Practical Problem 06

IN THE BOOKS OF NEW FIRM
Dr Profit and Loss Adjustment Account Cr
Particular	Amt	Amt	Particular	Amt	Amt
To Building		5,500
To Machinery		2,400
To Debtors		5,000
To Bill Receivable		1,200
			By Loss on Revaluation.
			Vrushali Capital A/c	7,050
			Leena Capital A/c	7,050	14,100
		14,100			14,100

Dr Partners Capital Account Cr
Particular	Vrushali	Leena	Aparna	Particular	Vrushali	Leena	Aparna
To Bill Rec. A/c	10,800			By Bal b/d	45,000	30,000
To P & L Adj A/c	7,050	7,050		By Gen Res A/c	9,000	9,000
To Bal c/d	90,000	90,000	60,000	By Cash A/c			60,000
				By Current A/c	53,850	58,050
	1,07,850	97,050	60,000		1,07,850	97,050	60,000

Balance sheet of New Firm as on 1st April….
Liabilities	Amt	Amt	Asset		Amt
Capital A/c			Building	55,000
Vrushali	90,000		Less: Depreciation@ 10%	-5,500	49,500
Leena	90,000		Machinery	24,000
Aparna	60,000	2,40,000	Less: Depreciation@ 10%	-2,400	21,600
Sundry Creditors		90,000	Debtor	31,000
			Less: RDD	-6,000	25,000
			Bill Receivable	12,000
			Less: Discount @ 10%	-1,200
				10,800
			Less: Vrushali Capital A/c	-10,800	0
			Vrushali Current A/c		53,850
			Leena Current A/c		58,050
			Cash		1,22,000
		3,30,000			3,30,000