Book Keeping & Accountancy Do as instructed

Pravin and Deepak were partners in a firm sharing profits in the ratio of 3:1. Their Balance Sheet as on 31 st March, 2019 on which date Sandeep is admitted as a partner is as follows.

Balance Sheet as on 31st March 2019
Liabilities	Amt (₹)	Amt (₹)	Assets		Amt (₹)	Amt (₹)
Creditors		60,000	Debtor		1,00,000
Bills Payable		2,000	Less: Provisions		10,000	90,000
Reserve Fund		32,000	Stock			60,000
Outstanding Salary		6,000	Bills Receivable			20,000
Capital Account:			Patents			2,000
Pravin	1,20,000		Machinery			80,000
Deepak	40,000	1,60,000	Cash			8,000
		2,60,000				2,60,000

They admitted Sandeep as a new partner on 1st Apri 2019. New Profit sharing ratio is agreed 3:2:3, Sandeep brings ₹ 96,000 as capital
Adjustments :
1 Sandeep paid ₹ 32,000 as his share of goodwill privately to the partners.
2. Provision for doubtful debts is to be reduced by ₹ 4,000.
3. Unrecorded Computer valued at ₹ 4,800 not appearing in the books of the firm. It is now to be recorded.
4. Patents are useless.
Prepare : Revaluation Account, Capital A/cs and New Balance Sheet

The following is the Balance Sheet of the firm Triveni Traders as on 31st March 2019 Narmada and Godavari are the partners of the firm who share profits and losses in the ratio of 3:2 respectively.

Balance Sheet As on 31st March 2019
Liabilities	Amount (₹)	Assets	Amount (₹)
Creditors	49,600	Cash at bank	4,000
Capitals:		Building	20,000
Narmada	28,000	Machinery	28,000
Godavari	28,000	Furniture	1,200
		Stock	16,400
		Debtors	36,000
	1,05,600		1,05,600

They take Kaveri into partnership on 1.4.2019 the terms being :
1. Kaveri shall pay ₹ 4,000 as her share of Goodwill, the amount to be retained in business.
2. She shall bring in ₹ 12,000 as capital for 1/4 the share in the future profits.
3. The firm’s assets were to be revalued as under :
Building ₹ 24,000, Machinery and Furniture to be reduced by 10%, a Provision of 5% on Debtors is to be made for doubtful debts; Stock is to be taken at a value of ₹ 20,000.
4. The excess of capital of Narmada and Godavari over their due proportion of sharing profits of the new firm is to be transferred to their respective loan account.
Prepare Profit and Loss Adjustment Account, Capital Account of Partners and New Balance sheet.

The Balances sheet of Adil and Sameer who share profits in the ratio of 2:1 as on 31st March, 2018

Balance Sheet As on 31st March 2018
Liabilities	Amt (₹)	Assets	Amt (₹)
Capitals:		Land & Building	75,000
Adil	90,000	Investment	1,08,000
Sameer	48,600	Debtors	39,000
Investment Fluctuation Reserve	15,000	Goodwill	12,000
General Reserve	12,000	Profit and Loss A/c	12,000
Sundry Creditors	63,000	Advertisement Suspense	12,000
Bills Payable	60,000	Cash	30,600
	2,88,600		2,88,600

On 1.4.2018 Raju was admitted into partnership on the following terms :
1. Raju pays ₹ 30,000 as his capital for 1/4th share.
2. Raju pays ₹ 15,000 for Goodwill. Half of the sum is to be withdrawn by Adil and Sameer.
3. RDD is created @ 10%.
4. The value of land and building is appreciated by ₹ 30,000.
5. Investments were reduced by ₹ 22,500.
6. Sundry creditors are to be valued at ₹ 62,250.
7. Capitals of Adil and Sameer to be adjusted taking Raju’s capital as the base. Adjustment of capitals is to be made through cash.
Prepare Revaluation Account, Partner’s Capital Account and Balance Sheet of the New Firm as on 1st April, 2018

The Balances sheet of Bhavesh and Chandra who share profit and losses in the ratio of 3:1 as at 31st March 2018 was as under :

Balance Sheet As on 31st March, 2018
Liabilities	Amt (₹)	Assets	Amt (₹)
Creditors	20,000	Bank	20,000
Workmen's Compensation Reserve	30,000	Debtors 13,000
General Reserve	24,000	Less : Provision 1,000	12,000
Bhavesh's Capital	32,000	Bills Receivable	10,000
Chandra's Capital	28,000	Stock	20,000
		Land & Building	30,000
		Goodwill	42,000
	1,34,000		1,34,000

