Practical Problem 03
Practical Problems | Q 3 | Page 203
Ram, Madhav AND Keshav are Partners Sharing Profit AND Losses in the respectively. | |||||||||||||||||||||||||||||||||||||||||||
Their Balance Sheet AS on 31st March 2018 WAS AS follows. | |||||||||||||||||||||||||||||||||||||||||||
BALANCE Sheet AS on 31st March 2018 | |||||||||||||||||||||||||||||||||||||||||||
Liabilities | Amt ` | Assets | Amt ` | ||||||||||||||||||||||||||||||||||||||||
General Reserve | 25,000 | Goodwill | 50,000 | ||||||||||||||||||||||||||||||||||||||||
Creditors | 1,00,000 | Loose Tools | 50,000 | ||||||||||||||||||||||||||||||||||||||||
Unpaid Rent | 25,000 | Debtor | 1,50,000 | ||||||||||||||||||||||||||||||||||||||||
Capital Accounts | Live Stock | 1,00,000 | |||||||||||||||||||||||||||||||||||||||||
Ram | 1,00,000 | Cash | 25,000 | ||||||||||||||||||||||||||||||||||||||||
Madhav | 75,000 | ||||||||||||||||||||||||||||||||||||||||||
Keshav | 50,000 | ||||||||||||||||||||||||||||||||||||||||||
3,75,000 |
| 3,75,000 | |||||||||||||||||||||||||||||||||||||||||
KESHAV died on 31st July 2018 AND the following Adjustment were Agreed by AS per partnership deed. | |||||||||||||||||||||||||||||||||||||||||||
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In the books of the partnership Firm | |||
Dr Revaluation A/c Cr | |||
Particulars | Amount | Particulars | Amount |
To R.D.D A/c | 10,000 | By Loose Tools A/c | 30,000 |
To Creditors A/c | 10,000 | By Live Stock A/c | 20,000 |
To Partners Capital A/c (Profit) | |||
Ram 15,000 | |||
Madhav 9,000 | |||
Keshav 6,000 | 30,000 | ||
50,000 | 50,000 | ||
Dr Keshav’s Capital A/c Cr | |||
Particulars | Amount | Particulars | Amount |
To Balance c/d | 92,000 | By Bal b/d | 50,000 |
By General Reserve A/c | 5,000 | ||
By Commission A/c (2,000 x 4 Month) | 8,000 | ||
By Goodwill A/c | 20,000 | ||
By Revaluation A/c (Profit) | 6,000 | ||
By Profit & Loss Suspense A/c | 3,000 | ||
92,000 | 92,000 | ||