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12th Standard English Medium Accountancy Subject Retirement and Death 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

On 1.1.2019, Pandiyan died and on his death the following arrangements are made:
(i) Stock to be depreciated by 10 %
(ii) Land is to be apprecia!.e4. by Rs.11,000
(iii) To provide 3,000 for bad debts
(iv) The final amount due to Pandiyan was not paid
Prepare revaluation account, partner's capital account and the balance sheet of the firm after death

A, B, and C are partners in affirm sharing profits and losses equally. Their balance sheet as on 31^st 1March 2018 is as follows

Liabilities	Rs	Rs	Assets	Rs	Rs
Capital accounts			Office equipment		70,000
A	80,000		Machinery		1,40,00
B	60,000		Sundry debtors	52,000
C	1,00,000	2,40,000	Less: Provision for doubtful debts	2,000	50,000
Sundry creditors		1,20,000
			Stock		60,000
			Cash at bank		40,000

		3,60,000			3,60,000

'C' Retired on 31st March 2018 Subject to the following conditions
(i) Machinery is valued at Rs.1,30,000
(ii) Value of office equipment is brought down by Rs. 2,000
(iii) Provision for doubtful debts should be increased to Rs.3,000
(iv) Investment of Rs..25,000 not recorded in the books is to be recorded now. Pass necessary journal entries and prepare revaluation account and capital account of partners

Surya, Ramesh and Rajesh are partners sharing profits is the ratio of 5:3:2. Ramesh decided to retire. Goodwill of the firm is to be valued at Rs.40,000. Give journal entries if
(a) There is no goodwill in the books of the firm,
(b) the goodwill appears at Rs.30,000
(c) the goodwill appears at Rs. 50,000

Mukil, Mohit and Sonu are partners sharing profit in the ratio 3:2: 1. Mukil retires from the partnership.
In order to settle his claim, the following revaluation of assets and liabilities was agreed upon:
(i) The value of Machinery is increased by Rs. 25,000.
(ii) The value of Investment-is-increased by Rs 2,000.
(ill) A Provision for outstanding bill standing in the books at Rs.1,000 is now not required.
(iv) The value of Land and Building is decreased by Rs.12,000.
Give journal entries and prepare Revaluation account

Kalai, Iothi and Mala are partners sharing profits and losses in the ratio of 113, 113 and 116 respectively.
Mala retires and her share is taken up by Kalai and [othi equally. Find out the new profit sharing ratio and gaining ratio

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Answers Key:

Generic 5

5 x 5 = 25

Dr Revaluation Account Cr
Particulars	Rs	Rs	Particulars	Rs
To Stock A/c		2,000	ByLand A/c	11,000
To Debtors A/c		3,000
To Profit on revaluation transferred to
Sankar's capital Ale (6,000 x 3/6)	3,000
Saleem's capital Ale (6,000 X 2/6)	2,000
Pandian's capital Ale (6,000 X 1/6)	1,000	6,000
		11,000		11,000

Capital Account
Particulars	Sankar Rs	Saleem Rs	Pandiyan Rs	Particulars	Sankar Rs	Saleem Rs	Pandiyan Rs
To profit and loss				By Balance b/d	50,000	40,000	10,000
A/c	3,000	2,000	1,000	By General reserve	18,000	12,000	6,000
				reserve	18,000	12,000	6,000
To Pandian's
Executor's A/c			16,000	By Revaluation
To Balance c/d	68,000	52,000		A/c (profit)	3,000	2,000	1,000

	71,000	54,000	17,000		71,000	54,000	17,000
				By Balance b/d	68,000	52,000

Balance sheet as on 31st December 2018
Liabilitie	Rs	Rs	Assets	Rs	Rs
Capital account			Land	80,000
Sankar	68,000		Add: Appreciation	11,000	91,000
Saleem	52,000	1,20,000
Pandians Executor's A/c		16,000	Stock	20,000
		14,000	Less: Depreciation	2,000	18,000
			Debtors	30,000
			Less: Bad debts	3,000	27,000
		1,50,000	Cash at bank		14,000
					1,50,000

