5. The following is the
Balance Sheet of M/s Sukhadeo and Hanumant on 31st March, 2012. They share
profits and losses in the proportion of 3/5 and 2/5 respectively.
Balance Sheet as on 31st
March, 2012
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Creditors
|
124000
|
Cash
at Bank
|
10000
|
|
Capital
A/c
|
|
Land
and Building
|
50000
|
|
Sukhadeo
|
70,000
|
Plant
and Machinery
|
70,000
|
|
Hanumant
|
70,000
|
Furniture
|
3000
|
|
|
|
Stock
|
41000
|
|
|
|
Debtors
|
90000
|
|
|
|
|
|
|
|
264000
|
|
264000
|
They take Shakuntala
into partnership on 1st April, 2012. The terms being:
1. That she shall pay Rs. 10000 as her share of
goodwill, the amount to be retained in the business.
2. That she shall bring in Rs. 30000 as capital
for one – fourth share in the future profits.
3. The firm's assets were to be revalued as under:
a. Land and Building to be valued at Rs. 60,000;
Plant and Machinery and Furniture to be reduced by 10%.
b. A provision of 5% on Debtors is to be made for
doubtful debts.
c. The Stock is to be taken at a value of Rs.
50,000.
4. The excess of capital of Sukhadeo and Hanumant
over their due proportion of sharing profit in the firm is to be transferred to
their respective loan accounts.
Prepare Profit and loss
Adjustment Account, Capital account of all partners and Opening Balance sheet
of the firm.
|
Ans.
|
|
|
Profit and loss
adjustment a/c
|
Profit Rs. 7200
|
|
Balance sheet
total
|
311200
|
|
Bank Balance
|
50000
|
|
Capital A/c
|
|
|
Sukhadeo
|
54000
|
|
Hanumant
|
36000
|
|
Shakuntala
|
Rs. 30000
|
