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Simrat and Ma...

Question

Simrat and Manbir are partners in a firm. They being in a large unskilled labour is employed. The employees largely lived in slum area. They, in order to improve their hygiene, entered into agreement with a doctor to do routine medical check-up. They also set up a canteen in the business premises to provide hygienic food at a subsidised rate. Identify the values in their action.

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Solution

Taking care of health through regular medical check-up; and helping employees by making available hygienic food at a subsidised price.

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Q. X, Y and Z are partners in a firm sharing profits and losses as 5 : 4 : 3 . Their Balance Sheet as at 31st March, 2018 was :



Liabilities		₹	Assets	₹
Sundry Creditors		40,000	Cash at Bank	40,000
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From 1st April, 2018, they agree to alter their profit-sharing ratio as 4 : 3 : 2 .It is also decided that :
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Q. X, Y and Z are partners in a firm sharing profits and losses as 5 : 4 : 3. Their Balance Sheet as at 31st March, 2019 was:


Liabilities		Amount (₹)	Assets	Amount (₹)
Sundry Creditors		40,000	Cash at Bank	40,000
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General Reserve		75,000	Stock	3,00,000
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X	4,00,000		Plant and Machinery	4,20,000
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From 1st April, 2019, they agree to alter their profit-sharing ratio as 4 : 3 : 2. It is also decided that:
(a) Furniture be taken at 80% of its value.
(b) Stock be appreciated by 20%.
(c) Plant and Machinery be valued at ₹ 4,00,000.
(d) Outstanding Expenses be increased by ₹ 13,000.
Partners agreed that altered values are not to be recorded in the books and they also do not want to distribute the General Reserve.
You are required to pass a single Journal entry to give effect to the above. Also, prepare Balance Sheet of the new firm.

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