Question: Admission of Partner
March 2018 HSC Board Paper (Q3)Please review the problem details in the images below.
In the books of the firm
Complete SolutionProfit and Loss Adjustment A/c
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Dr.Particulars
| Particulars | Amount (Rs) |
|---|---|
| To R.D.D. A/c | 1,600 |
| To Loose Tools A/c | 18,040 |
| Total | 19,640 |
ParticularsCr.
| Particulars | Inner | Outer |
|---|---|---|
| By Live Stock A/c | 4,400 | |
| By Outstanding Rent A/c | 960 | |
| By Revaluation Loss: | ||
| Meena Capital A/c | 9,520 | |
| Heena Capital A/c | 4,760 | 14,280 |
| Total | 19,640 |
Partners Capital A/c
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Dr.Particulars
| Particulars | Meena | Heena | Seema |
|---|---|---|---|
| To Profit & Loss Adj. A/c | 9,520 | 4,760 | - |
| To Balance C/d | 1,53,280 | 1,29,640 | 1,20,000 |
| Total | 1,62,800 | 1,34,400 | 1,20,000 |
ParticularsCr.
| Particulars | Meena | Heena | Seema |
|---|---|---|---|
| By Balance b/d | 1,34,000 | 1,20,000 | - |
| By Reserve Fund A/c | 4,800 | 2,400 | - |
| By Bank A/c | - | - | 1,20,000 |
| By Goodwill A/c | 24,000 | 12,000 | - |
| Total | 1,62,800 | 1,34,400 | 1,20,000 |
Balance Sheet
As on 1st April 2016Swipe left/right to view amounts →
LiabilitiesAmount (Rs)
| Liabilities | Inner | Outer |
|---|---|---|
| Capital Accounts: | ||
| Meena | 1,53,280 | |
| Heena | 1,29,640 | |
| Seema | 1,20,000 | 4,02,920 |
| Creditors | 53,800 | |
| Total | 4,56,720 |
AssetsAmount (Rs)
| Assets | Inner | Outer |
|---|---|---|
| Leasehold Property | 20,000 | |
| Live Stock | 6,600 | |
| Add: Appreciation | 4,400 | 11,000 |
| Loose Tools | 90,200 | |
| Less: Depreciation | 18,040 | 72,160 |
| Stock | 86,800 | |
| Debtors | 48,000 | |
| Less: R.D.D. | 3,600 | 44,400 |
| Bank | 2,22,360 | |
| Total | 4,56,720 |