The Balance Sheet of Ramakant and Shyamkant who shared the profits in the ratio of 2:1 is as under:



Balance Sheet as on 31 st March, 2012

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

On 1st April, 2012 Umakant was admitted as 1/4th partner on the following terms:

1. He brings equipments of Rs. 80,000 as his capital.

2. Firm's Goodwill is valued at Rs. 1,44,000 and Umakant agreed to bring his share in firm's goodwill by cheque.

3. R.D.D. should be maintained at 7.5% on debtors.

4. Increase the value of livestock by Rs. 2,600 and write off loose tools by 20%.

5. Outstanding rent paid Rs. 9040 in full settlement.

Pass necessary journal entries to record the above scheme of admission.

Journal Entries in the books of New Partnership firm.


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]








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