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Question
On the admission of Adil as a partner, the capitals of Rohan and Pavan, after all adjustments, were ₹ 50,000 and ₹ 40,000. Their capitals before Adil’s admission were ₹ 45,000 and ₹ 48,000.
The capital account of the partner having surplus capital was adjusted through his current account by passing the journal entry:
Options
Debit Rohan’s Capital A/c ₹ 5,000; Credit Rohan’s Current A/c ₹ 5,000
Debit Pavan’s Capital A/c ₹ 8,000; Credit Pavan’s Current A/c ₹ 8,000
Debit Rohan’s Current A/c ₹ 5,000; Credit Rohan’s Capital A/c ₹ 5,000
Debit Pavan’s Current A/c ₹ 8,000; Credit Pavan’s Capital A/c ₹ 8,000
Solution
Debit Pavan’s Capital A/c ₹ 8,000; Credit Pavan’s Current A/c ₹ 8,000
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|
|
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31.3.2009 Rs |
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Balance Sheet of Nikita, Mankrit, and Pulkit as on 31st March 2019
| Liabilities |
Amount (₹) |
Assets | Amount (₹) |
| Capitals : | Plant and Machinery | 6,40,000 | |
| Nikita - 4,00,000 | Stock | 2,30,000 | |
| Mankrit - 3,00,000 | Sundry debtors | 1,40,000 | |
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| Creditors | 60,000 | ||
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| Balance Sheet of Ashish and Vishesh as at 31st March, 2022 | |||||
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| Creditors | 30,000 | Cash at Bank | 50,000 | ||
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- Loss on revaluation due to depreciation on machinery @ 20% per annum.
- The General Reserve maintained in the old firm was not to be disturbed in the reconstituted firm.
Partners’ Capital Accounts
| Particulars | Anita (₹) | Anil (₹) | Jia (₹) | Particulars | Anita (₹) | Anil (₹) | Jia (₹) |
| To Goodwill A/c | 10,000 | 10,000 | - | By Balance b/d | 90,000 | 80,000 | - |
| To P&L A/c | 5,000 | 5,000 | - | By Bank A/c | - | - | 75,000 |
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| To Balance c/d | 1,17,500 | 1,07,500 | 75,000 | By Jia’s Current A/c | 25,000 | 25,000 | - |
| 1,40,000 | 1,30,000 | 75,000 | 1,40,000 | 1,30,000 | 75,000 |
Additional information:
On 31st March, 2024, the firm of Anita and Anil, apart from plant and machinery and a bank balance of ₹ 2,15,000, had no other asset. You are required to prepare the Balance Sheet of the reconstituted firm on the date of Jia’s admission after considering the information given above.
