Question : A and B are partners in a firm. Their balance sheet as at 31 st March, 2018 was as follows:
C was taken into partnership as from 1st April, 2018. C brought Rs.40,000 as his capital but he is unable to bring any amount for goodwill. New profit sharing ratio is 3: 2: 1. Following terms were agreed upon : 1. Claim on account of Workmen's Compensation is Rs.3,000. 2. To write off Bad Debts amounting to Rs.6,000. 3. Creditors are to be paid Rs.2,000 more. 4. Rs.2,000 be provided for an unforeseen liability. 5. Outstanding expenses be brought down to Rs. 1,200. 6. Goodwill is valued at $1 \frac{1}{2}$ year's purchase of the average profits of last three years. Profits of 3 years amounted to Rs.8,000; Rs. 10,000 and Rs. 18,000 . Question: Balances of their capitals after all adjustments will be
Option 1: balances A , B and C are 47,200, Rs 60,200 and Rs 40,000
Option 2: balances A, B and C are Rs 51,300 RS 64,300 and Rs 40,000
Option 3: balances A, B and C were rs 51,300 and Rs 64,300 Rs 37,000
Option 4: None of the above
Correct Answer: balances A , B and C are 47,200, Rs 60,200 and Rs 40,000
Solution : Answer = Balances A, B and C are 47,200 Rs 60,200 and Rs 40000
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Goodwill = $\frac{8000 + 10,000 +18000}{3}\times 1.5$
= $\frac{36000}{3} = 12000\times 1.5 = 18000$
C's share = 18000 x 1/6 = Rs 3000
S.Ratio = O.R. - N.R.
A = 1/2 - 3/6 = 3-3/6 = 0
B= 1/2-2/6 = 3-2/6 = 1/6 Hence, the correct option is 1.
Question : Chain and Harsha were partners in a firm sharing profits in the ratio of 3: 2. On 1-4-2014 their Balance Sheet was as follows :
Question : Murari and Vohra of Chandigarh were partners in a firm with capitals of Rs. 1,20,000 and Rs. 1,60,000 respectively. On 1.4 .2018 they admitted their manager, Robin Gurung of Meghalaya, as a partner for one-fourth share in profits on his payment of Rs. 2,00,000 as his capital
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