Page 157 - VIRANSH COACHING CLASSES

Solution :
Dr. Revaluation Account Cr.

Particulars Amt (`) Particulars Amt (`)
To Provision to Doubtful Debts A/c 3,900 By Land and Building A/c 30,000
To Investment A/c (22500-15000) 7,500 By Creditors A/c 750

To Profit transferred to
Adil’s Capital A/c 12,900
Sameer’s Capital A/c 6,450 19,350

30,750 30,750
Dr. Partner’s Capital Account Cr.

Particulars Adil Sameer Raju Particulars Adil Sameer Raju
(`) (`) (`) (`) (`) (`)
To Goodwill A/c 8,000 4,000 By Balance b/d 90,000 48,600
To Advertisement 8,000 4,000 By Revaluation A/c 12,900 6,450
Suspens A/c (Profit)
To Cash A/c 5,000 2,500 By Cash A/c) 30,000
To Profit and 8,000 4,000 By Goodwill A/c 10,000 5,000
Loss A/c
To Cash A/c 31,900 19,550 By General Reserve A/c 8,000 4,000
(Surplus)
To Balance c/d 60,000 30,000 30,000

1,20,900 64,050 30,000 1,20,900 64,050 30,000

Balance Sheet As on 1.4. 2018

Particulars Amt (`) Amt (`) Particulars Amt (`) Amt (`)
Bill Payable 60,000 Cash 16,650
Sundry Creditors 62,250 Debtors 39,000
Less : Provision 3,900 35,100
Capital : Investments 85,500
Adil 60,000 Land & Building 1,05,000

Sameer 30,000
Raju 30,000 1,20,000

2,42,250 2,42,250
Note :
At the time of the admission it is desirable that the amount of goodwill which is already ap-
pearing in the books should always be written off among old partners in their old profit sharing
ratio, when the new partner brings in cash for goodwill.

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