10. Amol and Abhijeet share Profits and Losses in the ratio of
3:2 in partnership firm. Their Balance Sheet as on 31st March, 2012
was as under.
Balance Sheet as on 31st March, 2012
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
|
Creditors
|
|
12500
|
Bank
|
|
7500
|
|
Bills
Payable
|
|
10000
|
Bills
Receivable
|
|
3800
|
|
Bank
Loan
|
|
16000
|
Debtors
|
20800
|
|
|
General
Reserve
|
|
2500
|
Less:
R.D.D.
|
800
|
20000
|
|
Capitals:
|
|
|
Stock
|
|
12000
|
|
Amol
|
15000
|
|
Furniture
|
|
4700
|
|
Abhijeet
|
12000
|
27000
|
Machinery
|
|
5000
|
|
|
|
|
Building
|
|
15000
|
|
|
|
68000
|
|
|
68000
|
On 1.4.2012 they admitted Ashok on the following
terms:
(i) For 1/5 th share in profit in future. Ashok should being Rs. 10,000 for
capital and Rs. 5000 for goodwill in cash.
(ii) Half of the amount of goodwill be withdrawn
by old partners.
(iii) The stock is to be depreciated by 10% and
Machinery by 5%.
(iv) R.D.D. be maintained at Rs. 1000
(v) Furniture should be appreciated to Rs. 5350
and building be appreciated by 20%.
Pass the necessary journal entries and open Revaluation A/c and
Goodwill A/c in the books of the firm.
|
Ans.
|
|
|
Profit and loss
adjustment a/c
|
Profit Rs. 2000
|
|
Balance sheet
total
|
82500
|
|
Bank A/c Bal
|
20000
|
|
Capital A/c
|
|
|
Amol
|
19200
|
|
Abhijeet
|
14800
|
|
Ashok
|
10000
|