Alia was admitted on 1.4.2018 for 1/5th share on the following terms :
1. Alia shall bring ₹ 20,000 for her share of goodwill and necessary amount for her share of capital in cash.
2. Anju, an old customer whose account was written off as bad, has paid ₹ 400 in cash in full settlement of his dues.
3. The market value of Land and Building be taken as ₹ 40,000.
4. Workmen’s Compensation Reserve is to be increased by ₹ 10,000.
5. Unaccounted Accrued Incomes of ₹ 200 to be accounted for.
6. The capitals of all partners are to be in new profit sharing ratio taking old partners total capital as base after adjustment. Actual cash is to be paid off or brought in by the partners for adjusting their capital accounts.
Prepare Revaluation Account, Partner’s Capital Account and Balance Sheet after Alia’s admission.

Sameer and Nisha were partners sharing profits and losses in the ratio of 3/4 and 1/4 showed the following Balance sheet on 31st March, 2018

Balance Sheet as on 31st March 2018
Liabilities	Amt ₹	Amt ₹	Assets	Amt ₹	Amt ₹
Capital			Stock		90,000
Sameer	1,50,000		Fixtures		60,000
Nisha	1,62,000	3,12,000	Debtors	1,50,000
General Reserve		48,000	Less: R.D.D.	15,000	1,35,000
Creditors		90,000	Bills Receivable		90,000
			Cash in hand		75,000
		4,50,000			4,50,000

They admit Poonam for 1/5th share on 1st April 2018, on the following terms :
1) Poonam introduced ₹ 1,20,000 as her capital.
2) Poonam would pay cash for Goodwill which would be based on 4 year’s purchase of past profits of last 5 years.
3) Assets were revalued as under :
Fixtures at ₹ 45,000, Bill Receivable ₹ 1,20,000, Stock at ₹ 60,000 Debtors at book value less a provision of 20%
4. Bill payable of ₹ 15,000 have been omitted from books.
Profits for the last five years were as under :
I ₹ 60,000
II ₹ 45,000
III ₹ 75,000
IV ₹ 30,000
V ₹ 45,000
Prepare Revaluation Account, Partner’s Capital Account and Balance Sheet after Poonam’s admission

Padma and Kumud share profits and losses in the ratio 3:2 in partnership firm. Their Balance Sheet as on 31st March 2019 was as under :

Balance Sheet As on 31st March, 2019
Liabilities	Amt ₹	Amt ₹	Assets	Amt ₹	Amt ₹
Creditors		37,500	Bank		22,500
Bills payable		30,000	Bills Receivable		11,400
Bank loans		48,000	Debtors	62,400
General reserve		7,500	Less : R.D.D	2,400	60,000
Capitals :			Stock		36,000
Padma	45,000		Furniture		14,100
Kumud	36,000	81,000	Machinery		15,000
			Building		45,000
		2,04,000			2,04,000

On 1.04.2019 they admitted Asha on the following terms : -
1) For 1/2 Share in profits in future, Asha should bring `30,000 for capital and ` 15,000 for goodwill in cash.
2) Half of amount of goodwill is withdrawn by old partners.
3) The Stock is to depreciated by 10% and Machinery by 5%
4) RDD is to be maintained at ` 3,000
5) Furniture should be appreciated to `16,050 and Building be aprreciated by 20%
Pass the necessary Journal entries in the books of the firm.

The Balance Sheet of Sujata and Pournima who shared profits equally was as follows :

Dr.	Balance Sheet as on 31st March 2018				Cr.
Liabilities	Amt ₹	Amt ₹	Assets	Amt ₹	Amt ₹
Capitals			Land & Building		60,000
Sujata	1,00,000		Plant & Machinery		70,000
Pournima	1,40,000	2,40,000	Furniture		24,000
					26,000
Creditors		34,000	Stock		40,000
Bills Payable		26,000	Cash		80,000
		3,00,000			3,00,000

On 1st April 2018, Aparna joins the firm as a third partner for 1/5 th share of future profits on the following terms and condition :
a) Goodwill is valued at ₹ 2,00,000, Aparna is to bring her share of goodwill in cash.
b) Aparna is to bring in ₹ 1,00,000 as capital.
c) A provision of 10% is to be created on sundry debtors
d) Land and Building is to be valued at ₹ 80,000
e) Stocks Plant and Machinery is to be reduced by 20%
Draft the journal entries to record the above arrangement and give the opening balance sheet of the new firm.