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Tar g et Publications Pvt. Ltd.

Chapter 04: Reconstitution of Partnership (Retirement of Partner)

04

Reconstitution of partnership (Retirement of partner)

Solution to Practice Q.1.:

In the Books of Firm Profit and Loss Adjustment Account

Dr.

Cr.

 

Amount

 

Amount

 

Amount

Amount

Particulars

 

`

`

Particulars

 

`

 

`

To R.D.D. A/c To Stock A/c To Machinery A/c

     

1,000

By Furniture A/c

   

400

600

By Creditor A/c

200

1,400

 
   

By Partner’s Capital A/c (Loss on Revaluation) Sunita Surekha Nilima

   

900

900

600

 

2,400

     

3,000

     

3,000

Dr.

Partner’s Capital Account

 

Cr.

Particulars

Sunita

Surekha

Nilima

Particulars

Sunita

Surekha

Nilima

`

`

`

`

`

`

To Nilima’s Loan A/c To Profit & Loss Adjustment A/c

 

 

21,400

By Balance b/d By Reserve Fund A/c

24,000

26,000

18,000

   

3,000

3,000

2,000

900

900

600

By Goodwill A/c

3,000

3,000

2,000

To Balance c/d

29,100

31,100

 

30,000

32,000

22,000

 

30,000

32,000

22,000

 

Balance Sheet as on 1 st Apr, 2012

 
 

Amount

 

Amount

 

Amount

Amount

Liabilities

 

`

`

Assets

 

`

 

`

Capital Sunita Surekha Creditors Less: Written Off Bills Payable Nilima’s Loan

     

Debtors Less: R.D.D. (4%) Stock Less: Revaluation

   

25,000

 
 

29,100

1,000

 

24,000

31,100

 

60,200

 

12,600

 
 

17,400

 

600

 

12,000

200

 

17,200

Machinery Less: Depreciation Furniture Add: Appreciation Buildings Cash Goodwill

 

17,400

 
 

4,400

1,400

 

16,000

21,400

 

8,000

 
   

400

 

8,400

 

24,000

10,800

8,000

     

1,03,200

     

1,03,200

Tar g et Publications Pvt. Ltd.

Std. XII (Commerce): Book-Keeping & Accountancy

Solution to Practice Q.2.:

In the Books of Firm Profit and Loss Adjustment Account

Dr.

Cr.

   

Amount

Amount

   

Amount

Amount

Particulars

`

`

Particulars

`

`

To R.D.D. A/c To Furniture A/c To Machinery A/c

   

3,000

By Stock A/c

 

6,000

1,000

10,000

By Partner’s Capital A/c (Loss on Revaluation) Mohan Narayan Omkar

   

3,200

2,400

2,400

8,000

   

14,000

   

14,000

Dr.

Partner’s Capital Account

 

Cr.

Particulars

Mohan

Narayan

Omkar

Particulars

Mohan

Narayan

Omkar

`

`

`

`

`

`

To Goodwill A/c To Profit & Loss Adjustment A/c To Cash A/c

16,000

 

12,000

By Balance b/d By Goodwill A/c

20,000

15,000

15,000

 

11,200

8,400

8,400

3,200

2,400

2,400

 

21,000

To Balance c/d

12,000

 

9,000

 

31,200

23,400

23,400

 

31,200

23,400

23,400

Dr.

Cash Account

 

Cr.

 

Amount

 

Amount

Particulars

 

`

Particulars

 

`

To Balance b/d

34,000

By Narayan’s Capital A/c

 

21,000

By Balance c/d

13,000

 

34,000

 

34,000

 

Balance Sheet as on 31 st Mar, 2013

 
   

Amount

Amount

   

Amount

Amount

Liabilities

`

`

Assets

`

`

Capital

   

Debtors Less: R.D.D. Stock Add: Revaluation Furniture Less: Revaluation Machinery Less: Revaluation Cash

   

25,000

 

Mohan

 

12,000

3,000

22,000

Omkar

9,000

21,000

 

14,000

Creditors

 

40,000

6,000

20,000

Bills Payable

10,000

 

2,000

1,000

1,000

 

25,000

10,000

15,000

 

13,000

   

71,000

   

71,000

[Note: If question is silent about New Profit Sharing Ratio and Gain Ratio then Old Ratio between remaining partner’s is considered as New Profit Sharing Ratio as well as Gain Ratio]

Tar g et Publications Pvt. Ltd.

