Balance Sheet as on 31st March, 2013 [10 MARKS]
Liabilities
|
|
Amount Rs.
|
Assets
|
|
Amount Rs.
|
Capital A/cs
|
|
Premises
|
|
20,500
|
|
Snehal
|
80000
|
Investments
|
|
10,500
|
|
Meenal
|
45000
|
125000
|
Equipments
|
|
5,000
|
Creditors
|
|
46,000
|
Bills Receivable
|
|
18,000
|
General reserve
|
|
20,000
|
Debtors
|
110000
|
|
|
|
|
( - ) R.D.D.
|
11000
|
99000
|
|
|
|
Bank Balance
|
|
38,000
|
|
|
191,000
|
|
|
191,000
|
They agreed to admit Mr. Komal on 1st
April, 2013 on the following terms:
(1) Komal should bring Rs. 50,000 towards her
capital for one fourth (1/4th )Share in future profit.
(2) Goodwill to be raised in the books of the firm
for Rs. 40,000.
(3) R.D.D. to be maintained at 5% on debtors.
(4) Premises to be valued at Rs. 30,000 and
equipments to be written off fully.
(5) Creditors allowed a discount of Rs. 1,000 and
they were paid off immediately.
Prepare: Profit and Loss Adjustment Account,
Partner's Capital Accounts and Balance Sheet of the new firm.
Solution:
Profit and Loss Adjustments Account.
Particulars
|
|
Rs.
|
Particulars
|
|
Rs.
|
To Equipment
|
|
5000
|
By R.D.D.
[11,000 – 5,500]
|
|
5,500
|
To Profit on Revaluation A/c
|
|
|
By Premises
|
|
9500
|
Snehal's Capital A/c
|
5500
|
|
By Creditors
|
|
1000
|
Meenal's Capital A/c
|
5500
|
11000
|
|
|
|
|
|
16000
|
|
|
16,000
|
Partners'
Capital Accounts
Particulars
|
Snehal
|
Meenal
|
Komal
|
Particulars
|
Snehal
|
Meenal
|
Komal
|
|
|
|
|
By
Balance b/d
|
80,000
|
45,000
|
-
|
|
|
|
|
By
General Reserve A/c
|
10,000
|
10,000
|
-
|
|
|
|
|
By
Bank A/c
|
|
|
50,000
|
|
|
|
|
By
Goodwill A/c
|
20,000
|
20,000
|
-
|
|
|
|
|
By
Revaluation A/c
(Profit)
|
5500
|
5500
|
-
|
To
Balance c/d
|
115500
|
80500
|
50000
|
|
|
|
|
|
114500
|
79500
|
50000
|
|
115500
|
80500
|
50000
|
Balance
Sheet of the new firm as on 1st April, 2013
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
Capital
A/c
|
|
|
Premises
|
20500
|
|
Snehal
|
115500
|
|
(+)
Appreciation
|
9500
|
30000
|
Meenal
|
80500
|
|
Investments
|
|
10,500
|
Komal
|
50000
|
246000
|
Equipments
|
5,000
|
|
|
|
|
(
- ) Written off
|
-
5000
|
Nil
|
Creditors
|
46,000
|
|
Bills
Receivable
|
|
18,000
|
(
- ) Discount
|
-
1000
|
|
Debtors
|
1,10,000
|
|
|
45,000
|
|
(
- ) R.D.D. @ 5%. p.a.
|
-
5,500
|
1,04,500
|
(
- ) Paid off
|
45,000
|
Nil
|
Goodwill [W.N. 1]
|
|
40,000
|
|
|
|
Bank Balance [W.N. 2]
|
|
43,000
|
|
|
|
|
|
|
|
|
246000
|
|
|
246000
|
Working
Note No. 1.
Goodwill
A/c
Particulars
|
Rs.
|
Particulars
|
Rs.
|
To
Snehal's Capital A/c
|
20,000
|
|
|
To
Meenal's Capital A/c
|
20,000
|
|
|
|
|
By Balance c/d
|
40,000
|
|
40,000
|
|
40,000
|
Bank
A/c
Particulars
|
Rs.
|
Particulars
|
Rs.
|
To
Balance b/d
|
38,000
|
By
Creditors
|
45000
|
To
Komal's Capital A/c
|
50,000
|
|
|
|
|
By balance c/d
|
43,000
|
|
88000
|
|
88000
|