Practical Problem 05
Dr Partner Capital A/c Cr | |||||||
Particular | Sohan | Rohan | Mohan | Particular | Sohan | Rohan | Mohan |
To Drawing A/c | 25,000 | By Balance b/d | 20,000 | 20,000 | 20,000 | ||
To Executive Loan A/c | 49,000 | By Revaluation A/c | 15,000 | 10,000 | 5,000 | ||
To Balance c/d | 63,500 | 34,500 | By General Reserve A/c | 13,500 | 9,000 | 4,500 | |
By Goodwill A/c | 15,000 | 10,000 | 5,000 | ||||
By P & L Suspense A/c | 25,000 | ||||||
63,500 | 74,000 | 34,500 | 63,500 | 74,000 | 34,500 | ||
Dr Revaluation A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Stock A/c | 5,000 | By Land & Building A/c | 10,000 | ||
To R.D.D A/c | 3,000 | By Machinery A/c | 20,000 | ||
To Patents A/c | 12,000 | By Investment A/c | 20,000 | ||
To Partner’s Capital A/c | |||||
Sohan | 15,000 | ||||
Rohan | 10,000 | ||||
Mohan | 5,000 | 30,000 | |||
50,000 | 50,000 | ||||
2. Firm goodwill A/c = Rs 30,000 distributed among partner in old Ratio i.e 3:2:1, Sohan :15,000 Rohan : 10,000 Mohan : 5,000 |
3. Increase in Value of land = (Book value)/(100-20) x 20 = 40,000/80 x 20 = 10,000 |
4. Increase in value of Machinery = (Book value)/(100-20) x 20 = 80,000/80 x 20 = 20,000 |