Ram and Madan were Partners sharing profits and Losses equally.

3. In the books of Partnership Firm
Profit and Loss Adjustment Account


Particulars
Amount
Amount
Particulars
Amount
Amount
To Furniture A/c
(Depreciation)

1500
By Stock A/c
(Appreciation in Value)

2500
To partners’ Capital Account.(Profit)





Ram
500




Madan
500
1000





2500


2500


Partners Capital Accounts

Particulars
Ram
Madan
Sohan
Particualrs
Ram
Madan
Sohan
To Goodwill A/c
10000
10000
10000
By Balance b/d
100000
100000





By General Reserves A/c
20000
20000
-




By Bank A/c
(Capital Contribution)
-
-
100000




By Goodwill A/c
15000
15000





By Profit & Loss Adj. A/c
(Profit)
500
500

To Balance C/d
125500
125500
90000













135500
135500
100000

135500
135500
100000

Balance Sheet as on 1st April, 2012


Liabilities
Amount
Amount
Assets
Amount
Amount
Sundry Creditors

55300
Plant  & Machinery

90000
Partners’ Capital A/c


Furniture:
15000

Ram
125500

Less: Depreciation @10%
1500
13500
Madan
125500

Sundry Debtors

91000
Sohan
90000
341000
Stock
68000




Add: Increase in value
2500
70500



Cash in Hand

4200



Cash at Bank

127100








396300


396300


Goodwill A/c

Particulars
Amount
Amount
Particulars
Amount
Amount
To Ram’s Capital A/c

15000
By Ram’s Capital A/c

10000
To Madan’s Capital A/c

15000
By Madan’s Capital A/c

10000



By Shohan’s Capital A/c

10000


30000


30000


Bank A/c

Particulars
Amount
Amount
Particulars
Amount
Amount
To Balance b/d

27100



To Sohan’s Capital A/c

100000
By Balance C/d

127100


127100


127100



12 comments:

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