14 Vinod Ayush and pukhraj were partners in a firm sharing profits in the ratio 1:2:3 - Accountancy - Dissolution of Partnership Firm

Question

14 Vinod Ayush and pukhraj were partners in a firm sharing profits
in the ratio 1:2:3
Their Balance Sheet as on 31 3 2015 was as follows

All partners have decided that reconstitutions of partnership is to
be done with effect from 1st april
For this it was agreed that
(a) Creditors of Rs 12 000 were not likely to be claimed and hence
written off
(b) Goodwill of the firm be valued at Rs 3 00,000
(e) Land be revalued at Rs 1 60 000 and building be depreciated by
6%
Prepare Revaluation Account Partners Capital Account and new
Balance Sheet

Neha Chopra · Accepted Answer

Dear Student

Q 13

Realisation
A/c

Date
Particulars

Amount (in
Rs)
Date
Particulars

Amount (in
Rs)

Investment
A/c

16,000

Creditors
A/c

50,400

Stock
A/c

20,100

Investment Fluctuation
Fund A/c

10,000

Debtors
A/c

62,600

Vinod's Capital A/c
(Investment Taken over)

18,000

Furniture
A/c

20,000

Divji's Capital A/c
(Stock Taken over)

17,500

Bank A/c
(Creditors)

50,400

Siddharth's Capital A/c
(Furniture Taken over)

20,000

Bank A/c (Realisation
Expenses)

4,500

Bank
A/c

60,500

Capital
A/c's

Vinod
1,400

Divji
933

Siddharth
467
2,800

176,400

Partner's Capital
A/c

Particulars
Vinod’s Capital
A/c
Divij’s Capital
A/c
Siddharth’s Capital
A/c
Particulars
Vinod’s Capital
A/c
Divij’s Capital
A/c
Siddharth’s Capital
A/c

Realisation
A/c
18,000

Balance
b/d
30,000
20,000
10,000

Realisation A/c
(Stock)

17,500

Reserve
Fund
6,000
4,000
2,000

Realisation A/c
(Furniture)

20,000
Bank
A/c

7,533

Bank
19,400
7,433

Realisation A/c
(Profit)
1,400
933
467

37,400
24,933
20,000

Please note that
siddharth has taken over more amount in furniture then his share so
he would bring the difference in cash

Bank
A/c

Date
Particulars

Amount (in
Rs)
Date
Particulars

Amount (in
Rs)

Bal
B/d

13,700

Realisation A/c
(Creditors)

50,400

Realisation A/c (
Debtors)

60,500

Realisation A/c
(Expenses)

4,500

Siddharth's Capital
a/c

7,533

By Capital
A/c's

Vinod
19,400

Divji's
7,433

Siddharth
0
26,833

81,733

Please ask next question
in different thread

Regards

Realisation A/c
Date	Particulars		Amount (in Rs)	Date	Particulars	Amount (in Rs)
	Investment A/c		16,000		Creditors A/c	50,400
	Stock A/c		20,100		Investment Fluctuation Fund A/c	10,000
	Debtors A/c		62,600		Vinod's Capital A/c (Investment Taken over)	18,000
	Furniture A/c		20,000		Divji's Capital A/c (Stock Taken over)	17,500
	Bank A/c (Creditors)		50,400		Siddharth's Capital A/c (Furniture Taken over)	20,000
	Bank A/c (Realisation Expenses)		4,500		Bank A/c	60,500


	Capital A/c's
	Vinod	1,400
	Divji	933
	Siddharth	467	2,800




			176,400			176,400

Partner's Capital A/c
Particulars	Vinod’s Capital A/c	Divij’s Capital A/c	Siddharth’s Capital A/c	Particulars	Vinod’s Capital A/c	Divij’s Capital A/c	Siddharth’s Capital A/c
Realisation A/c	18,000			Balance b/d	30,000	20,000	10,000
Realisation A/c (Stock)		17,500		Reserve Fund	6,000	4,000	2,000
Realisation A/c (Furniture)			20,000	Bank A/c			7,533
Bank	19,400	7,433		Realisation A/c (Profit)	1,400	933	467

	37,400	24,933	20,000		37,400	24,933	20,000