=\frac{4}{5}\times\frac{4}{7}=\frac{16}{35}\)
Neela \(=\frac{4}{5}\times\frac{3}{7}=\frac{12}{35}\)
Share of new partner:
Kamala \(=\frac{1}{5}\)
In order to equalize the denominator, multiply and divide Kamala's share by 7.
Kamala's share \(=\frac{1}{5}\times\frac{1}{7}=\frac{7}{35}\)
New profit sharing ratio of Sheela, Neela and Kamala \(=\frac{16}{35}:\frac{12}{32}=\frac{7}{35}\) that 16:12:7
ii. Sacrificing ratio:
Sacrifice = Old share - New share
Sheela's sacrifice \(=\frac { 4 }{ 7 } -\frac { 16 }{ 35 } =\frac { 15-12 }{ 35 } =\frac { 4 }{ 35 } \)
Neela's sacrifice \(=\frac { 3 }{ 7 } -\frac { 12 }{ 35 } =\frac { 15-12 }{ 35 } =\frac { 3 }{ 35 } \)
Sacrificing ratio \(=\frac { 4 }{ 35 } :\frac { 3 }{ 35 } =4:3\)