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M.452 An Aid to Accountancy—CBSE XII

(e) Rohit’s Capital A/c ...Dr. 5,000
Kunal’s Capital A/c ...Dr. 5,000
Sarthak’s Capital A/c ...Dr. 5,000
To Profit and Loss A/c 15,000
(Being the accumulated loss distributed)
(f) Realisation A/c ...Dr. 15,000
To Sarthak’s Capital A/c 15,000
(Being the remuneration allowed to Sarthak for dissolution)
16. JOURNAL

Date Particulars L.F. Dr. (`) Cr. (`)
2018
April 1 Building A/c ...Dr. 1,00,000
Stock A/c ...Dr. 40,000
To Revaluation A/c 1,40,000
(Being the increase in value of assets recorded)
Revaluation A/c ...Dr. 1,40,000
To Mohan’s Capital A/c 84,000
To Mahesh’s Capital A/c 56,000
(Being the transfer of gain (profit) on revaluation to Old Partners’
Capital Accounts in their old ratio)
Workmen Compensation Reserve A/c ...Dr. 2,50,000
To Workmen Compensation Claim A/c 2,30,000
To Mohan’s Capital A/c 12,000
To Mahesh’s Capital A/c 8,000
(Being the liability provided and the excess Workmen Compensation
Reserve divided among old partners in their old profit-sharing ratio)
General Reserve A/c ...Dr. 1,60,000
To Mohan’s Capital A/c 96,000
To Mahesh’s Capital A/c 64,000
(Being the General Reserve distributed among old partners)
Bank A/c ...Dr. 2,20,000
To Nusrat’s Capital A/c (WN 3) 1,20,000
To Premium for Goodwill A/c 1,00,000
(Being the capital and premium for goodwill brought in cash)
Premium for Goodwill A/c ...Dr. 1,00,000
To Mohan’s Capital A/c 1,00,000
(Being the premium for goodwill credited to sacrificing
Partner’s Capital Account)

BALANCE SHEET OF THE RECONSTITUTED FIRM as at 1st April, 2018
Liabilities ` Assets `
Creditors 2,10,000 Cash at Bank (WN 4) 3,60,000
Workmen Compensation Claim 2,30,000 Debtors 1,60,000
Capital A/cs: Stock 1,60,000
Mohan 3,92,000 Machinery 1,00,000
Mahesh 2,08,000 Building 3,80,000
Nusrat 1,20,000 7,20,000
11,60,000 11,60,000