Chapter 04: Reconstitution of Partnership (Retirement of Partner)

Solution to Practice Q.3.:

In the Books of Firm Profit and Loss Adjustment Account

Dr.

Cr.

 

Amount

Amount

 

Amount

Amount

Particulars

 

`

 

`

Particulars

 

`

 

`

To Sundry Assets A/c To Machinery A/c To Furniture & Fixtures A/c To Stock A/c To Unpaid Expenses A/c

     

8,000

     

3,500

300

2,500

700

By Partner’s Capital A/c (Loss on Revaluation) Gajanan Ganpati Ganraj

 
     

7,500

5,000

2,500

 

15,000

     

15,000

     

15,000

Dr.

Partner’s Capital Account

 

Cr.

Particulars

Gajanan

Ganpati

Ganraj

Particulars

Gajanan

Ganpati

Ganraj

`

 

`

`

`

`

`

To Furniture & Fixtures A/c To Profit & Loss Adjustment A/c To Bank A/c To Ganraj’s Loan A/c

     

By Balance b/d

60,000

55,000

45,000

2,700

 

By Goodwill A/c

12,000

8,000

4,000

7,500

 

5,000

2,500

 

 

6,500

40,000

To Balance c/d

61,800

 

58,000

 

72,000

 

63,000

49,000

 

72,000

63,000

49,000

 

Balance Sheet as on 1 st Apr, 2011

 
 

Amount

Amount

 

Amount

Amount

Liabilities

 

`

 

`

Assets

 

`

 

`

Capital

   

Sundry Asset Less: Depreciation (10%) Machinery Less: Depreciation (10%) Stock Less: Reduction (10%) Debtors Less: R.D.D. Bank Balance Cash in Hand Goodwill

 

80,000

 

Gajanan

 

61,800

8,000

 

72,000

Ganpati

58,000

 

1,19,800

 

35,000

 

Ganraj’s Loan

 

40,000

3,500

 

31,500

Unpaid Expenses

700

 

25,000

 

Trade Creditors

30,000

2,500

 

22,500

   

30,000

 

1,000

 

29,000

 

8,500

3,000

24,000

     

1,90,500

     

1,90,500

Solution to Practice Q.4.:

Dr.

In the Books of Firm Profit and Loss Adjustment Account

Cr.

 

Amount

Amount

 

Amount

Amount

Particulars

`

`

Particulars

`

`

To Machinery A/c To R.D.D. A/c

 

700

By Land & Building A/c

 

4,000

500

By Creditors A/c

1,000

Tar g et Publications Pvt. Ltd.

Std. XII (Commerce): Book-Keeping & Accountancy

To Partner’s Capital A/c (Profit on Revaluation) Amit Sumit Rohit

1,900

   

1,267

633

3,800

   

5,000

5,000

Dr.

Partner’s Capital Account

Cr.

Particulars

Amit

Sumit

Rohit

Particulars

Amit

Sumit

Rohit

`

`

`

`

`

`

To Bank A/c

18,133

By Balance b/d By General Reserve A/c By Goodwill A/c

30,000

25,000

15,000

3,000

2,000

1,000

4,500

3,000

1,500

To Balance c/d

39,400

31,267

By Revaluation A/c

1,900

1,267

633

 

39,400

31,267

18,133

 

39,400

31,267

18,133

Bank Account

Dr.

Cr.

 

Amount

 

Amount

Particulars

`

Particulars

`

To Balance b/d

7,000

By Rohit Capital A/c

18,133

To Balance c/d

11,133

 

18,133

 

18,133

Dr.

Goodwill Account

 

Cr.

 

Amount

 

Amount

Particulars

`

Particulars

`

To Amit Capital A/c To Sumit Capital A/c To Rohit Capital A/c

 

4,500

   

3,000

1,500

By Balance c/d

9,000

 

9,000

 

9,000

 

Balance Sheet as on 31 st Mar, 2012

 
 

Amount

Amount

 

Amount

Amount

Liabilities

`

`

Assets

`

`

Capital A/c Amit Sumit Sundry Creditors Less: Written Off Bills Payable Bank Overdraft

   

Stock Motor Van Machinery Less: Depreciation (5%) Sundry Debtors Less: R.D.D. Furniture Land & Building Add: Appreciation (20%) Goodwill

 

12,000

39,400

10,000

31,267

70,667

14,000

9,000

700

13,300

1,000

8,000

14,000

 

7,000

500

13,500

11,133

 

15,000

 

20,000

4,000

24,000

 

9,000

   

96,800

   

96,800

Tar g et Publications Pvt. Ltd.

