8500
Ratio Bill
Balance Sheet
AS on
31st
Mar .2012
Assets
Liabilities
Partners Capital
18000
Sumita
18000 22000 Cash in band
Manisha
22000 15000 Debtors
Sapna
15000 8000 RDD
5. Creditoys
stock
General Res.
Famitane
9000
1500 7500
12000
8000 5
sooo
Building
25000
68,000
68000
1- 8- 12
sapna retized from the fim cm following
) Goodwill was zaised upto the share of Eetieing parmes
calculated on the basis of Average peo bit of Tast
a years toe 2 - 2 years purchases of then written off
among the continuing partner in the ratio 3:2
ii) Sapna's AIC should be credited toe profit up to date
of εetiεement on the basis of Average of last 4
years profit
J ROD was no longer ecquired unnecerded computer
of & 5000 was brought into book & contingent
Liability of F 1000 was cleared
) Building was found to be undervalued
Peofit the fore the last 4 years 2012 : P20,000
2011-F 16,000 2010-F 4000, 2009 = 73200
spna was paid $1000 m cash & balance in
tɛansfer to her bean Ac
by 207
1
Answers
Answer:
(i) JOURNAL
1. Cash a/c... Dr. 10500
To C's Capital a/c 7500
To Premium for goodwill a/c 3000
(Being capital and premium for goodwill brought in by C)
2. Premium for goodwill a/c... Dr. 3000
To A's Capital a/c 2000
To B's Capital a/c 1000
(Being premium for goodwill distributed among the partners in the ratio of 2:1)
3. Building a/c... Dr. 2500
To Revaluation a/c 2500
(Being increase in asset transferred to revaluation account)
4. Revaluation a/c.... Dr. 1750
To Plant and Machinery a/c 875
To Stock a/c 500
To Provision for doubtful debts a/c 375
(Being decrease in assets and increase in liabilities transferred to revaluation account)
5. Revaluation a/c... Dr. 750
To A's Capital a/c 500
To B's Capital a/c 250
(Being profit on revaluation transferred to the partner's capital accounts)
(ii) REVALUATION A/C
Dr. Cr.
Particulars Amount
(in Rs.) Particulars Amount
(in Rs.)
To Stock a/c 500 By Building a/c 2500
To Plant and Machinery a/c 875
To Provision for doubtful debts a/c 375
To Profit transferred to
- A's Capital a/c
- B's Capital a/c
500
250
TOTAL 2500 TOTAL 2500
(iii) PARTNER'S CAPITAL A/C
Particulars A B C Particulars A B C
By Balance b/d 15000 10000 -
By Cash a/c - - 7500
To Balance c/d 17500 11250 7500 By Premium for goodwill a/c 2000 1000 -
By Revaluation a/c 500 250 -
(iv) BALANCE SHEET
(after admission of C)
Liabilities Amount
(in Rs.) Assets Amount
(in Rs.)
Building (25000+2500) 27500
Capital
- A
- B
- C
17500
11250
7500 Plant and Machinery (17500-875) 16625
Sundry Creditors 32950 Stock (10000-500) 9500
Debtors 4850
-- Provision for Doubtful debts (375) 4475
Cash (600+10500) 11100
TOTAL 69200 TOTAL 69200
Hope it's helpful dear
ᴍᴀʀᴋ ᴍᴇ ᴀs ʙʀᴀɪɴʟɪᴇsᴛ ᴀɴsᴡᴇʀ ᴘʟᴇᴀsᴇ......... ᴀɴᴅ ғᴏʟʟᴏᴡ ᴍᴇ ɪ ᴡɪʟʟ ᴀʟsᴏ ғᴏʟʟᴏᴡ ᴜ
Answer:
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