Practical Problem 09
IN THE BOOKS OF NEW FIRM | |||||
Dr Profit and Loss Adjustment Account Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Furniture | 400 | BY Land & Building | 10,000 | ||
To Debtors | 800 | By Stock A/c | 10,000 | ||
To Profit on Revaluation | |||||
Amit Capital A/c | 7,520 | ||||
Baban capital A/c | 11,280 | 18,800 | |||
20,000 | 20,000 | ||||
Dr Partner Capital A/c Cr | |||||||
Particular | Amit | Baban | Kamal | Particular | Amit | Baban | Kamal |
By Bal b/d | 1,00,000 | 1,00,000 | |||||
To Loan A/c | 63,520 | 45,280 | By Cash A/c | 50,000 | |||
To Bal c/d | 60,000 | 90,000 | 50,000 | By Goodwill A/c | 16,000 | 24,000 | |
By P & L Adj A/c | 7,520 | 11,280 | |||||
1,23,520 | 1,35,280 | 50,000 | 1,23,520 | 1,35,280 | 50,000 | ||
Balance sheet of New Firm as on 1st April 2018. | |||||
Liabilities | Amount | Amount | Asset | Amount | Amount |
Capital A/c | Land and Building | 50,000 | |||
Amit | 60,000 | Add: Appreciation | 10,000 | 60,000 | |
Bban | 90,000 | Plant | 60,000 | ||
Kamal | 50,000 | 2,00,000 | Furniture | 4,000 | |
Creditors | 1,40,000 | Less: Dep @ 10% | -400 | 3,600 | |
Amit Loan | 63,520 | Stock | 1,00,000 | ||
Baban Loan | 45,280 | Add: Appreciation | 10,000 | 1,10,000 | |
Debtors | 16,000 | ||||
Less RDD @ 5% | -800 | 15,200 | |||
Cash | 2,00,000 | ||||
4,48,800 | 4,48,800 | ||||
Working:
Dr Cash A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Bal b/d | 1,10,000 | ||||
To Kamal Capital A/c | 50,000 | By Bal c/d | 2,00,000 | ||
To Goodwill A/c | 40,000 | ||||
2,00,000 | 2,00,000 | ||||
Dr Goodwill A/c Cr | ||||||
Particular | Amount | Amount | Particular | Amount | Amount | |
To Amit Capital A/c | 16,000 | By Cash | 40,000 | |||
To Baban Capital A/c | 24,000 | 40,000 | ||||
40,000 | 40,000 | |||||