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M.220 An Aid to Accountancy—CBSE XII
Dr. PARTNERS’ CAPITAL ACCOUNTS Cr.
Particulars X (`) Y (`) Z (`) Particulars X (`) Y (`) Z (`)
To Profit and Loss A/c 1,25,000 75,000 ... By Balance b/d 15,00,000 9,00,000 ...
To Advertisement By Workmen Compensa-
Expenses A/c 50,000 30,000 ... tion Reserve A/c 2,50,000 1,50,000 ...
To Bank A/c 50,000 30,000 ... By Revaluation A/c (Gain) 1,250 750 ...
(Goodwill Withdrawn) By Bank A/c ... ... 4,00,000
To Bank A/c (Bal. Fig.) 6,26,250 3,75,750 ... By Premium for Goodwill 1,00,000 60,000 ...
To Bank A/c (WN 1) 10,00,000 6,00,000 4,00,000
18,51,250 11,10,750 4,00,000 18,51,250 11,10,750 4,00,000
BALANCE SHEET as at 1st April, 2018
Liabilities ` Assets `
Capital A/cs: Land and Building 15,00,000
X 10,00,000 Plant and Machinery 4,00,000
Y 6,00,000 Furniture 50,000
Z 4,00,000 20,00,000 Stock 2,00,000
Creditors (` 2,00,000 – ` 35,000 – ` 10,000) 1,55,000 Debtors 4,70,000
Bank Overdraft (WN 2) 4,90,000 Less: Provision for Doubtful Debts 11,750 4,58,250
Provision for: Bills Receivable 70,000
Outstanding Electricity Bill 30,000
Damages Claim 3,250 33,250
26,78,250 26,78,250
Working Notes:
1. Adjustment of Capital:
Z’s Capital for 1/5th share = ` 4,00,000
Total Capital of the New Firm = ` 20,00,000, which will be contributed by each partner in 5 : 3 : 2. Thus,
5
X’s Capital in New Firm = × ` 20,00,000 = ` 10,00,000; Y’s Capital in New Firm = ` 6,00,000.
10
2. Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 42,000 By Creditors A/c 10,000
To Z’s Capital A/c 4,00,000 By X’s Capital A/c 50,000
To Premium for Goodwill A/c 1,60,000 By Y’s Capital A/c 30,000
To Balance c/d 4,90,000 By X’s Capital A/c 6,26,250
By Y’s Capital A/c 3,75,750
10,92,000 10,92,000
Or
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Machinery A/c 1,80,000 By Land and Building A/c 1,20,000
To Bad Debts A/c 15,000 By Loss transferred to:
X’s Capital A/c 21,429
Y’s Capital A/c 32,142
Z’s Capital A/c 21,429 75,000
1,95,000 1,95,000