OMTEX CLASSES: Q. 3. Admission of Partner Solution:

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