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 |
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