Page 162 - VIRANSH COACHING CLASSES

Solution :
Dr. Journal Cr.

Date Particular LF Amt (`) Amt (`)
1 Goodwill A/c. Dr. 1,50,000
To Tara’s Capital A/c 50,000
To Chandra’s Capital A/c 75,000
To Surya’s Capital A/c 25,000
(Being goodwill raised in the books)
2 Motor Car A/c Dr. 15,000
Furniture A/c Dr. 24,000
Debtor A/c (unrecorded) Dr. 33,000
To Revaluation A/c 72,000
(Being recording of unrecorded assets and apprecia-
tion of assets)
3 Revaluation A/c Dr. 9,000
To Outstanding Expenses A/c 9,000
(Being recording of outstanding expenses)
4 Chandra’s capital A/c Dr. 75,000
To Motor Car A/c 75,000
(Being acquisition of Motor Car by Chandra)
5 Cash A/c Dr. 60,000
To Akash’s Capital A/c 60,000
(Being cash brought in by Akash)
6 Revaluation A/c Dr. 63,000
To Tara’s Capital A/c 21,000
To Chandra’s Capital A/c 31,500
To Surya’s Capital A/c 10,500
(Being distribution of revaluation profits done)

Balance Sheet As on 31 March, 2018
st
Liabilities Amount (`) Assets Amount (`)
Capital Accounts : Goodwill 1,50,000
Tara 44,000 Furniture 54,000
Chandra 1,36,500 Debtors 33,000
Surya 1,01,500 Cash 1,14,000
Akash 60,000
Outstanding Expenses 9,000

3,51,000 3,51,000

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