Chapter 04: Reconstitution of Partnership (Retirement of Partner)

Solution to Practice Q.5.:

In the Books of Firm Profit and Loss Adjustment Account

Dr.

Cr.

   

Amount

Amount

 

Amount

Amount

Particulars

`

`

Particulars

`

`

To R.D.D. A/c To Plant & Machinery A/c

   

750

By Land & Building A/c

 

6,000

1,000

To Partner’s Capital A/c (Profit on Revaluation) Sunita Anita Geeta

   

2,125

1,417

 

708

4,250

   

6,000

   

6,000

Dr.

Partner’s Capital Account

 

Cr.

Particulars

 

Sunita

Anita

Geeta

Particulars

Sunita

Anita

Geeta

`

 

`

`

`

`

`

To Anita’s Loan A/c To Goodwill A/c

 

30,084

By Balance b/d

30,000

20,000

10,000

 

15,000

 

5,000

By General Reserves A/c By Goodwill A/c By Profit & Loss

 
     

3,000

2,000

1,000

10,000

6,667

3,333

To Balance c/d

 

30,125

 

10,041

Adjustment A/c

2,125

1,417

708

 

45,125

30,084

15,041

 

45,125

30,084

15,041

Dr.

Goodwill Account

 

Cr.

Amount

 

Amount

Particulars

 

`

Particulars

 

`

To Sunita’s Capital A/c To Anita’s Capital A/c To Geeta’s Capital A/c

 

10,000

By Sunita’s Capital A/c By Anita’s Capital A/c

 

15,000

6,667

5,000

3,333

 
 

20,000

 

20,000

 

Balance Sheet as on 31 st Mar, 2012

 
   

Amount

Amount

 

Amount

Amount

Liabilities

`

`

Assets

`

`

Capital

   

Bank Bills Receivable Debtors Less: R.D.D. 5% Plant & Machinery Less: Depreciation Land & Building Add: Appreciation

   

15,000

Sunita

 

30,125

12,000

Geeta

10,041

40,166

15,000

Sundry Creditors

 

15,000

750

14,250

Bills Payable

4,000

19,000

Anita’s Loan

30,084

1,000

18,000

24,000

6,000

30,000

 

89,250

   

89,250

Tar g et Publications Pvt. Ltd.

Std. XII (Commerce): Book-Keeping & Accountancy

Solution to Practice Q.6.:

In the Books of Firm Profit and Loss Adjustment Account

Dr.

Cr.

 

Amount

 

Amount

 

Amount

Amount

Particulars

 

`

 

`

Particulars

 

`

 

`

To Plant & Machinery A/c To R.D.D. A/c To Outstanding Interest A/c

     

250

By Land & Building A/c

   

1,600

200

 

250

To Partner's Capital A/c (Profit on revaluation)

 

X

 

300

Y

300

Z

300

 

900

     

1,600

     

1,600

Dr.

Partner’s Capital Account

 

Cr.

   

X

Y

Z

 

X

Y

Z

Particulars

`

`

`

Particulars

 

`

`

`

To Goodwill A/c To Cash A/c To Z's Loan A/c

3,150

3,150

 

By Balance b/d

8,000

8,000

8,000

 

 

1,000

By Goodwill A/c

2,100

2,100

2,100

9,400

By Profit & Loss Adjustment A/c

 

300

300

300

To Balance c/d

7,250

7,250

 

 
 

10,400

10,400

 

10,400

 

10,400

10,400

10,400

 

Balance Sheet as on 1 st Apr, 2012

 
 

Amount

 

Amount

 

Amount

Amount

Liabilities

 

`

 

`

Assets

 

`

 

`

Capital

   

Land & Building Add: Appreciation Plant & Machinery Less: Depreciation Debtors

   

16,000

 

X

 

7,250

1,600

 

17,600

Y

7,250

 

14,500

 

4,000

 

Z's Loan Bank Loan Add: Outstanding interest Creditors

   

9,400

250

 

3,750

 

5,000

   

9,300

 

250

 

5,250

Less: R.D.D. Cash

500

 

8,800

 

3,000

 

2,000

     

32,150

     

32,150

Journal Entries

Date

Particulars

L.F.

Debit

Credit

`

`

2012

       

Apr 1

Profit & Loss Adjustment A/c To Plant & Machinery A/c (Being depreciation of plant recorded)

Dr.

