13. Veena and Leela of
Udgir are equal partners in a business. Their Balance Sheet as on 31st March,
2012 stood as under.
Balance Sheet as on 31st
March, 2012
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
|
Sundry
Creditor
|
|
180000
|
Cash
at Bank
|
|
120000
|
|
General
Reserve
|
|
36000
|
Debtors
|
62000
|
|
|
Capitals:
|
|
|
Less:
RDD
|
2000
|
60000
|
|
Veena
|
90000
|
|
Bills
Receivable
|
|
24000
|
|
Leela
|
60000
|
150000
|
Building
|
|
114000
|
|
|
|
|
Machinery
|
|
48000
|
|
|
|
366000
|
|
|
366000
|
They decided to admit
Asha on 1st April, 2012 on the following terms.
(i) The machinery and the building be depreciated
by 10% and Reserve for doubtful debts to be increased to Rs. 5000.
(ii) Bills Receivable are taken over by Veena at a
discount of 10%.
(iii) Asha should bring Rs. 80,000 as capital for
her ¼ th share in future profits.
(iv) The Capital accounts of all the partners be
adjusted in proportion to the new profit sharing ratio by opening current
accounts of the partners.
Prepare Profit and Loss
Adjustment A/c Partners Capital Account and New Balance Sheet of the firm.
|
Ans.
|
|
|
Profit and loss
adjustment a/c
|
Loss Rs. 21600
|
|
Balance sheet
total
|
500000
|
|
Bank A/c Bal
|
200000
|
|
Capital A/c
|
|
|
Veena
|
120000
|
|
Leela
|
120000
|
|
Asha
|
80000
|
