Practical Problem 05
IN THE BOOKS OF Partnership Firm | |||||
Dr Profit and Loss Adjustment Account Cr | |||||
Particular | Amt | Amt | Particular | Amt | Amt |
To Computer | 4,300 | By Furniture | 2,500 | ||
By Vehicles | 9,000 | ||||
To Pratner’s Capital A/c (Profit) | By R.D.D | 1,000 | |||
Shah A/c | 3,280 | ||||
Lodha A/c | 2,460 | ||||
Dhole A/c | 2,460 | 8,200 | |||
11,500 | 11,500 | ||||
Dr Partner Capital A/c Cr | |||||||
Particular | Shah | Lodha | Dhole | Particular | Shah | Lodha | Dhole |
To Goodwill A/c | 17,333 | 8,667 | By Balance b/d | 45,000 | 35,000 | 27,000 | |
To Lodha Loan A/c | 45260 | By Goodwill A/c | 10,400 | 7,800 | 7,800 | ||
To Balance C/d | 41,347 | 28,593 | By Profit & loss Adj A/c | 3,280 | 2,460 | 2,460 | |
58,680 | 45,260 | 37,260 | 58,680 | 45,260 | 37,260 | ||
Balance sheet of New Firm as on 1st April 2019 | ||||||||||||||||||
Liabilities | Amt | Amt | Asset | Amt | Amt | |||||||||||||
Capital A/c | Furniture | 25,000 | ||||||||||||||||
Shah | 41,347 | Add : Appreciation | 2,500 | 27,500 | ||||||||||||||
Dhole | 28,593 | 69,940 | Computers | 43,000 | ||||||||||||||
Sundry Creditors | 20,000 | Less : Depreciation @ 10% | -4,300 | 38,700 | ||||||||||||||
Bills payable | 4,000 | Vehicles | 45,000 | |||||||||||||||
Lodha’s Loan | 45,260 | Add : Appreciation @ 20% | 9,000 | 54,000 | ||||||||||||||
Sundry Debtors | 10,000 | |||||||||||||||||
Cash | 9,000 | |||||||||||||||||
1,39,200 | 1,39,200 | |||||||||||||||||
Dr Profit and Loss Adjustment Account Cr | ||||||||||||||||||
Particular | Amt | Amt | Particular | Amt | Amt | |||||||||||||
To Computer | 4,300 | By Furniture | 2,500 | |||||||||||||||
By Vehicles | 9,000 | |||||||||||||||||
To Partner Capital A/c (Profit) | By R.D.D | 1,000 | ||||||||||||||||
Shah A/c | 3,280 | |||||||||||||||||
Lodha A/c | 2,460 | |||||||||||||||||
Dhole A/c | 2,460 | 8,200 | ||||||||||||||||
11,500 | 11,500 | |||||||||||||||||