250

250

Apr 1

Profit & Loss Adjustment A/c To R.D.D. A/c (Being RDD amount increased)

Dr.

 

200

200

Apr 1

Land & Building A/c Profit & Loss Adjustment A/c (Being land & building appreciated by 10%)

Dr.

 

1,600

1,600

Apr 1

Profit & Loss Adjustment A/c To Outstanding interest A/c (Being outstanding interest on bank loan for 6 months recorded)

Dr.

 

250

250

Tar g et Publications Pvt. Ltd.

Chapter 04: Reconstitution of Partnership (Retirement of Partner)

Apr 1

Goodwill A/c To X’s Capital A/c To Y’s Capital A/c To Z’s Capital A/c (Being goodwill credited to partners capital accounts in existing ratio)

Dr.

   

6,300

 

2,100

2,100

2,100

Apr 1

X’s Capital A/c Y's Capital A/c To Goodwill A/c (Being Goodwill written off through remaining partners' capital accounts in new ratio)

Dr.

   

3,150

Dr.

3,150

6,300

Apr 1

Profit & Loss Adjustment A/c To X’s Capital A/c To Y’s Capital A/c To Z’s Capital A/c (Being profit on revaluation transferred to capital accounts)

Dr.

   

900

 

300

300

300

Apr 1

Z's Capital A/c To Cash A/c To Z's Loan A/c (Being Z's capital account settled partly in cash & remaining transferred to his loan account)

Dr.

   

10,400

 

1,000

9,400

   

Total:

     

26,200

26,200

Solution to Practice Q.7.:

 

In the Books of Firm Profit and Loss Adjustment Account

 

Dr.

 

Cr.

 

Amount

 

Amount

   

Amount

Amount

 

Particulars

 

`

`

Particulars

   

`

`

To Motor Truck A/c To R.D.D. A/c

     

3,000

By Land & Building A/c By Stock A/c

   

9,000

1,000

3,000

To Partner’s Capital A/c (Profit on Revaluation) Pramod Amit Sachin

 

4,000

     

2,000

2,000

 

8,000

     

12,000

   

12,000

Dr.

Partner’s Capital Account

 

Cr.

Particulars

Pramod

Amit

Sachin

Particulars

 

Pramod

 

Amit

Sachin

`

`

`

`

`

`

To Goodwill A/c To Sachin’s Loan A/c

32,000

16,000

By Balance b/d

 

84,500

 

42,250

42,250

 

 

56,250

By Goodwill A/c By Profit & Loss

24,000

12,000

12,000

To Balance c/d

80,500

40,250

Adjustment A/c

4,000

2,000

2,000

 

1,12,500

56,250

56,250

   

1,12,500

 

56,250

56,250

Tar g et Publications Pvt. Ltd.

Std. XII (Commerce): Book-Keeping & Accountancy

Solution to Practice Q.9.:

In the Books of Firm Profit and Loss Adjustment Account

Dr.

Cr.

 

Amount

 

Amount

   

Amount

   

Amount

Particulars

 

`

 

`

Particulars

 

`

`

To Factory Building A/c To Motor Vans A/c To Outstanding Workmen’s Compensation A/c

   

8,000

By Plant & Machinery A/c By Stock A/c By Creditors A/c

       

5,000

4,000

5,000

 

2,000

 

6,000

   
   

By Partner's Capital A/c (Loss on revaluation) Ram Laxman Bharat

   

3,000

2,000

1,000

 

6,000

     

18,000

       

18,000

Dr.

Partner’s Capital Account

 

Cr.

 

Ram

Laxman

 

Bharat

   

Ram

 

Laxman

Bharat

Particulars

`

`

`

Particulars

`

`

`

To Goodwill A/c To Revaluation A/c To Laxman’s Loan A/c To Cash A/c

15,000

 

 

15,000

By Balance b/d By Reserve Fund

 

60,000

 

30,000

30,000

3,000

2,000

1,000

30,000

20,000

10,000

 

58,000

 

By Goodwill A/c

15,000

10,000

5,000

12,000

 

By Cash A/c

 

 

46,000

To Balance c/d

75,000

75,000

   
 

1,05,000

60,000

 

91,000

 

1,05,000

 

60,000

91,000

Dr.

Cash Account

 

Cr.

