Ram and Krishna were partners sharing profits and losses in the proportion of 2/3 and 1/3 respectively. Their balance sheet is as follows:
Solution: In the books of Ram, Krishna and Hari.
Revaluation Account.
Particulars
|
Amount
|
Amount
|
Particulars
|
Amount
|
Amount
|
To Stock A/c
|
6000
|
By Building A/c
|
12000
| ||
By R.D.D. A/c
|
1200
| ||||
To Profit on Revaluation A/c transferred to Partners Capital A/c
| |||||
Ram Capital A/c
|
4800
| ||||
Krishna Capital A/c
|
2400
|
7200
| |||
13200
|
13200
|
Partners’ Capital A/c
Particulars
|
Ram
|
Krishna
|
Hari
|
Particulars
|
Ram
|
Krishna
|
Hari
|
By Balance b/d
|
96000
|
64000
|
-
| ||||
By General Reserve A/c
|
12000
|
6000
|
-
| ||||
By Profit & Loss A/c
|
4000
|
2000
| |||||
By Revaluation A/c
|
4800
|
2400
|
-
| ||||
By Cash A/c
|
48000
| ||||||
By Goodwill A/c
|
12000
|
6000
|
-
| ||||
By Balance c/d
|
128800
|
80400
|
48000
| ||||
128800
|
80400
|
48000
|
128800
|
80400
|
48000
|
Balance Sheet as on 1st April, 2013.
Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
Capital A/c
|
Building
|
100000
| |||
Ram
|
128800
|
Add: Appreciation
|
12000
|
112000
| |
Krishna
|
80400
|
Furniture
|
30000
| ||
Hari
|
48000
|
257200
|
Debtors
|
63000
| |
Sundry Creditors
|
80000
|
Less: R.D.D.
|
1800
|
61200
| |
Stock
|
84000
| ||||
Less: Written off
|
6000
|
78000
| |||
Goodwill
|
18000
| ||||
Cash
|
18000
| ||||
Cash
|
16000
| ||||
Add: Hari’s Capital
|
48000
| ||||
Less: Ram’s Loan
|
26000
|
38000
| |||
337200
|
337200
|
