OMTEX CLASSES: Following is the balance sheet of the firm Sonu, Monu and Piyu who share profits and losses in the ratio of their capital.

Following is the balance sheet of the firm Sonu, Monu and Piyu who share profits and losses in the ratio of their capital.

Solution: In the  books of Sonu, Monu and Piyu
Profit and Adjustment A/c

Particulars
Amount
Amount
Particulars
Amount
Amount
To Stock A/c

960
By Land and Building A/c

11000
To R.D.D. A/c

200









To Profit on Revaluation Transferred to partners Capital A/c





Sonu Capital A/c
4920




Monu Capital A/c
1968




Piyu Capital A/c
2952
9840











11000


11000


Partners’ Capital A/c

Particulars
Sonu
Monu
Piyu
Particulars
Sonu
Monu
Piyu
To Goodwill A/c (5:1)
3000
600
-
By Balance b/d
50000
20000
30000
To Cash A/c


36552
By Profit and Loss Adjustment A/c [Profit on Revaluation]
4920
1968
2952




By Goodwill A/c


3600




By Cash A/c
68080
18632
-








To Balance C/d
120000
40000






123000
40600
36552

123000
40600
36552

In the books of M/s Sonu and Monu.

Balance Sheet as on 1st April, 2013.

Liabilities
Amount
Amount
Assets
Amount
Amount
Creditors

15000
Plant and Machinery

20000
Capital A/c


Land and Building
55000

Sonu
120000

Add: Appreciation
11000
66000
Monu
40000
160000
Stock
12000




Less: Written off
960
11040



Debtors
12000




Less: R.D.D.
1200
10800



Cash

67160








175000


175000