Page 154 - DEBKVOL-1

Chapter 6 Retirement of a Partner 6.21
.
Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars A B C Particulars A B C
` ` ` ` ` `
To B’s Capital A/c ? ? By Balance b/d ? ? ?
—Goodwill By Capital A/cs:
To Bank A/c 50,000 A 45,000
To B’s Loan A/c—Trsf. 3,20,000 C 15,000
To Balance c/d 4,20,000 1,40,000 By Revaluation A/c 15,000 10,000 5,000
—Gain (Profit)
4,65,000 3,70,000 1,55,000 4,65,000 3,70,000 1,55,000
By Balance b/d 4,20,000 1,40,000

BALANCE SHEET as at 1st April, 2018
Liabilities ` Assets `
Creditors A/c 1,08,000 Cash at Bank 28,000
Provision for Outstanding Repairs ? Debtors 1,00,000
Warranty Claim 12,000 Less: Provision for Doubtful Debts ? ?
B’s Loan 3,20,000 Stock 90,000
Capital A/cs: Computer 12,000
A 4,20,000 Machinery 2,40,000
C 1,40,000 5,60,000 Land and Building 5,00,000
Add: Appreciation 50,000 5,50,000
10,15,000 10,15,000

Solution:
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `

To Provision for Doubtful Debts A/c 5,000 By Computer A/c 12,000
To Warranty Claim A/c 12,000 By Land and Building A/c 50,000
To Provision for Outstanding Repairs A/c 15,000
To Gain (Profit) transferred to:
A’s Capital A/c 15,000
B’s Capital A/c 10,000
C’s Capital A/c 5,000 30,000
62,000 62,000

Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars A (`) B (`) C (`) Particulars A (`) B (`) C (`)
To B’s Capital A/c 45,000 15,000 By Balance b/d 4,50,000 3,00,000 1,50,000
—Goodwill By Capital A/cs:
To Bank A/c 50,000 A 45,000
To B’s Loan A/c—Trsf. 3,20,000 C 15,000
To Balance c/d 4,20,000 1,40,000 By Revaluation A/c 15,000 10,000 5,000
— Gain (Profit)
4,65,000 3,70,000 1,55,000 4,65,000 3,70,000 1,55,000
By Balance b/d 4,20,000 1,40,000