Page 198 - VIRANSH COACHING CLASSES

Solution :
In the Books of Partnership firm
Dr Profit and Loss Adjustment Account Cr.

Particulars Amt (`) Particulars Amt (`)
To R.D.D.A/c 2,000 By Plant & Machinery A/c 10,000
To Profit (transfer to
Partners Capital A/c)
Rekha 4000
Menka 2000
Mukta 2000 8,000

10,000 10,000

Dr. Partner’s Capital Account Cr.
Particular Rekha Menaka Mukta Particulars Rekha Menaka Mukta
(`) (`) (`) (`) (`) (`)
To Drawing 10,000 By Balance b/d 60,000 70,000 34,000
To Interest on 1,000 By General Reserve 8,000 4,000 4,000
Drawing By Profit and loss
To Mukta’s Executors 1,07,750 Adjustment A/c (Profit) 4,000 2,000 2,000
Loan A/c By Goodwill A/c 75,000
To Balance c/d 72,000 76,000 By Profit and Loss 3,750
Suspense A/c

72,000 76,000 1,18,750 72,000 76,000 1,18,750

Balance Sheet as on 1 July 2019
st
Liabilities Amt ` Amt ` Assets Amt ` Amt `
Creditors 18,000 Plant & Machinery 60,000
Bills payable 2,000 Add: Appreciation 10,000 70,000
Capital Accounts : Debtors 50,000
Rekha 72,000 Less: R.D.D. 2,000 48,000
Menka 76,000 Furniture 30,000
Mukta’s Representive’s 1,07,750 Bank 50,000
Loan A/c Profit and Loss Suspense A/c 2,750
(3750- 1000 Int)
Goodwill 75,000
2,75,750 2,75,750

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