Accounting: Admission of Partner: Solution, Revolution and Capital Account

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Revaluation Account

Dr. Cr.

Table Supporting: Accounting: Admission of Partner: Solution, Revolution and Capital Account

Tablutation of: Particulars, Amount (Rs.), Particulars, Amount (Rs.)

Particulars

Amount (Rs.)

Particulars

Amount (Rs.)

Building

Machinery

Investment

5400

4800

1560

Stock

Prepaid Insurance

Loss transferred to

Manoj’s Capital 4,032

Hema’s Capital 1,728

5,000

1,000

5,760

11,760

11,760

Capital Account

Dr. Cr.

Table Supporting: Accounting: Admission of Partner: Solution, Revolution and Capital Account

Tablutation of: Particulars, Manoj, Hema, Tarun, Particulars, Manoj, Hema, Tarun

Particulars

Manoj

Hema

Tarun

Particulars

Manoj

Hema

Tarun

Goodwill

Revaluation A/c

(Loss)

Bank A/c

Balance c/d

14000

4032

--

1,40,000

6000

1728

5272

60,000

--

--

--

40,000

Balance c/d

General Reserve

Goodwill A/c

Bank A/c

Bank A/c (Profit)

88000

12600

8400

--

49,032

64000

5400

3600

--

--

--

--

40,000

--

1,58,032

73,000

90,000

1,58,032

73,000

90,000

Balance Sheet of Manjo and Hema on March 31st, 2006

Table Supporting: Accounting: Admission of Partner: Solution, Revolution and Capital Account

Tablutation of: Liabilities, Amount (Rs.), Assets, Amount (Rs.)

Liabilities

Amount (Rs.)

Assets

Amount (Rs.)

Sundry Creditors

Bills Payable

Capital:

Manoj 1,40,000

Hema 60,000

Tarun 40,000

18,000

38,000

2,40,000

Bank

Sundry Debtors

Bills Receivables

Stock

Investment

Machinery

Building

Prepaid Insurance

107760

45000

30000

40000

11440

35200

39600

1000

3,10,000

3,10,000

Bank Account

Dr. Cr.

Table Supporting: Accounting: Admission of Partner: Solution, Revolution and Capital Account

Tablutation of: Particulars, Amount (Rs.), Particulars, Amount (Rs.)

Particulars

Amount (Rs.)

Particulars

Amount (Rs.)

Balance b/d

Manoj’s Capital A/c

Goodwill A/c

Tarun’s Capital A/c

12000

49032

12000

40000

Hema’s Capital A/c

Balance c/d

5,272

1,07,760

1,13,032

1,13,032

Working note:

(a) Calculation of New profit-Sharing Ratio:

(b) Adjustment of Capital:

Developed by: