Q. 3. Admission of Partner Solution:

In the books of the firm.
Profit and Loss Adjustment A/c

Particulars
Rs.
Rs.
Particulars
Rs.
Rs.
To R.D.D. A/c

1600
By Live Stock A/c

4400
To Loose Tools A/c

18040
By Outstanding Rent A/c

960



By Revaluation Loss:





Meena Capital A/c
9520




Heena Capital A/c
4760
14280


19640


19640

Partners Capital A/c

Particulars
Meena
Heena
Seema
Particulars
Meena
Heena
Seeema
To Profit & Loss Adj. A/c
9520
4760

By Balance b/d
134000
120000

To Balance C/d
153280
129640
120000
By Reserve Fund A/c
4800
2400





By Bank A/c


120000




By Goodwill A/c
24000
12000










162800
134400
120000

162800
134400
120000


Balance Sheet as on 1st April 2016


Liabilities
Rs.
Rs.
Assets
Rs.
Rs.
Capital Accounts:


Leasehold Property

20000
Meena
153280

Live  Stock
6600

Heena
129640

Add: Appreciation
4400
11000
Seema
120000
402920
Loose Tools
90200

Creditors

53800
Less: Depreciation
18040
72160



Stock

86800



Debtors
48000




Less: R.D.D.
-3600
44400



Bank

222360


456720


456720

42 comments:

  1. How did you calculate goodwill?

    ReplyDelete
    Replies
    1. By profit sharing ratio

      Delete
    2. 144000 is firms goodwill k 144000x1/4 u will get u r ans

      Delete
    3. How did u bring 120000 for goodwill??by nps ratio closing capital???

      Delete
  2. Madarchod goodwill ka solution kon batayega tera baap

    ReplyDelete
    Replies
    1. 😁😁😁 sahi hola bro mai bhi yahi malum karne ke liye aaya tha

      Delete
    2. Ha na working note nahi banaya

      Delete
    3. See in Textbook sum no. 10 for solution of journal entries

      Delete
  3. Did not understand the adjustment for outstanding rent? Someone plz clarify?

    ReplyDelete
    Replies
    1. Less from outstanding rent in liablity side as rs 9040 is paid and the balance 60 rs will go in credit side of revaluation

      Delete
    2. How come 9040 deducted from 10000 is 9040? It's supposed to be 60only

      Delete
  4. Did not understand outstanding rent adjustement??plzz help

    ReplyDelete
    Replies
    1. Outstanding rent is 10,000 and is paid in 9,040 means after discount is paid then pass the entry 960rs is our profit that will be shown in partners capital account credit and second effect on cash/bank account because we pay the amount

      Delete
  5. How to calculate debtors give in detail please

    ReplyDelete
  6. vash account mein 222360 kaise aya

    ReplyDelete
  7. vash account mein 222360 kaise aya

    ReplyDelete
  8. Cash goodwill coloum n rent ki dusri entry ? ???

    ReplyDelete
  9. how did you calculate goodwill? and what is the entry for outstanding rent

    ReplyDelete
  10. Can u tell me how was your bank account 222360 came?

    ReplyDelete
  11. 75400 +120000+36000 -9040
    In order cash+cap+goodwill-rent

    ReplyDelete
  12. Goodwill = 144000÷1/4
    = 144000÷4
    = 36000
    Raito=2:1
    36000÷3×2 = 24000
    36000÷3×1 = 12000

    ReplyDelete
  13. cash a/c
    Particulars /amt/ Particulars /amt/
    To bal b/d 75400. outstanding rent
    To seems cap 120000 . 9040
    To meena goodwill 24000 .
    To Helena 12000
    ------- by bal c/d
    222360
    231400

    ReplyDelete
    Replies
    1. Thank you for this working note I have clear my doubt now

      Delete
  14. How is the goodwill calculated here..

    ReplyDelete
    Replies
    1. Goodwill
      Of Firm = 144000 (Given)
      Seema's share
      Capital = 1/4* 144000
      Ans : 36000

      Delete
  15. Where is the cash and goodwill a/c

    ReplyDelete
  16. Guys why we divide 36000 among the partners that is seema's share na?

    ReplyDelete
  17. Why stock wasn't increased by 4400

    ReplyDelete
  18. The adjustment no two in the paper says that " Seema agreed to bring her share in the firm’s
    goodwill by a cheque" why is the goodwill credited in the name of meena and heena?

    ReplyDelete
  19. The answer is wrong because there should be 9040 instead of 904 in profit and loss adjustment

    ReplyDelete
  20. Working note plz! Dijiye NPS ratio ka

    ReplyDelete