PLEASE HELP ME OUT

Dear Student,

Revaluation Account
Dr.						Cr.
Particulars			Amount Rs	Particulars	Amount Rs
Revaluation Profit				Machinery	1,20,000
Ambika		60,000
Ananya		36,000
Mitali		24,000	1,20,000
			1,20,000		1,20,000

 

Dr.	Partners’ Capital Accounts								Cr.
Particulars		Ambika	Ananya	Mitali	Particulars	Ambika	Ananya	Mitali
Old Goodwill		40,000	24,000	16,000	Balance b/d	2,80,000	2,00,000	1,20,000
Mitali’s Capital A/c		50,000	10,000		Ambika’s Capital A/c			50,000
Cash A/c				1,88,000	Ananya’s Capital A/c			10,000
Balance c/d		4,22,000	2,11,000		Revaluation A/c	60,000	36,000	24,000
					Cash A/c	1,72,000	9,000
		5,12,000	2,45,000	2,04,000		5,12,000	2,45,000	2,04,000

 

Cash Account
Particulars	Amount Rs	Particulars	Amount Rs
Balance b/d	24,000	Mitali’s Capital A/c	1,88,000
Ambika’s Capital A/c	1,72,000	Balance c/d	17,000
Ananya’s Capital A/c	9,000
	2,05,000		2,05,000

 

Balance Sheet
Liabilities		Amount Rs	Assets	Amount Rs
Bills Payable		84,000	Cash	17,000
Capital A/c			Bill Receivable	40,000
Ambika	4,22,000		Debtors	1,00,000
Ananya	2,11,000	6,33,000	Stock	1,80,000
Creditors		1,00,000	Plant & Machinery	4,80,000
		8,17,000		8,17,000

Working Notes:

Calculation of Gaining Ratio



Calculation of Hidden Goodwill

Balance in Capital A/c of Mithali (Cr. - Dr.) = 1,28,000
Amount Payable (as given) = 1,88,000
Hidden Goodwill = 60,000 (to be adjusted in gaining ratio)

Adjustment of Capital

Ambika's Adjusted Capital = 2,50,000
Ananya's Adjusted Capital = 2,02,000
Amount Payable to Mitali = 1,88,000
Existing Cash Balance = 24,000
Required Minimum Cash Balance = 17,000

Total Adjusted Capital = 2,50,000 + 2,02,000 + 1,88,000 - 24,000 + 17,000 = 6,33,000



Ambika will bring = 1,72,000
Ananya will bring = 9,000