Practical Problem 03
IN THE BOOKS OF NEW FIRM | |||||
Dr Profit and Loss Adjustment Account Cr | |||||
Particular | Amt | Amt |
| Amt | Amt |
To Sundry Debtor | 1,500 | x | |||
To Stock | 3,000 | ||||
To Plant | 4,500 | ||||
To Building | 1800 | ||||
By loss on revaluation A/c | |||||
Vasu Capital A/c | 6,480 | ||||
Viraj Capital A/c | 4,320 | 10,800 | |||
10,800 | 10,800 | ||||
Particular | Vasu | Viraj | Hari | Particular | Vasu | Viraj | Hari |
By Bal b/d | 1,08,000 | 72,000 | |||||
To P& L Adj A/c | 6,480 | 4,320 | By Gen. Res A/c | 18,000 | 12,000 | ||
To Bal c/d | 1,60,020 | 1,06,680 | 60,000 | By Cash | 60,000 | ||
By Goodwill A/c | 40,500 | 27,000 | |||||
1,66,500 | 1,11,000 | 60,000 | 1,66,500 | 1,11,000 | 60,000 |
Balance sheet of New Firm as on 1st April…. | |||||
Liabilities | Amt | Amt | Asset |
| Amt |
Capital A/c | Plant | 90,000 | |||
Vasu | 1,60,020 | Less Dep @ 5% | -4,500 | 85,500 | |
Viraj | 1,06,680 | Building | 36,000 | ||
Hari | 60,000 | 3,26,700 | Less Dep @ 5% | -1,800 | 34,200 |
Sundry Debtor | 66,750 | ||||
Sundry Creditor | 45,000 | Less R.D.D | -1,500 | 65,250 | |
Stock | 25,500 | ||||
Less: W/off | -3,000 | 22,500 | |||
Investment | 36,000 | ||||
Cash | 60,750 | ||||
Goodwill | 67,500 | ||||
3,71,700 | 3,71,700 | ||||
Working :
Dr Cash A/c Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Bal b/d | 750 | ||||
To Hari Capital A/c | 60,000 | By Bal c/d | 60750 | ||
60,750 | 60,750 | ||||
Dr Goodwill A/c Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Vasu Capital A/c | 40,500 |
| |||
To Viraj Capital A/c | 27,000 | 67,500 | |||
By Bal c/d | 67,500 | ||||
67,500 | 67,500 | ||||