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X,Y,Z Ratio 19:14:12 prepare revaluation account x y and z are partner balance sheet as on 31st march 2019 creditor 7700 general reserve 1800 capital 19018 10000-12000 45000 cash at bank 6316 so could be deposited by 5% building would be appreciated by 5% of provision 328 for legal charges goodwill of the firm was valued at 48000 bhaiya was to be paid 5000 cash and balance for sbi transfer his own account actions that there is there for which profit in 5 ratio 3 is actions that the world to maintain their capital in new ratio profit sharing ratio to bring in withdraw cash for the purpose capital of the new form was fixed 28000 prepare revaluation account |
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Answer» Answer: (i) JOURNAL 1. Bank a/c........ Dr. 96000 To Z's Capital a/c 60000 To Premium for Goodwill a/c 36000 (Being capital and premium for goodwill brought in by Z) 2. Premium for Goodwill a/c.... Dr. 36000 To X's Current a/c 25200 To Y's Current a/c 10800 (Being premium for goodwill distributed among the partners in the ratio of 7:3) 3. X's Current a/c...... Dr. 12600 Y's Current a/c...... Dr. 5400 To Bank a/c 18000 (Being half of the premium for goodwill withdrawn by the partners) (ii) REVALUATION ACCOUNT Dr. Cr. Particulars Amount Particulars Amount To Provision for Doubtful debts a/c 600 By ACCRUED Income a/c 4500 To Outstanding Rent a/c 15000 By Loss on revaluation - X's Capital a/c - Y's Capital a/c 10260 6840 To Investment a/c 6000 21600 21600 (iii) PARTNER'S CAPITAL A/C Dr. Cr. Particulars X Y Z Particulars X Y Z By Balance b/d 180000 90000 To Balance c/d 180000 90000 60000 By Bank a/c 60000 180000 90000 60000 180000 90000 60000 (iv) PARTNER'S CURRENT A/C Dr. Cr. Particulars X Y Z Particulars X Y Z To Revaluation a/c 10260 6840 By Balance b/d 30000 6000 To Goodwill a/c 18000 12000 By General Reserve a/c 21600 14400 To Bank a/c 12600 5400 By Premium for Goodwill a/c 25200 10800 To Investment a/c 18000 To Balance b/d 17940 6960 76800 31200 76800 31200 (v) BALANCE SHEET LIABILITIES Amount Assets Amount Capital a/cs: - X - Y - Z 180000 90000 60000 Patents 44000 Outstanding Rent 15000 Fixed Assets 216000 Current a/cs: - X - Y 17940 6960 Accrued Income 4500 Creditors 45000 Cash at Bank (15000+96000-18000) 93000 DEBTORS (60000-3000) 57000 414900 414900 Working Note: 1. Calculation of amount of Goodwill: AVERAGE Profit= [90000+78000+75000]/3 = 81000 Goodwill= 81000 * 2 = 162000 Z's share of goodwill= 162000* 2/9 = 36000 2. Sacrificing ratio: X's SACRIFICE= 3/5-4/9= 7/45 Y's sacrifice= 2/5-3/9= 3/45 Sacrificing ratio= 7:3 |
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