Retirement of a Partner One Shot Class 12th Accounts Part-2 Revision Series Session 2024-25 скачать в хорошем качестве

Retirement of a Partner One Shot Class 12th Accounts Part-2 Revision Series Session 2024-25

Retirement of a Partner One Shot Class 12th Accounts Part-2 Revision Series Session 2024-25 Instagram Link : https://www.instagram.com/manojsharma... Q.1 Amit, Balan and Chander were partners in a firm sharing profits in the proportion of 1/2, 1/3 and 1/6 respectively. Chander retired on 1st April, 2014. The Balance Sheet of the firm on the date of Chander's retirement was as follows: Liabilities Sundry Creditors Provident Fund General Reserve Capitals A/cs: Amit Balan 36,500 Chander 20,000 Assets ₹ 12,600 Bank 3,000 Debtors 4,100 9,000 Less: Provision 30,000 Stock 1,000 40,000 29,000 Investments 25,000 Patents 10,000 96,500 Machinery 5,000 1,21,100 48,000 1,21,100 It was agreed that: (i) Goodwill will be valued at 27,000. (ii) Depreciation of 10% was to be provided on Machinery. (iii) Patents were to be reduced by 20%. (iv) An old photocopier previously written off was sold for 600. (v) Chander took over Investments for 15,800. (vi) Amit and Balan decided to adjust their capitals in proportion of their profit-sharing ratio by opening Current Accounts. Prepare Revaluation Account and Partners' Capital Accounts on Chander's retirement. (Delhi 2015, Modified) 1 Q.2 Arnav, Bhavi and Chavi were in partnership sharing profits and losses in the ratio of 3: 2: 1. On 31st March, 2023, their Balance Sheet was as follows: Balance Sheet of Arnav, Bhavi and Chavi as at 31 March, 2023 Liabilities Amount (₹) Assets Amount (3) 20,000 Capitals: Arnav 1,80,000 Bhavi 1,60,000 Chavi 1,00,000 4,40,000 2,50,000 Plant & Machinery Furniture Debtors 3,50,000 Less: Provision for doubtful debts 20,000 3,30,000 Cash in hand 10,000 Profit and Loss Account 30,000 6,90,000 Creditors 6,90,000 Chavi retired on the above date. It was agreed that: (i) Plant and Machinery be valued at 4,30,000. (ii) The existing Provision for Bad Debts was to be increased by 50%. (iii) Chavi's share of Goodwill was valued at 80,000 and the same was to be treated without opening goodwill account. (iv) The total amount to be paid to Chavi was brought in by Arnav and Bhavi in such a way as to make their capitals in proportion to their new profit sharing ratio. Prepare Revaluation Account and Partners. Capital Accounts.