Mrs. Shehal and Mrs. Meenal are equal partners in a business. Their balance sheet is as follows.



Balance Sheet as on 31st March, 2013 [10 MARKS]
Liabilities

Amount Rs.
Assets

Amount Rs.
Capital A/cs

Premises

20,500
Snehal
80000
Investments

10,500
Meenal
45000
125000
Equipments

5,000
Creditors

46,000
Bills Receivable

18,000
General reserve

20,000
Debtors
110000




( - ) R.D.D.
11000
99000



Bank Balance

38,000


191,000


191,000

They agreed to admit Mr. Komal on 1st April, 2013 on the following terms:
(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th )Share in future profit.
(2) Goodwill to be raised in the books of the firm for Rs. 40,000.
(3) R.D.D. to be maintained at 5% on debtors.
(4) Premises to be valued at Rs. 30,000 and equipments to be written off fully.
(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.
Prepare: Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of the new firm.

Solution:
Profit and Loss Adjustments Account.
Particulars

Rs.
Particulars

Rs.
To Equipment

5000
By R.D.D.
[11,000 – 5,500]

5,500
To Profit on Revaluation A/c


By Premises

9500
Snehal's Capital A/c
5500

By Creditors

1000
Meenal's Capital A/c
5500
11000





16000


16,000

Partners' Capital Accounts
Particulars
Snehal
Meenal
Komal
Particulars
Snehal
Meenal
Komal




By Balance b/d
80,000
45,000
-




By General Reserve A/c
10,000
10,000
-




By Bank A/c


50,000




By Goodwill A/c
20,000
20,000
-




By Revaluation A/c
(Profit)
5500
5500
-
To Balance c/d
115500
80500
50000





114500
79500
50000

115500
80500
50000

Balance Sheet of the new firm as on 1st April, 2013
Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Capital A/c


Premises
20500

Snehal
115500

(+) Appreciation
9500
30000
Meenal
80500

Investments

10,500
Komal
50000
246000
Equipments
5,000




( - ) Written off
- 5000
Nil
Creditors
46,000

Bills Receivable

18,000
( - ) Discount
- 1000

Debtors
1,10,000


45,000

( - ) R.D.D. @ 5%. p.a.
- 5,500
1,04,500
( - ) Paid off
45,000
Nil
Goodwill [W.N. 1]

40,000



Bank Balance [W.N. 2]

43,000








246000


246000

Working Note No. 1.
Goodwill A/c
Particulars
Rs.
Particulars
Rs.
To Snehal's Capital A/c
20,000


To Meenal's Capital A/c
20,000




By Balance c/d
40,000

40,000

40,000

Bank A/c   
Particulars
Rs.
Particulars
Rs.
To Balance b/d
38,000
By Creditors
45000
To Komal's Capital A/c
50,000




By balance c/d
43,000

88000

88000


PDF FILE TO YOUR EMAIL IMMEDIATELY PURCHASE NOTES & PAPER SOLUTION. @ Rs. 50/- each (GST extra)

HINDI ENTIRE PAPER SOLUTION

MARATHI PAPER SOLUTION

SSC MATHS I PAPER SOLUTION

SSC MATHS II PAPER SOLUTION

SSC SCIENCE I PAPER SOLUTION

SSC SCIENCE II PAPER SOLUTION

SSC ENGLISH PAPER SOLUTION

SSC & HSC ENGLISH WRITING SKILL

HSC ACCOUNTS NOTES

HSC OCM NOTES

HSC ECONOMICS NOTES

HSC SECRETARIAL PRACTICE NOTES

2019 Board Paper Solution

HSC ENGLISH SET A 2019 21st February, 2019

HSC ENGLISH SET B 2019 21st February, 2019

HSC ENGLISH SET C 2019 21st February, 2019

HSC ENGLISH SET D 2019 21st February, 2019

SECRETARIAL PRACTICE (S.P) 2019 25th February, 2019

HSC XII PHYSICS 2019 25th February, 2019

CHEMISTRY XII HSC SOLUTION 27th, February, 2019

OCM PAPER SOLUTION 2019 27th, February, 2019

HSC MATHS PAPER SOLUTION COMMERCE, 2nd March, 2019

HSC MATHS PAPER SOLUTION SCIENCE 2nd, March, 2019

SSC ENGLISH STD 10 5TH MARCH, 2019.

HSC XII ACCOUNTS 2019 6th March, 2019

HSC XII BIOLOGY 2019 6TH March, 2019

HSC XII ECONOMICS 9Th March 2019

SSC Maths I March 2019 Solution 10th Standard11th, March, 2019

SSC MATHS II MARCH 2019 SOLUTION 10TH STD.13th March, 2019

SSC SCIENCE I MARCH 2019 SOLUTION 10TH STD. 15th March, 2019.

SSC SCIENCE II MARCH 2019 SOLUTION 10TH STD. 18th March, 2019.

SSC SOCIAL SCIENCE I MARCH 2019 SOLUTION20th March, 2019

SSC SOCIAL SCIENCE II MARCH 2019 SOLUTION, 22nd March, 2019

XII CBSE - BOARD - MARCH - 2019 ENGLISH - QP + SOLUTIONS, 2nd March, 2019

HSC Maharashtra Board Papers 2020

(Std 12th English Medium)

HSC ECONOMICS MARCH 2020

HSC OCM MARCH 2020

HSC ACCOUNTS MARCH 2020

HSC S.P. MARCH 2020

HSC ENGLISH MARCH 2020

HSC HINDI MARCH 2020

HSC MARATHI MARCH 2020

HSC MATHS MARCH 2020

SSC Maharashtra Board Papers 2020

(Std 10th English Medium)

English MARCH 2020

HindI MARCH 2020

Hindi (Composite) MARCH 2020

Marathi MARCH 2020

Mathematics (Paper 1) MARCH 2020

Mathematics (Paper 2) MARCH 2020

Sanskrit MARCH 2020

Sanskrit (Composite) MARCH 2020

Science (Paper 1) MARCH 2020

Science (Paper 2)

MUST REMEMBER THINGS on the day of Exam

Are you prepared? for English Grammar in Board Exam.

Paper Presentation In Board Exam

How to Score Good Marks in SSC Board Exams

Tips To Score More Than 90% Marks In 12th Board Exam

How to write English exams?

How to prepare for board exam when less time is left

How to memorise what you learn for board exam

No. 1 Simple Hack, you can try out, in preparing for Board Exam

How to Study for CBSE Class 10 Board Exams Subject Wise Tips?

JEE Main 2020 Registration Process – Exam Pattern & Important Dates

NEET UG 2020 Registration Process Exam Pattern & Important Dates

How can One Prepare for two Competitive Exams at the same time?

8 Proven Tips to Handle Anxiety before Exams!

BUY FROM PLAY STORE

DOWNLOAD OUR APP

HOW TO PURCHASE OUR NOTES?

S.P. Important Questions For Board Exam 2021

O.C.M. Important Questions for Board Exam. 2021

Economics Important Questions for Board Exam 2021

Chemistry Important Question Bank for board exam 2021

Physics – Section I- Important Question Bank for Maharashtra Board HSC Examination

Physics – Section II – Science- Important Question Bank for Maharashtra Board HSC 2021 Examination