   

Amount

       

Amount

Particulars

   

`

Particulars

 

`

To Balance b/d To Bharat’s Capital A/c

   

5,000

By Ram’s Capital A/c

   

12,000

46,000

 
   

By Balance c/d

 

39,000

   

51,000

     

51,000

 

Balance Sheet as on 31 st Mar, 2012

 
 

Amount

 

Amount

   

Amount

   

Amount

Liabilities

 

`

 

`

Assets

 

`

`

Capital Ram Bharat Laxman’s Loan Creditors Less: Written Off Bank Overdraft Outstanding Workmen’s Compensation

     

Factory Building Less: Depreciation Plant & Machinery Add: Appreciation Motor Vans Less: Depreciation Stocks Add: Appreciation Debtors Cash in hand

   

80,000

   
 

75,000

8,000

 

72,000

75,000

 

1,50,000

 

65,000

   
 

58,000

5,000

   

70,000

 

45,000

   

20,000

   

2,000

 

43,000

4,000

 

16,000

 

10,000

 

30,000

   
 

5,000

 

35,000

 

6,000

   

35,000

   

39,000

     

2,67,000

       

2,67,000

Tar g et Publications Pvt. Ltd.

Chapter 04: Reconstitution of Partnership (Retirement of Partner)

Solution to Practice Q.10.:

In the Books of Firm Profit and Loss Adjustment Account

Dr.

Cr.

   

Amount

 

Amount

 

Amount

Amount

Particulars

 

`

`

Particulars

 

`

 

`

To Stock A/c

   

3,000

By Investments A/c By Freehold Property A/c By Goodwill A/c By R.D.D. A/c

     

1,000

 

3,000

6,600

To Partner’s Capital A/c (Profit on Revaluation) Asha Usha Nisha

 

1,000

 

3,440

   

3,440

1,720

 

8,600

     

11,600

     

11,600

Dr.

Partner’s Capital Account

 

Cr.

Particulars

Asha

 

Usha

Nisha

Particulars

Asha

Usha

Nisha

`

`

`

`

`

`

To Cash A/c To Nisha’s Loan A/c

 

 

4,000

By Balance b/d

40,000

30,000

15,000

13,720

By General Reserve A/c By Profit & Loss

2,000

2,000

1,000

To Balance c/d

45,440

 

35,440

Adjustment A/c

3,440

3,440

1,720

 

45,440

 

35,440

17,720

 

45,440

35,440

17,720

 

Balance Sheet as on 30 th June, 2012

 
   

Amount

 

Amount

 

Amount

Amount

Liabilities

 

`

`

Assets

 

`

 

`

Capital:

   

Debtors Stock Less: Reduction Investments Add: Appreciation Freehold Property Add: Appreciation Goodwill Add: Increase Cash Less: Paid to Nisha

     

20,000

Asha

 

45,440

 

15,000

 

Usha

35,440

 

80,880

3,000

 

12,000

Creditors

 

10,000

 

4,000

 

Nisha’s Loan

13,720

1,000

 

5,000

   

27,000

 

3,000

 

30,000

 

30,000

 

6,600

 

36,600

 

5,000

 

4,000

 

1,000

     

1,04,600

     

1,04,600

Solution to Practice Q.11.:

Dr.

In the Books of Firm Profit and Loss Adjustment Account

Cr.

 

Amount

Amount

 

Amount

Amount

Particulars

`

`

Particulars

`

`

To R.D.D. A/c To Stock A/c

 

600

By Sundry Creditors A/c

 

1,000

400

By Building A/c By Goodwill A/c

7,000

 

2,000

Tar g et Publications Pvt. Ltd.

Std. XII (Commerce): Book-Keeping & Accountancy

To Partner’s Capital A/c (Profit on Revaluation) Ravi Sunil Vijay

5,400

   

1,800

1,800

9,000

   

10,000

10,000

Dr.

Partner’s Capital Account

Cr.

Particulars

Ravi

Sunil

Vijay

Particulars

Ravi

Sunil

Vijay

`

`

`

`

`

`

To Loan A/c

33,600

By Balance b/d By General Reserve A/c By Bank A/c

20,000

30,000

50,000

5,400

1,800

1,800

5,000

7,000

To Balance c/d

35,800

60,600

By Revaluation A/c

5,400

1,800

1,800

 

35,800

33,600

60,600

 

35,800

33,600

60,600

Cash Account

Dr.

Cr.

