Post the following transactions to Building a/c :
(a) Building purchased for cash Rs.3,00,000
(b) Building purchased for account Rs.30,000
(c) An old building sold for cash to Satish Rs.5,000. There was
a loss on sale Rs.1,000.
(d) New rooms added to building costing Rs.20,000.
Answers
Answer:
Following was the Balance Sheet of A and B who were sharing profits in the ratio of 2:1 as at 31
st
March,2018:
Liabilities (Rs.) Assets (Rs.)
Capital A/c:
A 15,000
B 10,000
Sundry Creditors
25,000
32,950 Building
Plant and Machinery
Stock
Sundry Debtors
Cash in Hand 25,000
17,500
10,000
4,850
600
57,950 57,950
They agree to admit C into the partnership on the following terms:
(a) C was to bring in Rs.7,500 as his capital and Rs.3,000 as goodwill for 1/4
th
share in the firm.
(b) Values of the Stock and Plant and Machinery were to be reduced by 5%.
(c) A provision for Doubtful Debts was to be created in respect of Sundry Debtors Rs.375.
(d) Building Account was to be appreciated by 10%.
Pass necessary Journal entries to give effect to the arrangements. Prepare Profit and Loss Adjustment Account (or Revaluation Account), Capital Accounts and Balance Sheet of the new firm.
Explanation:
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