Following is the Balance Sheet of Sanket , Sachin and Soham who were sharing profit and Losses
intheratio 5:2:3
Answers
SOLUTION
In the books of Samarth Traders
Profit and Loss Adjustment Account.
Dr. Cr.
Particulars ₹ Particulars ₹
To R.D.D A/c By stock A/c 3800
New 500 100 By Building A/c 2000
Less : Old 400
To plant & machinery A/c 1600
To Partner's capital A/c's
Prakash 2050 4100
Dinakar 820
Rajan 1230
5800 5800
Partner’s Capital A/c
Particulars Prakash Dinakar Rajan Particulars Prakash Dinakar Rajan
To Goodwill A/c 2500 1500 By Balance b/d 18000 16000 8800
To Cash A/c 2220 By General Res. 3500 1400 2100
To Dinakar’s Loan A/c 20000 By Goodwill A/c 4000
To Balance c/d 21050 10630 By Profit and Loss Adjustment A/c 2050 820 1230
23550 22220 12130 23550 22220 12130
Cash / Bank Account
Particulars ₹ Particulars ₹
To balance b/d 6200 By Dinakar's Capital A/c 2220
By Balance c/d 3980
6200 6200
Goodwill A/c
Particulars ₹ Particulars ₹
To Dinakar Capital A/c 40000 By Prakash Capital A/c 25000
By Rajan Capital A/c 15000
40000 40000
New Balance Sheet as on 31st March , 2016
Particulars ₹ Particulars ₹
Partner’s Capital Building 20000 22000
Prakash 21050 31680 Add: Appreciation 2000
Rajan 10630 Plant & Machinery 16000 14400
Dinkar’s Loan A/c 20000 Less: Depreciation 1600
Creditors 10600 Stock 10200 14000
Add: Appreciation 3800
Debtors 8400 7900
Less: R.D.D. 500
Cash 3980
62280