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M.400 An Aid to Accountancy—CBSE XII

BALANCE SHEET OF THE NEW FIRM
as at 1st April, 2018
Liabilities ` Assets `

Creditors 28,000 Cash at Bank (WN 2) 83,000
Provision for Workmen Compensation Claim 3,000 Debtors 65,000
Capital A/cs: Less: Provision for Doubtful Debts 5,000 60,000
Madan 88,200 Stock 30,000
Mohan 58,800 Accrued Income 1,000
Gopal 49,000 1,96,000 Investment 45,000
Patents 8,000
2,27,000 2,27,000
Working Notes:
1. Calculation of Gopal’s Capital:
3
(i) Combined adjusted capital of Madan and Mohan for th share = ` 88,200 + ` 58,800 = ` 1,47,000
4
Adjusted Combined Capital of the Old Partners
(ii) Total Capital of the new firm =
Combined Share of Profit of the Old Partners
` 1,47,000 4
= = ` 1,47,000 × = ` 1,96,000
3/4 3
1
Gopal’s Capital = ` 1,96,000 × = ` 49,000.
4
2. Dr. BANK ACCOUNT Cr.
Particulars ` Particulars `
To Balance b/d 10,000 By Balance c/d 83,000
To Bad Debts Recovered A/c 4,000
To Premium for Goodwill A/c 20,000
To Gopal’s Capital A/c 49,000
83,000 83,000

17. JOURNAL OF JYOTI LTD.
Date Particulars L.F. Dr. (`) Cr. (`)
Bank A/c ...Dr. 3,00,000
To Equity Shares Application A/c 3,00,000
(Being the application money ` 2 per share received on 1,50,000 shares)
Equity Shares Application A/c ...Dr. 3,00,000
To Equity Share Capital A/c (50,000 × ` 2) 1,00,000
To Equity Shares Allotment A/c 1,10,000
To Bank A/c (45,000 × ` 2) 90,000
(Being the application money adjusted and surplus refunded)
(WN 1 and 2)
Equity Shares Allotment A/c ...Dr. 2,00,000
To Equity Share Capital A/c 2,00,000
(Being the share allotment money due)