Following is the balance sheet of Harish and Girish:



Balance Sheet as on 31st March, 2010

Liabilities
Amount
Amount
Assets
Amount
Amount
Creditors

38000
Cash in Hand

37000
Bills Payable

46000
Stock

21000
Profit & Loss A/c

16000
Debtors
46000

Capital A/c


(-) R.D.D.
-6000
40000
Harish
100000

Equipments

12000
Girish
140000
240000
Furniture

25000



Plant

85000



Buildings

120000


340000


340000

They admitted Shirish on 1st April, 2010 on the following conditions:

1. For his 1/3 rd share in the future profits, Shirish brings Rs. 2,00,000 as his capital.

2. It is decided to raise goodwill by Rs. 90,000 and write off fully after Shirish's Admission.  

3. Equipments and Plant are to be depreciated by 20% and 10 % respectively and Building is to be appreciated by 15%.

4. Bills Payable were retired for Rs. 35,000.

5. All debtors are to be considered good.

6. Furniture of the book value Rs. 12,000 was taken over by Harish at 40% of the book value.

Prepare, Revaluation A/c. Partners' Capital A/c and Balance Sheet of the new firm.

Solution:

In the books of Partnership firm.

Revaluation A/c

Particulars
Rs.
Rs.
Particulars
Rs.
Rs.
To Equipment A/c

2400
By Buildings A/c

18000
To Plant A/c

8500
By Bills Payable A/c
[Rebate Earned]

11000
To Furniture A/c

7200
By R.D.D. A/c

6000
To Partners' Capital A/c
(Profit)





Harish
8450




Girish
8450
16900





35000


35000


Partner's capital Accounts

Particulars
Harish
Girish
Shirish
Particulars
Harish
Girish
Shirish
To Furniture A/c
4800


By Balance b/d
100000
140000

To Goodwill A/c
30000
30000
30000
By Profit & Loss A/c
8000
8000

To Balance C/d
126650
171450
170000
By Cash A/c
-
-
200000




By Goodwill A/c
45000
45000
-




By Revaluation A/c
8450
8450
-









161450
201450
200000

161450
201450
200000










Balance Sheet as on 1st April, 2013


Liabilities
Amount
Amount
Assets
Amount
Amount
Partners' Capital A/c


Buildings
120000

Harish
126650

(+) Appreciation @ 15%
18000
138000
Girish
171450

Plant
85000

Shirish
170000
468100
(-) Depreciation @ 10%
-8500
76500
Creditors

38000
Equipments
12000

Bills Payable
46000

(-) Depreciation @ 20%
-2400
9600
Less: Rebate
-11000

Furniture
25000


35000

(-) Furniture taken over
-12000
13000
(-) Cash Paid
35000
NIL
Debtors

46000



Stock

21000



Cash in Hand

202000








506100


506100






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