Page 149 - VIRANSH COACHING CLASSES

Solution :
Dr. Revaluation Account Cr.

Particular Amount (`) Particulars Amount (`)

To Equipment 11,250 By Stock 6,000
To Bad debts 1,800 By Revaluation Loss 7,050
Transferred to Capital A/c
Anand 5,640
Rohit 1,410

13,050 13,050

Journal
Date Particulars L. F. Debit (`) Credit (`)

Anand’s capital A/c ..........................................Dr. 72000
Rohit’s capital A/c ............................................Dr. 18000
To Goodwill A/c 90,000
(Being Goodwill written off after admission of
partner)
4: The following is the Balance Sheet of Makarand and Mahesh sharing profits in the ratio of
3:2
Balance Sheet As on 31 March 2019
st
Liabilities Amt (`) Assets Amt (`)

Capital Account 95,000 Building 72,000
Makrand 1,00,000 Plant and Machinery 60,000
Mahesh 4,000 Debtors 42,000
Sundry Creditors 3,000 Less: R.D.D. 2,000 40,000
Bills Payable Bank 20,000
Furniture 10,000
2,02,000 2,02,000

On 1st April 2019 Mangesh is admitted for 1/2 share on the following terms:
1 He Paid `1,00,000 as his capital and ` 40,000 as his share of goodwill by RTGS.
2 Plant and Machinery revalued at ` 48,000.
3. Building taken by Makarand ` 1,00,000.
4. RDD to be increased up to ` 4,000.
5 The old partners decided to retain half of the amount of goodwill in the business.

6 The old partners decided to sacrifice equally.
Prepare Partner’s Capital Account Only

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