Pls solve this fast pls
Dear Student,
Working Notes:
WN 1: Calculation of Goodwill
WN 2: Calculation of Gaining Ratio
WN 3: Calculation of New Capital
Revaluation Account | ||||
Particulars | Amount (Rs) | Particulars | Amount (Rs) | |
Machinery A/c | 60,000 | Land & Building A/c | 60,000 | |
Bad Debts A/c (17,000 – 10,000) | 7,000 | Loss transferred to: | ||
Aruna’s Capital A/c | 2,000 | |||
Karuna’s Capital A/c | 3,000 | |||
Varuna’s Capital A/c | 2,000 | 7,000 | ||
67,000 | 67,000 | |||
Partners’ Capital Accounts | |||||||||
Dr. | Cr. | ||||||||
Particulars | Aruna | Karuna | Varuna | Particulars | Aruna | Karuna | Varuna | ||
Revaluation A/c | 2,000 | 3,000 | 2,000 | Balance b/d | 2,00,000 | 3,00,000 | 2,00,000 | ||
Aruna’s Capital A/c | − | 20,000 | 20,000 | General Reserve A/c | 10,000 | 15,000 | 10,000 | ||
Bank A/c | 50,000 | − | − | Workmen Compensation Fund A/c | 2,000 | 3,000 | 2,000 | ||
Aruna’s Loan A/c | 2,00,000 | − | − | Karuna’s Capital A/c | 20,000 | − | − | ||
Balance c/d | − | 4,00,000 | 3,00,000 | Varuna’s Capital A/c | 20,000 | − | − | ||
Bank A/c (Balancing Figure) | 1,05,000 | 1,10,000 | |||||||
2,52,000 | 4,23,000 | 3,22,000 | 2,52,000 | 4,23,000 | 3,22,000 | ||||
Bank Account | |||
Particulars | Amount (Rs) | Amount (Rs) | |
Balance b/d | 1,00,000 | Aruna’s Capital A/c | 50,000 |
Karuna’s Capital | 1,05,000 | Balance c/d | 2,65,000 |
Varuna’s Capital | 1,10,000 | ||
3,15,000 | 3,15,000 | ||
Balance Sheet as on March 31, 2016 | |||||
Liabilities | Amount (Rs) | Assets | Amount (Rs) | ||
Capital A/cs: | Land & Building | 2,60,000 | |||
Karuna | 4,00,000 | Machinery | 2,40,000 | ||
Varuna | 3,00,000 | 7,00,000 | Debtors | 1,10,000 | |
Aruna’s Loan | 2,00,000 | Less: Bad Debts | 17,000 | 93,000 | |
Workmen Compensation Fund | 8,000 | Stock | 1,00,000 | ||
Creditors | 50,000 | Bank | 2,65,000 | ||
9,58,000 | 9,58,000 | ||||
Working Notes:
WN 1: Calculation of Goodwill
WN 2: Calculation of Gaining Ratio
WN 3: Calculation of New Capital