3. In the books of Partnership Firm
Profit and Loss Adjustment Account
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Furniture A/c
(Depreciation)
|
1500
|
By Stock A/c
(Appreciation in Value)
|
2500
| ||
To partners’ Capital Account.(Profit)
| |||||
Ram
|
500
| ||||
Madan
|
500
|
1000
| |||
2500
|
2500
|
Partners Capital Accounts
Particulars
|
Ram
|
Madan
|
Sohan
|
Particualrs
|
Ram
|
Madan
|
Sohan
|
To Goodwill A/c
|
10000
|
10000
|
10000
|
By Balance b/d
|
100000
|
100000
| |
By General Reserves A/c
|
20000
|
20000
|
-
| ||||
By Bank A/c
(Capital Contribution)
|
-
|
-
|
100000
| ||||
By Goodwill A/c
|
15000
|
15000
| |||||
By Profit & Loss Adj. A/c
(Profit)
|
500
|
500
| |||||
To Balance C/d
|
125500
|
125500
|
90000
| ||||
135500
|
135500
|
100000
|
135500
|
135500
|
100000
|
Balance Sheet as on 1st April, 2012
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
Sundry Creditors
|
55300
|
Plant & Machinery
|
90000
| ||
Partners’ Capital A/c
|
Furniture:
|
15000
| |||
Ram
|
125500
|
Less: Depreciation @10%
|
1500
|
13500
| |
Madan
|
125500
|
Sundry Debtors
|
91000
| ||
Sohan
|
90000
|
341000
|
Stock
|
68000
| |
Add: Increase in value
|
2500
|
70500
| |||
Cash in Hand
|
4200
| ||||
Cash at Bank
|
127100
| ||||
396300
|
396300
|
Goodwill A/c
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Ram’s Capital A/c
|
15000
|
By Ram’s Capital A/c
|
10000
| ||
To Madan’s Capital A/c
|
15000
|
By Madan’s Capital A/c
|
10000
| ||
By Shohan’s Capital A/c
|
10000
| ||||
30000
|
30000
|
Bank A/c
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Balance b/d
|
27100
| ||||
To Sohan’s Capital A/c
|
100000
|
By Balance C/d
|
127100
| ||
127100
|
127100
|
