Ram and Krishna were partners sharing profits and losses in the proportion of 2/3 and 1/3 respectively

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

12 comments:

  1. Ram's loan ka sirf ek hi entry in balance sheet second Kaha hoga

    ReplyDelete
    Replies
    1. Cash/bank account credit

      Delete
  2. Balance sheet do not tally....

    ReplyDelete
    Replies
    1. Sundery debtors 63000
      Less:RDD 3000
      60000
      (According to question . But in adjustment is given red should me maintained at 1800 . But it is 3000 so 1200 is extra which is reduced so we have to add 1200

      Delete
  3. RDD is 1800 in balance sheet and in revaluation A/C it is 1200 why?

    ReplyDelete
    Replies
    1. The original goodwill amount was 3000 but now it is 1800 cause of rdd was riduced by 1200 which is income for firm. understood

      Delete
  4. Total of asset side is 3,55,200. In asset side item name cash(18,000) which is below goodwill and above cash is miss-typed
    so 3,55,200-18,000 = 3,37,200 hence it tally

    ReplyDelete
    Replies
    1. Bro how much u scored in accounts in 12 th boards

      Delete
  5. Rams loan second effect and what is amount


    ReplyDelete
  6. Ram's Loan a/c is to be repaid?? Means

    ReplyDelete