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20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )?
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20. A, B , C are partners in firm B retired from the firm on ***. Liab...
Balance Sheet of the firm after B's retirement
Liabilities
- Bills Payable: $1,800
- Creditors: $5,600
- Partner's Capital (A): $17,000
- Partner's Capital (C): ?
- Goodwill: ?
Assets
- Cash at Bank: $4,240
- Stock: $6,000
- Machinery: $30,000
- Goodwill: $3,000
Calculation of Partner's Capital (C)
To calculate Partner C's capital, we need to find the difference between the total assets and the total liabilities of the firm.
Total Assets: $4,240 (Cash at Bank) + $6,000 (Stock) + $30,000 (Machinery) + $3,000 (Goodwill) = $43,240
Total Liabilities: $1,800 (Bills Payable) + $5,600 (Creditors) = $7,400
Partner C's Capital = Total Assets - Total Liabilities
Partner C's Capital = $43,240 - $7,400
Partner C's Capital = $35,840
Calculation of Goodwill
Given that the Goodwill of the firm is valued at $12,000, we need to allocate this value between the remaining partners, A and C, in the new profit sharing ratio of 3:2.
Total New Profit Sharing Ratio = 3 + 2 = 5
Share of A = (3/5) * $12,000 = $7,200
Share of C = (2/5) * $12,000 = $4,800
Balance Sheet after B's Retirement
Liabilities
- Bills Payable: $1,800
- Creditors: $5,600
- Partner's Capital (A): $17,000 + $7,200 (Share of Goodwill) = $24,200
- Partner's Capital (C): $35,840
- Goodwill: $4,800
Assets
- Cash at Bank: $4,240
- Stock: $6,000
- Machinery: $30,000
- Goodwill: $3,000 (Remaining Goodwill after allocating to partners)
Total Liabilities: $1,800 + $5,600 + $24,200 + $35,840 + $4,800 = $72,240
Total Assets: $4,240 + $6,000 + $30,000 + $3,000 = $43,240
The balance sheet of the firm after B's retirement would show a total liability of $72,240 and a total asset of $43,240.
Liabilities
- Bills Payable: $1,800
- Creditors: $5,600
- Partner's Capital (A): $17,000
- Partner's Capital (C): ?
- Goodwill: ?
Assets
- Cash at Bank: $4,240
- Stock: $6,000
- Machinery: $30,000
- Goodwill: $3,000
Calculation of Partner's Capital (C)
To calculate Partner C's capital, we need to find the difference between the total assets and the total liabilities of the firm.
Total Assets: $4,240 (Cash at Bank) + $6,000 (Stock) + $30,000 (Machinery) + $3,000 (Goodwill) = $43,240
Total Liabilities: $1,800 (Bills Payable) + $5,600 (Creditors) = $7,400
Partner C's Capital = Total Assets - Total Liabilities
Partner C's Capital = $43,240 - $7,400
Partner C's Capital = $35,840
Calculation of Goodwill
Given that the Goodwill of the firm is valued at $12,000, we need to allocate this value between the remaining partners, A and C, in the new profit sharing ratio of 3:2.
Total New Profit Sharing Ratio = 3 + 2 = 5
Share of A = (3/5) * $12,000 = $7,200
Share of C = (2/5) * $12,000 = $4,800
Balance Sheet after B's Retirement
Liabilities
- Bills Payable: $1,800
- Creditors: $5,600
- Partner's Capital (A): $17,000 + $7,200 (Share of Goodwill) = $24,200
- Partner's Capital (C): $35,840
- Goodwill: $4,800
Assets
- Cash at Bank: $4,240
- Stock: $6,000
- Machinery: $30,000
- Goodwill: $3,000 (Remaining Goodwill after allocating to partners)
Total Liabilities: $1,800 + $5,600 + $24,200 + $35,840 + $4,800 = $72,240
Total Assets: $4,240 + $6,000 + $30,000 + $3,000 = $43,240
The balance sheet of the firm after B's retirement would show a total liability of $72,240 and a total asset of $43,240.
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20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )?
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20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )?.
20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about 20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for 20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )?.
Solutions for 20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )? in English & in Hindi are available as part of our courses for Commerce.
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20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )?, a detailed solution for 20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )? has been provided alongside types of 20. A, B , C are partners in firm B retired from the firm on ***. Liabilities Amount Assets Amount S.Cr 3600. C at B 4240 Bills Pay 1800. Deb 5600 P/L A/c 3000. L:pro 240 =5360 Ca. A/c- Stock 6000 А 17.000 Mchinry 30000 B 13,400 Goodwill 3000 с 9,800 40200 Total- 48600 Total 4860 (i)Mach to be depreci by 10%(ii)Stock depreciby 10%(iii)Goodwill of the firm is valued at 12000(iv)New profit sharing ratio of A,C will be 3:2 (V) Amount due to B Balance Sheet of the firm after B's retirement )? theory, EduRev gives you an
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