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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                        (Goodwill Withdrawn)                    By  Bank A/c          ...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
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