Practical Problem 05
SOLUTION :
IN THE BOOKS OF FIRM | |||||
Dr Realisation A/c Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Sundry Asset | By Sundry Liability | ||||
Furniture | 14000 | Sundry Creditors | 35,000 | ||
Plant | 65000 | Bank Loan | 15,000 | 50,000 | |
Trademark | 8000 | By R.D.D | 3,000 | ||
Debtors | 48,000 | ||||
Stock | 30,000 | 1,65,000 | By Seeta Capital A/c | ||
Plant | 78,000 | ||||
To Cash A/c | Stock | 22,000 | 1,00,000 | ||
Creditors | 34,000 | By Cash A/c | |||
Realisation Exp | 3,500 | Debtors | 43,200 | ||
Bank Loan A/c | 15,000 | 52,500 | Trade Mark | 5,000 | |
By Partners Capital A/c | Goodwill | 27,000 | 75,200 | ||
(Profit) | By Cash A/c | 1,500 | |||
Seeta | 9,760 | Unrecorded Asset | |||
Geeta | 2,440 | 12,200 | |||
2,29,700 | 2,29,700 | ||||
Dr Partner’s Capital A/c Cr | |||||
Particular | SEETA | GEETA | Particular | SEETA | GEETA |
To Advertisement Suspense | 6,400 | 1,600 | By Bal b/d | 90,000 | 40,000 |
TO Realisation A/c | 1,00,000 | By Realisation A/c | 9,760 | 2,440 | |
To Cash A/c | 40,840 | By Cash A/c | 6,640 | ||
1,06,400 | 42,440 | 1,06,400 | 42,440 | ||
Dr Cash/Bank A/c Cr | |||||
Particular | Amount | Amount | Particular | Amount | Amount |
To Bal b/d | 10,000 | By Realisation A/c | 52,500 | ||
To Realisation A/c | 75,200 | By Geeta Capital A/c | 40,840 | ||
To Realisation A/c | 1,500 | ||||
To Seeta Capital A/c | 6,640 | ||||
93,340 | 93,340 | ||||