Solution: In the books of Sonu, Monu and Piyu
Profit and Adjustment A/c
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Stock A/c
|
960
|
By Land and Building A/c
|
11000
| ||
To R.D.D. A/c
|
200
| ||||
To Profit on Revaluation Transferred to partners Capital A/c
| |||||
Sonu Capital A/c
|
4920
| ||||
Monu Capital A/c
|
1968
| ||||
Piyu Capital A/c
|
2952
|
9840
| |||
11000
|
11000
|
Partners’ Capital A/c
Particulars
|
Sonu
|
Monu
|
Piyu
|
Particulars
|
Sonu
|
Monu
|
Piyu
|
To Goodwill A/c (5:1)
|
3000
|
600
|
-
|
By Balance b/d
|
50000
|
20000
|
30000
|
To Cash A/c
|
36552
|
By Profit and Loss Adjustment A/c [Profit on Revaluation]
|
4920
|
1968
|
2952
| ||
By Goodwill A/c
|
3600
| ||||||
By Cash A/c
|
68080
|
18632
|
-
| ||||
To Balance C/d
|
120000
|
40000
| |||||
123000
|
40600
|
36552
|
123000
|
40600
|
36552
|
In the books of M/s Sonu and Monu.
Balance Sheet as on 1st April, 2013.
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
Creditors
|
15000
|
Plant and Machinery
|
20000
| ||
Capital A/c
|
Land and Building
|
55000
| |||
Sonu
|
120000
|
Add: Appreciation
|
11000
|
66000
| |
Monu
|
40000
|
160000
|
Stock
|
12000
| |
Less: Written off
|
960
|
11040
| |||
Debtors
|
12000
| ||||
Less: R.D.D.
|
1200
|
10800
| |||
Cash
|
67160
| ||||
175000
|
175000
| ||||
