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Model Test Papers M.347
16.
Dr. REVALUATION ACCOUNT Cr.
Particulars ` Particulars `
To Stock A/c 5,000 By Bad Debts Recovered A/c (Cash A/c) 4,000
To Furniture A/c 1,000 By Loss transferred to:
To Machinery A/c 6,000 Ram’s Capital A/c 9,000
To Provision for Doubtful Debts A/c 3,000 Mohan’s Capital A/c 6,000 15,000
To Cash A/c (Revaluation Expenses) 4,000
19,000 19,000
Dr. PARTNERS’ CAPTIAL ACCOUNTS Cr.
Particulars Ram (`) Mohan (`) Sohan (`) Particulars Ram (`) Mohan (`) Sohan (`)
To Goodwill A/c 6,000 4,000 ... By Balance b/d 1,35,000 1,25,000 ...
To Revaluation A/c (Loss) 9,000 6,000 ... By Workmen Compen-
To Balance c/d 1,62,000 1,43,000 1,52,500 sation Reserve A/c 6,000 4,000 ...
By General Reserve A/c 18,000 12,000 ...
By Premium for
Goodwill A/c 18,000 12,000 ...
By Cash A/c (WN) ... ... 1,52,500
1,77,000 1,53,000 1,52,500 1,77,000 1,53,000 1,52,500
BALANCE SHEET as at 1st April, 2018
Liabilities ` Assets `
Capital A/cs: Cash (WN 2) 2,82,500
Ram 1,62,000 Debtors 30,000
Mohan 1,43,000 Less: Provision for Doubtful Debts 3,000 27,000
Sohan 1,52,500 4,57,500 Stock (` 50,000 – ` 5,000) 45,000
Creditors 30,000 10% Government Bonds 20,000
Bills Payable 10,000 Furniture 9,000
Machinery 1,14,000
4,97,500 4,97,500
Working Notes:
1. Calculation of Sohan’s Capital: `
Capital of Ram after all adjustments 1,62,000
Capital of Mohan after all adjustments 1,43,000
Combined Capital for 2/3rd Share 3,05,000
3
Capital of New Firm = ` 3,05,000 × = ` 4,57,500
2
1
Sohan’s Capital in New Firm = of ` 4,57,500 = ` 1,52,500.
3
2. Dr. CASH ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 1,00,000 By Revaluation A/c 4,000
To Bad Debts Recovered A/c 4,000 By Balance c/d 2,82,500
To Premium for Goodwill A/c 30,000
To Sohan’s Capital A/c 1,52,500
2,86,500 2,86,500