CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set 03

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Retirement of a Partner 
 
1 Kapil, Dia and Karan were partners sharing profits in the ratio of 2:1:1. On 31st March, 2016 their Balance Sheet was as under:

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 1

Kapil retired on 1st April, 2016. For this purpose, the following adjustments were agreed upon.
(a) Goodwill of the firm was valued at 2 years’ purchase of average profits of three completed years preceeding the date of retirement. The profits for the year: 2013-14 were Rs 1,00,000 and for 2014-15 Rs 1,30,000.
(b) Fixed Assets were to be increased to Rs 3,00,000.
(c) Stock was to be valued at 120%.
(d) The amount payable to Kapil was transferred to his Loan Account.
(Ans : Gain on Revaluation `80,000; Capital A/cs Dia Rs 80,000; Karan Rs 60,000; Kapil’s Loan Rs 3,00,000; Balance Sheet Total Rs 5,40,000.
 
2 X, Y and Z are partners in a business, sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as at 31st March, 2018 was:
 CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 2
 
Z retires from business on 1st April, 2018. It was agreed that the amount due to him will be treated as loan. It was also agreed to adjust the value of assets as follows.
(i) Provide a reserve of 5% on Sundry Debtors for Doubtful Debt.
(ii)Reduce stock by 5% and Machinery By 10%.
(iii)Factory Building to be revalued at Rs 15,100.
(iv)Goodwill of the firm is valued at Rs 15,000.
(v)X and Y will continue to carry on business and shall share profits and losses equally in future.
Prepare Revaluation Account, Partners’ Capital Accounts and Balance Sheet of the firm on 1st April, 2018.
(Ans:Loss on Revaluation Rs 300; Z’s Loan A/c Rs 13,450; Balance Sheet Total Rs 37,300)
 
3 Manav, Narain and Gaurav were partners in a firm sharing profits and losses in the ratio of 5:3:2. On 31st March, 2016, their Balance Sheet was as under:

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 3

Manav retired on the above date and it was agreed that:
(i) Debtors of `2,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.
(ii) Patents will be completely written off and stock, machinery and building will be depreciated by 5%.
(iii)An unrecorded creditor of `10,000 will be taken into account.
(iv)Narain and Gaurav will share the future profits in the ratio of 2:3.
(v) Goodwill of the firm on Manav’s retirement was valued at `3,00,000.
Pass necessary journal entries for the above transactions in the books of the firm on Manav’s Retirement.
(Ans: Loss on Revaluation `54,150; Manav’s Loan A/c `2,75,425)
 
4 P, Q and R were partners in a firm sharing profits in the ratio of 7:2:1. On 1st April, 2018 their Balance Sheet was as follows:
 
Balance Sheet of P, Q and R as on 1st April, 2018
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 4
 
On the above date Q retired. Following was agreed:
(i) Goodwill of the firm was valued at `12,00,000.
(ii)Land was to be appreciated by 30% and Building was to be depreciated by `3,00,000.
(iii)Value of Furniture was to be reduced by `60,000.
(iv)Liability of Workmen’s Compensation was determined at `1,40,000.
(v)Amount payable to Q was transferred to his Loan A/c. His loan should be paid after two years with interest due @12% p.a. Q decided to donate interest to an NGO engaged in Women Empowerment.
(vi)Capitals of P and R were to be adjusted in their new profit sharing ratio and for this purpose Current Accounts of the partners will be opened.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm. Identify the values highlighted in this case.
(Ans. Profit/Loss on Revaluation is NIL; Q’s Loan A/c `12,32,000; Balance Sheet total `45,75,000)
 
5 A, B and C were partners in a firm sharing profits in the ratio of 7:2:1. On 1st April, 2018 their Balance Sheet was as follows:
 
Balance Sheet of A, B and C as on 1st April, 2018
CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 5
On the above date B retired. Following was agreed:
(i) Goodwill of the firm was valued at `6,00,000.
(ii)Land was to be appreciated by 30% and Building was to be depreciated by `1,50,000.
(iii)Value of Furniture was to be reduced by `30,000.
(iv)Liability of Workmen’s Compensation was determined at `70,000.
(v)Amount payable to B was transferred to his Loan A/c.
(vi)Capitals of A and C were to be adjusted in their new profit sharing ratio and for this purpose Current Accounts of the partners will be opened.
Prepare Revaluation Account, Partners’ Capital Accounts and the Balance Sheet of the new firm.
(Ans. Profit/Loss on Revaluation is NIL; Q’s Loan A/c `6,16,000; Balance Sheet total `22,87,500)
 
6 P, Q and R were equal partners. Their Balance Sheets as at 31st March, 2018 was:

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 6

CBSE Class 12 Accountancy Retirement of A Partner Worksheet Set C 7

Q retired on 1st April, 2018. P and R decided to continue the business as equal partners on the following terms:
(i) Goodwill of the firm was valued at `57,600.
(ii) The provision for doubtful debt to be maintained @10% on debtors.
(iii) Land & Building to be increased to `1,32,000.
(iv) Furniture to be reduced by `8,000.
(v) Rent outstanding (not provided for as yet) was `1,500.
The remaining partners decided to bring in sufficient amount to pay Q and to maintain a bank balance of `24,800. They also decided to readjust their capitals as per their new profit sharing ratio.
Prepare the necessary Ledger Accounts and the Balance Sheet.
(Ans : Gain on Revaluation `3,000; Capital A/c of P `87,900 and R `87,900)

 

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CBSE Practice Material: Class 12 Accountancy Part 1 Chapter 03 Reconstitution of a Partnership Firm Retirement/Death of a Partner

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