Journal entries
Date	Particulars		Depit Rs	Credit Rs
2018 Dec.31	Revaluation A/c	Dr	13,000
	To Machinery A/c			10,000
	To Office equipment A/c			2,000
	To Provision for doubtful debts A/c			1,000
	(Depreciation on machinery and furniture and
	provision made for doubtful debts adjusted)
2018 Dec.31	Investments A/c	Dr	25,000
	To Revaluation A/c			25,000
	(unrecorded investment brought into accounts)
2018 Dec.31	Revaluation A/c	Dr	12,000
	To A's capital A/c			4,000
	To B's capital A/c			4,000
	To C's cpital A/c			4,000
	(profit on revaluation transferred to capital accounts)

Dr Revaluation Account Cr
Particulars	Rs	Rs	Particulars	Rs
To Machinery A/c		10,000	By Investments A/c	25,000
To office equipment /c		2,000
provision for doubtful debts		1,000
To profit on revaluation transferred to
A's capital A/c (12,000 X1/3)	4,000
B's capital A/c (12,000 X1/3)	4,000
C's capital A/c (12,000 X1/3)	4,000	12,000
		25,000		25,000

Dr Capital Account Cr
Particulars	A Rs	B Rs	C Rs	Particulars	A Rs	B Rs	C Rs
To Balance c/d	84,000	64,000		By Balance b/d	80,000	60,000	1,00,000
To C's loan Ale			1,04,000	By Revaluation A/c	4,000	4,000	4,000

	84,000	64,000	1,04,000		84,000	64,000	1,04,000
				By Balanced b/d	84,000	64,000

Journal entries
Particulars		Debit Rs.	Credit Rs.
(a) Goodwill A/c	Dr	40,000
To Surya's capital A/c (40,000 x 5/10)			20,000
To Ramesh's capital A/c (40,000 x 3/10)			12,000
To Rajesh's capital A/c (40,000 x 2/10)			8,000
(Goodwill raised and transferred to old partners in the old ratio)
(b) Goodwill A/c	Dr	10,000
To Surya's capital A/c (10,000 x 5/10)			5,000
To Ramesh's capital A/c (10,000 x 3/10)			3,000
To Rajesh's capital A/c (10,000 x 2/10)			2,000
(Increase in goodwill transferred)
(c) Surya's capacital A/c (10,000 x 5/10)	Dr	5,000
Ramesh's capital A/c (10,000 x 3/10)	Dr
Rajeshs capital A/c (10,000 x 2/10)	Dr	3,000
To Goodwill A/c		2,000
(Decrease in goodwill transferred to the old partners in the old ratio)			10,000

Journal entries
Particulars		Depit Rs	Credit Rs
Machinery A/c	Dr	25,000
Investments A/c	Dr	2,000
Provision for outstanding bill A/c	Dr	1,000
To Revaluation A/c			28,000
(Increase in value of Assets i.e., Machinery and investment and reduction in provision)
Revaluation A/c	Dr	12,000
To Land and Building A/c			12,000
(Decrease in value of assets)
Revaluation A/c	Dr	16,000
To Mukil's capital A/c			8,000
To Mohit's capital A/c			5,333
To Sonus capital A/c			2,667
(Profit on revaluation credited to all partners capital Ale in old profit sharing ratio)

Dr Revaluation Account Cr
Particulars	Rs	Particulars	Rs
Land and Building	12,000	Machinery	25,000
Profit transferred to		Investments	2,000
Mukil's capital 8,000
Mohit's capital 5,333
Sonu's capital 2,667	16,000
	28,000		28,000

Gaining ratio is 1 : 1 Mala's share is taken up by Kalai and Iothi equally.
Mala's share = \(\cfrac { 1 }{ 6 } \)
Share gained = Retiring partner's share x Proportion of share gained
Kalai = \(\cfrac { 1 }{ 6 } \times \cfrac { 1 }{ 3 } =\cfrac { 1 }{ 18 } \)
Jothi = \(\cfrac { 1 }{ 6 } \times \cfrac { 1 }{ 3 } =\cfrac { 1 }{ 18 } \)
New share of continuing partner = Old share + Share gained
Kalal= \(\cfrac { 1 }{ 3 } +\cfrac { 1 }{ 18 } =\cfrac { 6+1 }{ 18 } =\cfrac { 7 }{ 18 } \)
Jothi = \(\cfrac { 1 }{ 3 } +\cfrac { 1 }{ 18 } =\cfrac { 6+1 }{ 18 } =\cfrac { 7 }{ 18 } \)
Therefore, new ratio of Kalai and Jothi is
\(\cfrac { 7 }{ 18 } :\cfrac { 7 }{ 18 } \) that is 7:7