Liabilities
|
Amount
|
Amount
|
Assets
|
Amount
|
Amount
|
Capital: Ramakant
|
134000
|
Leasehold Property
|
20000
| ||
Shyamkant
|
120000
|
254000
|
Livestock
|
6600
| |
Creditors
|
51000
|
Loose Tools
|
90200
| ||
Rent Outstanding
|
10000
|
Stock
|
84800
| ||
Reserve Fund
|
7200
|
Debtors
|
48000
| ||
Current A/c: Ramakant
|
2800
|
(-) R.D.D.
|
-2000
|
46000
| |
Bank
|
75400
| ||||
Current A/c: Shyamkant
|
2000
|
Date
|
Particulars
|
L.F.
|
Debit
|
Credit
|
2012
April 1.
|
Reserve Fund A/c ....Dr.
|
7200
| ||
To Ramakant's Current A/c
|
4800
| |||
To Shyamkant's Current A/c
|
2400
| |||
[Being balance in Reserve Fund transferred to Partners Current A/c]
| ||||
April 1.
|
Equipment A/c ....Dr.
|
80000
| ||
To Umakant's Capital A/c
|
80000
| |||
[Being Capital contributed in the form of equipment by new partner]
| ||||
April
1.
|
Bank A/c ....Dr.
|
36000
| ||
To Goodwill A/c
|
36000
| |||
[Being goodwill brought in by Umakant by Cheque]
| ||||
April
1.
|
Goodwill A/c ....Dr.
|
36000
| ||
To Ramakant's Current A/c
|
24000
| |||
To Shyamkant's Current A/c
|
12000
| |||
[Being Goodwill credited to old partner's current A/c ]
| ||||
April.
1.
|
Profit & Loss Adjustment A/c ....Dr.
|
19640
| ||
To R.D.D.A/c
|
1600
| |||
To Loose Tools A/c
|
18040
| |||
[Being R.D.D. raised and Loose Tools written off by 20%]
| ||||
April
1.
|
Outstanding Rent A/c ....Dr.
|
10,000
| ||
To Bank A/c
|
9040
| |||
To Profit & Loss Adjustment A/c
|
960
| |||
[Being outstanding rent paid under discount]
| ||||
April
1.
|
Livestock A/c ....Dr.
|
2600
| ||
To Profit & Loss Adjustment A/c
|
2600
| |||
[Being the Value of livestock increased by Rs. 2600]
| ||||
April.
1
|
Ramkant's Current A/c ....Dr.
|
10720
| ||
Shyamkant's Current A/c ....Dr.
|
5360
| |||
To Profit and Loss Adjustment A/c
|
16080
| |||
[Being loss on revaluation of assets and liabilities transferred to old partners' current A/c]
| ||||