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

39 comments:

Unknown said...

Cash account

Unknown said...

Thank you sir

Unknown said...

Cash account?

Unknown said...

How did you calculate goodwill?

Unknown said...

By profit sharing ratio

Unknown said...

Madarchod goodwill ka solution kon batayega tera baap

Anonymous said...

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

Unknown said...

Did not understand outstanding rent adjustement??plzz help

Unknown said...

How to calculate debtors give in detail please

Tauheed Shaikh said...

😁😁😁 sahi hola bro mai bhi yahi malum karne ke liye aaya tha

Unknown said...

vash account mein 222360 kaise aya

Unknown said...

vash account mein 222360 kaise aya

Unknown said...

Cash goodwill coloum n rent ki dusri entry ? ???

Anonymous said...

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

Unknown said...

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

vrishi kothari said...

Yes

vrishi kothari said...

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

SHREYAS said...

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

Unknown said...

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

Unknown said...

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

Unknown said...

Ha na working note nahi banaya

Unknown said...

How is the goodwill calculated here..

Unknown said...

Ha

Unknown said...

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

Unknown said...

Where is the cash and goodwill a/c

Unknown said...

Thank you

Unknown XD said...

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

Unknown said...

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

steve said...

Why stock wasn't increased by 4400

Unknown said...

60 0r 960?

Anonymous said...

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?

Unknown said...

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

Unknown said...

960

Anonymous said...

Yes

Anonymous said...

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

Unknown said...

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

Unknown said...

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

Unknown said...

In the answer

Unknown said...

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

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