8. The following is the Balance Sheet of Ram and
Laxman who share profits in the ratio 3:2 respectively as on 31st
March, 2012.
Balance Sheet as on 31.03.2012
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Creditors
|
15000
|
Plant
and Machinery
|
24000
|
|
General
Reserve
|
11000
|
Stock
|
16000
|
|
Capital
Accounts:
|
|
Furniture
|
2000
|
|
Ram
|
30000
|
Debtors
|
30000
|
|
Laxman
|
20000
|
Cash
at bank
|
4000
|
|
|
|
|
|
|
|
76000
|
|
76000
|
On this date Bharat was admitted on the following
terms.
1. He has to pay Rs. 21,000 as his capital and Rs.
17,000 as his share of goodwill for 1/5 th share in future profits.
2. The amount of goodwill will be retained in the
business.
3. Plant and Machinery and stock to be depreciated
@ 10% and 5% respectively.
4. A provision of 6% on debtors be made for bad
and doubtful debts.
5. Furniture to be revalued @ Rs. 3000
6. It was found that there was a liability for Rs.
1000 for credit purchases which was not recorded in the books of accounts.
Prepare Profit and Loss Adjustment account and
Balance sheet of the firm after the admission of Bharat.
|
Ans.
|
|
|
Profit and loss
adjustment a/c
|
Loss Rs. 5000
|
|
Balance sheet
total
|
110000
|
|
Bank A/c Bal
|
42000
|
|
Capital A/c
|
|
|
Ram
|
43800
|
|
Laxman
|
29200
|
|
Bharat
|
21000
|
