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    Ravi Agrawal
    The document contains two questions regarding partnership problems. Question 1 provides details of a partnership firm including the capital accounts and profit sharing ratios of existing partners Om, Ram, and Shanti. It outlines terms for admitting a new partner Hanuman, including Hanuman contributing Rs. 100,000 capital and 1/10th profit share. Various asset and liability account values will be adjusted. Question 2 provides capital amounts and profit sharing ratios for initial partners Uday and Kaushal, and later admits Govind and Hari as new partners at different times, asking to calculate the sacrificing ratios and new profit sharing ratios at each stage.

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    Question

    Uploaded by

    Ravi Agrawal
    21 views2 pages
    The document contains two questions regarding partnership problems. Question 1 provides details of a partnership firm including the capital accounts and profit sharing ratios of existing partners Om, Ram, and Shanti. It outlines terms for admitting a new partner Hanuman, including Hanuman contributing Rs. 100,000 capital and 1/10th profit share. Various asset and liability account values will be adjusted. Question 2 provides capital amounts and profit sharing ratios for initial partners Uday and Kaushal, and later admits Govind and Hari as new partners at different times, asking to calculate the sacrificing ratios and new profit sharing ratios at each stage.

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    The document contains two questions regarding partnership problems. Question 1 provides details of a partnership firm including the capital accounts and profit sharing ratios of existing partners Om, Ram, and Shanti. It outlines terms for admitting a new partner Hanuman, including Hanuman contributing Rs. 100,000 capital and 1/10th profit share. Various asset and liability account values will be adjusted. Question 2 provides capital amounts and profit sharing ratios for initial partners Uday and Kaushal, and later admits Govind and Hari as new partners at different times, asking to calculate the sacrificing ratios and new profit sharing ratios at each stage.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    21 views2 pages

    Question

    Uploaded by

    Ravi Agrawal
    The document contains two questions regarding partnership problems. Question 1 provides details of a partnership firm including the capital accounts and profit sharing ratios of existing partners Om, Ram, and Shanti. It outlines terms for admitting a new partner Hanuman, including Hanuman contributing Rs. 100,000 capital and 1/10th profit share. Various asset and liability account values will be adjusted. Question 2 provides capital amounts and profit sharing ratios for initial partners Uday and Kaushal, and later admits Govind and Hari as new partners at different times, asking to calculate the sacrificing ratios and new profit sharing ratios at each stage.

    Copyright:

    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    of 2

    Q. 1.

    Om, Ram and Shanti were partners in a firm sharing profits in the ratio
    of 3 : 2 : 1. On 1st April, 2014 their Balance Sheet was as follows :

    Liabilities Amount Assets Amount


    (₹) (₹)
    Capital Accounts : 9,20,000 Land and Building 3,64,000
    Om 3,58,000 Plant and 2,95,000
    Ram 3,00,000 Machinery 2,33,000
    Shanti 2,62,000 Furniture 38,000
    General Reserve 48,000 Bills Receivables 90,000
    Creditors 1,60,000 Sundry Debtors 1,11,000
    Bills Payable 90,000 Stock 87,000
    Bank
    12,18,000 12,18,000
    On the above date Hanuman was admi ed on the following terms :
    (i) He will bring ₹ 1,00,000 for his capital and will get 1/10th share in
    the profits.
    (ii) He will bring necessary cash for his share of goodwill premium.
    The goodwill of the firm was valued at ₹ 3,00,000.
    (iii) A liability of ₹ 18,000 will be created against bills receivables discounted.
    (iv) The value of stock and furniture will be reduced by 20%.
    (v) The value of land and building will be increased by 10%.
    (vi) Capital accounts of the partners will be adjusted on the basis of
    Hanuman’s capital in their profit sharing ra o by opening current accounts.
    Prepare Revalua on Account ,Partners Capital Accounts and New Balance
    sheet.

    Q 2. On 1.1.2008, Uday and Kaushal entered into a partnership with fixed


    capital of ₹ 7,00,000 and ₹ 3,00,000 respec vely. 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 admi ed Govind as a new
    partner on 1.1.2010. Govind brought ₹ 10,00,000 as capital and the new profit
    sharing ra o decided was 3 : 2 : 5. On 1.1.2012, another new partner Hari was
    admi ed with a capital of ₹ 8,00,000 for 1/10th share in the profits, which he
    acquired equally from Uday, Kaushal and Govind. On 1.4.2014 Govind died and
    his share was taken over by Uday and Hari equally.
    Calculate:-
    i. The sacrificing ra o of Uday and Kaushal on Govind’s admission.
    ii. New profit sharing ra o of Uday, Kaushal, Govind and Hari on Hari’s
    admission.
    iii. New profit sharing ra o of Uday, Kaushal and Hari on Govind’s death.

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