Practical Problem 07
IN THE BOOKS OF NEW FIRM | |||||
Dr Profit and Loss Adjustment Account Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Debtors |
| 3,200 | By Stock |
| 2,000 |
To Furniture |
| 4,400 | By Plant & Machinery |
| 12,000 |
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To Profit on Revalution |
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Medha Capital A/c | 4,800 |
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Radha Capital A/c | 1,600 | 6,400 |
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| 14,000 |
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| 14,000 |
Dr Partner Capital A/c Cr | |||||||
Particular | M | R | K | Particular | M | R | K |
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| By Bal b/d | 1,20,000 | 40,000 |
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| By GenRes. | 12,000 | 4,000 |
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To Loan A/c | 18,675 | 6,225 |
| By Cash |
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| 40,000 |
To Bal c/d | 1,20,000 | 40,000 | 40,000 | By Goodwill A/c | 1,875 | 625 |
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| By Revaluation A/c | 4,800 | 1,600 |
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| 1,38,675 | 46,225 | 40,000 |
| 1,38,675 | 46,225 | 40,000 |
Balance sheet of New Firm as on 1st April 2018 | |||||
Liabilities | Amount | Amount | Asset | Amount | Amount |
Capital A/c |
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| Plant & Machinery | 60,000 |
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Medha | 1,20,000 |
| Add Appreciation @ 20% | 12,000 | 72,000 |
Radha | 40,000 |
| Furniture | 22,000 |
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Krutika | 40,000 | 2,00,000 | Less Depreciation | -4,400 | 17,600 |
Medha Loan A/c |
| 18,675 | Land & Building |
| 32,000 |
Radha Loan A/c |
| 6,225 | Sundry Debtor | 64,000 |
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Sundry Creditor |
| 80,000 | Less: RDD @ 5% | -3,200 | 60,800 |
Bills Payable |
| 20,000 | Stock | 40,000 |
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Bank overdraft |
| 20,000 | Add: Appreciation @ 5% | 2,000 | 42,000 |
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| cash |
| 1,20,500 |
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| 3,44,900 |
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| 3,44,900 |
Dr Cash A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Bal b/d |
| 78,000 |
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To Krutika Capital A/c |
| 40,000 |
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To GoodWill A/c |
| 2,500 | By Bal c/d |
| 1,20,500 |
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| 1,20,500 |
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| 1,20,500 |
Dr Goodwill A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Medha Capital A/c | 1,875 |
| By Cash |
| 2,500 |
To Radha Capital A/c | 625 | 2,500 |
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| 2,500 |
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| 2,500 |