Neeraj n prasun r partners in a firm sharing profits in the ratio of 3:2. On 1st april 2012 they admittedvZulfi as a partner in the firm. The balance sheet of neeraj n prasun on that day stood as follows:

Dear Student
 
Revalution A/c
Date Particulars Amount (in Rs) Date   Particulars Amount (in Rs)
  Liability for workmen compensation 230,000   Building A/c 100,000
        Stock A/c 40,000
  Capital A/cs     Workmen compensation A/c 230,000
  Neeraj 84,000      
  Prasun 56,000      
           
           
    370,000     370,000
 
Partner's Capital A/c
Particulars Neraj's Capital A/c Prasun's Capital A/c Zulfi's Capital A/c Particulars Neraj's Capital A/c Prasun's Capital A/c Zulfi's Capital A/c
        Balance b/d 100,000 80,000  
Balance c/d 392,000 208,000 120,000 Workmen Compensation Reserve 12,000 8,000  
        General Reserve  96,000 64,000  
        Premium for Goodwill A/c 100,000    
        Revaluation A/c 84,000 56,000  
        Bank A/c     120,000
  392,000 208,000 120,000   392,000 208,000 120,000
 
Balancesheet
Liabilities Amount (in Rs) Assets Amount (in Rs)
Capital   Building 380,000
Neeraj 392,000 Machinery 100,000
Prasun 208,000 Stock 160,000
Zulfi 120,000 Debtors                    160,000
    Cash in hand 360,000
Liability for workmens compensation 230,000    
Creditors 210,000    
       
       
  1,160,000   1,160,000


 
Calculation of Sacrificing Ratio    
Neeraj = Old Ratio - New Ratio
35-25
15
Prasun = Old Ratio - New Ratio 25-25 0
Therefore only Neeraj is Sacrificing     
 
Goodwill distribution    
Zulfi's share of Goodwill    100,000
Distribution in Sacrificing Ratio    
Neeraj 100000 100,000
 
Calculation of Zulfi's Capital    
Neeraj's Capital   392,000
Prasun's Capital   208,000
Combiled Capital (3,92,000 + 2,08,000) 600,000
20% of The Combined Capital   120,000
Therefore Zulfi's Capital   120,000



Regards

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