 

Amount

 

Amount

 

Particulars

`

Particulars

 

`

To Balance b/d To Ravi’s Capital A/c To Vijay’s Capital A/c

 

16,000

   

5,000

7,000

By Balance c/d

28,000

 

28,000

 

28,000

 

Balance Sheet as on 31 st Mar, 2012

 
 

Amount

Amount

 

Amount

Amount

 

Liabilities

`

`

Assets

`

`

Capital A/c Ravi Vijay Sundry Creditors Less: Written Off Bills Payable Sunil’s Loan A/c

   

Building Add: Appreciation Sundry Debtors Less: R.D.D. (5%) Goodwill Add: Appreciation Plant & Machinery Furniture Stock Less: Depreciation (5%) Cash at Bank

 

35,000

 

35,800

7,000

42,000

60,600

96,400

12,000

8,000

600

11,400

1,000

7,000

10,000

 

7,000

2,000

12,000

33,600

 

24,000

 

19,000

8,000

400

7,600

 

28,000

   

1,44,000

   

1,44,000

Solution to Practice Q.12.:

 

In the Books of Firm Journal Entries

 

Date

 

Particulars

 

L.F.

Debit

Credit

 

`

`

2014

       

Mar 31

Land & Building A/c Creditors A/c To Profit & Loss Adjustment A/c (Being value of land & building appreciated and creditor written off)

Dr.

Dr.

5,000

1,000

6,000

Tar g et Publications Pvt. Ltd.

Chapter 04: Reconstitution of Partnership (Retirement of Partner)

Mar 31

Profit & Loss Adjustment A/c To R.D.D. A/c To Stock A/c To Machinery A/c To Motor Van A/c To Goodwill A/c (Being value of stock, machinery, motor van depreciated and debtor and goodwill written off)

Dr.

3,250

 

1,000

500

500

500

750

Mar 31

General Reserve A/c To Mamta’s Capital A/c To Manoj’s Capital A/c To Rupesh’s Capital A/c (Being general reserve distributed)

Dr.

5,000

 

3,000

1,000

1,000

Mar 31

Bank A/c To Mamta’s Capital A/c To Manoj’s Capital A/c (Being additional capital contributed)

Dr.

7,500

 

5,000

2,500

Mar 31

Profit & Loss Adjustment A/c To Mamta’s Capital A/c To Manoj’s Capital A/c To Rupesh’s Capital A/c (Being profit on revaluation distributed)

Dr.

2,750

 

1,650

550

550

Mar 31

Rupesh’s Capital A/c To Rupesh’s Loan A/c (Being balance of Rupesh’s capital A/c transferred to his loan A/c)

Dr.

6,550

6,550

 

Total:

31,050

31,050

Solution to Practice Q.13.:

In the Books of Firm Profit and Loss Adjustment Account

Dr.

Cr.

   

Amount

 

Amount

 

Amount

Amount

Particulars

 

`

`

Particulars

 

`

 

`

To Plant & Machinery A/c To Motor Van A/c To Workman Compensation A/c

 

7,000

By Stock A/c By Factory Building A/c By R.D.D. A/c

     

5,000

2,000

18,000

6,000

2,000

To Partner’s Capital A/c (Profit on Revaluation) Vijay Ashok Anil

   

4,000

   

3,000

3,000

10,000

   

25,000

     

25,000

Dr.

Partner’s Capital Account

 

Cr.

Particulars

Vijay

 

Ashok

Anil

Particulars

Vijay

Ashok

Anil

`

`

`

`

`

`

To Goodwill A/c To Ashok’s Loan A/c

5,143

   

3,857

By Balance b/d

80,000

60,000

49,000

 

79,500

By Reserve Fund A/c By Goodwill A/c By Profit & Loss

10,000

7,500

7,500

     

9,000

To Balance c/d

88,857

 

55,643

Adjustment A/c

4,000

3,000

3,000

 

94,000

 

79,500

59,500

 

94,000

79,500

59,500

Tar g et Publications Pvt. Ltd.

Std. XII (Commerce): Book-Keeping & Accountancy

Balance Sheet as on 31 st Mar, 2014

 

Amount

Amount

 

Amount

Amount

Liabilities

`

`

Assets

`

`

Capital Vijay Anil Sundry Creditors Bills Payable Provision for Workman’s Compensation Ashok’s Loan

   

Cash at Bank Debtors Stock Add: Increase (10%) Motor Van Less: Depreciation (12.5%) Plant & Machinery Less: Depreciation (10%) Factory Building Add: Appreciation (20%)

 

6,000

88,857

32,000

55,643

1,44,500

50,000

 

38,000

5,000

55,000

10,000

16,000

2,000

14,000