Ram and Krishna were partners sharing profits and losses in the proportion of 2/3 and 1/3 respectively. Their balance sheet is as follows:
Solution: In the books of Ram, Krishna and Hari.
Revaluation Account.
| Particulars |
Amount |
Amount |
Particulars |
Amount |
Amount |
| To Stock A/c |
|
6000 |
By Building A/c |
|
12000 |
|
|
|
By R.D.D. A/c |
|
1200 |
| To Profit on Revaluation A/c transferred to Partners Capital A/c |
|
|
|
| Ram Capital A/c |
4800 |
|
|
|
|
| Krishna Capital A/c |
2400 |
7200 |
|
|
|
|
|
13200 |
|
|
13200 |
Partners’ Capital A/c
| Particulars |
Ram |
Krishna |
Hari |
Particulars |
Ram |
Krishna |
Hari |
|
|
|
|
By Balance b/d |
96000 |
64000 |
- |
|
|
|
|
By General Reserve A/c |
12000 |
6000 |
- |
|
|
|
|
By Profit & Loss A/c |
4000 |
2000 |
|
|
|
|
|
By Revaluation A/c |
4800 |
2400 |
- |
|
|
|
|
By Cash A/c |
|
|
48000 |
|
|
|
|
By Goodwill A/c |
12000 |
6000 |
- |
| By Balance c/d |
128800 |
80400 |
48000 |
|
|
|
|
|
128800 |
80400 |
48000 |
|
128800 |
80400 |
48000 |
Balance Sheet as on 1st April, 2013.
| Liabilities |
Amount |
Amount |
Assets |
Amount |
Amount |
| Capital A/c |
|
|
Building |
100000 |
|
| Ram |
128800 |
|
Add: Appreciation |
12000 |
112000 |
| Krishna |
80400 |
|
Furniture |
|
30000 |
| Hari |
48000 |
257200 |
Debtors |
63000 |
|
| Sundry Creditors |
|
80000 |
Less: R.D.D. |
1800 |
61200 |
|
|
|
Stock |
84000 |
|
|
|
|
Less: Written off |
6000 |
78000 |
|
|
|
Goodwill |
|
18000 |
|
|
|
Cash |
|
18000 |
|
|
|
Cash |
16000 |
|
|
|
|
Add: Hari’s Capital |
48000 |
|
|
|
|
Less: Ram’s Loan |
26000 |
38000 |
|
|
337200 |
|
|
337200 |
