plzzzz answer my question......
Answers
Answer:
Solution:
In the books of Partnership firm.
Revaluation A/c
Particulars
Rs.
Rs.
Particulars
Rs.
Rs.
To Equipment A/c
2400
By Buildings A/c
18000
To Plant A/c
8500
By Bills Payable A/c
[Rebate Earned]
11000
To Furniture A/c
7200
By R.D.D. A/c
6000
To Partners' Capital A/c
(Profit)
Harish
8450
Girish
8450
16900
35000
35000
Partner's capital Accounts
Particulars
Harish
Girish
Shirish
Particulars
Harish
Girish
Shirish
To Furniture A/c
4800
By Balance b/d
100000
140000
To Goodwill A/c
30000
30000
30000
By Profit & Loss A/c
8000
8000
To Balance C/d
126650
171450
170000
By Cash A/c
-
-
200000
By Goodwill A/c
45000
45000
-
By Revaluation A/c
8450
8450
-
161450
201450
200000
161450
201450
200000
Balance Sheet as on 1st April, 2013
Liabilities
Amount
Amount
Assets
Amount
Amount
Partners' Capital A/c
Buildings
120000
Harish
126650
(+) Appreciation @ 15%
18000
138000
Girish
171450
Plant
85000
Shirish
170000
468100
(-) Depreciation @ 10%
-8500
76500
Creditors
38000
Equipments
12000
Bills Payable
46000
(-) Depreciation @ 20%
-2400
9600
Less: Rebate
-11000
Furniture
25000
35000
(-) Furniture taken over
-12000
13000
(-) Cash Paid
35000
NIL
Debtors
46000
Stock
21000
Cash in Hand
202000
506100
506100