Practical Problem 08
IN THE BOOKS OF NEW FIRM | ||||||
Dr Profit and Loss Adjustment Account Cr | ||||||
Particular | Amount | Amount | Particular | Amount | Amount |
|
To Furniture A/c |
| 12,000 | By Building A/c |
| 28,000 |
|
To Debtors |
| 2,000 |
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|
|
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To Unrecorded Liability |
| 3,000 |
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To Profit on Revaluation A/c |
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Sahil Capital A/c | 6600 |
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Nikhil Capital A/c | 4400 | 11,000 |
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| 28,000 |
|
| 28,000 |
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Dr Partners Capital A/c Cr | |||||||
Particular | Sahil | Nikhil | Varad | Particular | Sahil | Nikhil | Varad |
|
|
|
| By Bal b/d | 80,000 | 1,00,000 |
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| By Cash A/c |
|
| 1,00,000 |
To Bal c/d | 1,10,600 | 1,20,400 | 1,00,000 | By Good willl A/c | 24,000 | 16,000 |
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|
|
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| By Profit & Loss Adj A/c | 6,600 | 4,400 |
|
| 1,10,600 | 1,20,400 | 1,00,000 |
| 1,10,600 | 1,20,400 | 1,00,000 |
Balance sheet of New Firm as on 1st April 2017 | ||||||
Liabilities | Amount | Amount | Asset | Amount | Amount |
|
Creditors |
| 60,000 | Furniture | 60,000 |
|
|
Unrecorded Liability |
| 3,000 | Less: Depreciation | 12,000 | 48,000 |
|
Capital A/c |
|
| Building | 72,000 |
|
|
Sahil A/c | 1,10,600 |
| Add: Appreciation | 28,000 | 1,00,000 |
|
Nikhil A/c | 1,20,400 |
| Debtors | 40,000 |
|
|
Varad A/c | 1,00,000 | 3,31,000 | Less: RDD | 2,000 | 38,000 |
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| Closing Stock |
| 48,000 |
|
|
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| Cash A/c |
| 1,60,000 |
|
|
| 3,94,000 |
|
| 3,94,000 |
|
Dr Cash A/c Cr | ||||||
Particular | Amount | Amount | Particular | Amount | Amount |
|
To Bal b/d |
| 20,000 |
|
|
|
|
To Vardha Capital A/c |
| 1,00,000 |
|
|
|
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To Goodwill A/c |
| 40,000 | By Bal c/d |
| 1,60,000 |
|
|
| 1,60,000 |
|
| 1,60,000 |
|
Dr Goodwill A/c Cr | ||||||
Particular | Amount | Amount | Particular | Amount | Amount |
|
To Sahil Capital | 24,000 |
| By Cash A/c |
| 40,000 |
|
To Nikhil Capital | 16,000 | 40,000 |
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| 40,000 |
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| 40,000 |
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