CHAPTER - III ADMISSION OF A PARTNER
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1 CHAPTER - III ADMISSION OF A PARTNER 6 to 8 marks Answers : Ans 1 BOOKS OF SURENDER, NARENDER AND MAHENDER Particulars Rs. Assets Rs. To provision for doubtful A/c 200 by creditors A/c 1,000 To Stock A/c 4,000 By furniture A/c 1,000 To Plant A/c 2,000 By building A/c 4,000 By loss transferred to Surender s Capital A/c 120 Narender s Capital A/c ,200 6,200 PARTNERS S CAPITAL ACCOUNTS Particulars Surender Narender Mahender Particulars Surender Narender Mahender To cash a/c By Balance b/d To Revaluation By Cash A/c A/c (Loss) By Premium A/c To Balance c/d By Balance b/d Particulars Rs. Assets Rs. Creditors Stock Capitals : Debtors Surender Less : Provision Mahender Plant 8000
2 Bills Payable 4000 Building Cash Ans.2 Books of Dinesh, Yamine, Farte and Anie Particulars Rs. Assets Rs. To Bills Discounted A/c 1670 By Public deposits A/c 190 By Machinery A/c 200 By Loss transferred to Dinesh s capital A/c 704 Faria s Capitla A/c PARTNERS CAPITAL ACCOUNTS Particulars Dinesh Yasmine Faria Annie Particulars Dinesh Yasmine Faria Annie Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. To Revaluation By Balance b/d A/c (Loss) By Reserve F A/c To Furniture A/c By Cash A/c 4500 To Drawings By Premium A/c A/c To Balance c/d BALANCE SHEET as at By Balance b/d Particulars Rs. Assets Rs. Sundry Creditors 800 Cash in Hand 2757 Public Deposits 1000 Factory Buildings 7350 Capitals : Dinesh 2258 Machinery 2000 Yashmine 900 Stock 1450 Faria 3829 Debtors 1500 Annie Less : Provision Bills Discounted
3 Ans.3 SOLUTION Books of Sarla, Nikita, Arundhati and Kusum Particulars Rs. Assets Rs. To M To Furniture A/c 2082 By Loss transferred to : Sarla s Capital A/c 2787 Nikita s Capital A/c 1858 Arundhati s Capital A/c PARTNERS S CAPITAL ACCOUNTS Particulars Dinesh Yasmine Faria Annie Particulars Dinesh Yasmine Faria Annie Rs. Rs. Rs. Rs. Rs. Rs. Rs. Rs. To Revaluation By Balance b/d A/c (Loss) By P&L A/c To Sarla s Cur By Bank A/c A/c By Premium A/c 5000 To Nikita s Cur 4422 A/c To Arundhati s Curr A/c 2211 To Balance C/d By Balance b/d BALANCE SHEET as at Particulars Amount Particulars Amount Creditors Plant & Machinery Bills Payable Furniture Capitals : Stock Sarla Debtors Nikita Bank Arundhati Kusum Current A/c Sarla Nikita 4422 Arundhati
4 Ans. 4 BOOK OF X, Y AND Z Particulars Amount Particulars Amount To Stock A/c 2000 By land A/c To furniture A/c 2420 By creditors A/c 1000 To Provision for bad debts A/c 4224 By provision of discount on 3612 To claim against damages A/c 1500 creditors A/c To Profit transferred to X s capital A/c 8266 Y s PARTNER S CAPITAL ACCOUNT Particulars X Rs. Y Rs. Z Rs. Particulars X Rs. Y Rs. Z Rs. Y s Current A/c - 64,900 - By Balance b/d 1,76,000 1,45,200 - To Balance 2,54,901 84,967 84,967 By revaluation 8,226 2,742 - Profit By premium a/c 5,775 1,925 - By Cash a/c ,967 By X s current 64, ,54,901 1,49,867 84,967 2,54,901 1,49,867 84,967 BALANCE SHEET AS AT Liabilities Rs. Assets Rs. Claim against damages 1,500 Cash 1,20,167 Creditors Rs. 91,300 Land 1,81,500 Less Rs. 1,000 Furniture 21,780 90,300 Stock 1,30,000 Less Prov. 3,612 86,688 Debtors 35,200 Capital Less prov. 4,224 30,976 X Rs. 2,54,901 Bills receivables 28,600 Y Rs. 84,967 X s current a/c 64,900 Z Rs. 84,967 4,24,835 Current A/c 64,900 5,77,923 5,77,923 Cr
5 Ans.5 Ans.6 BOOKS OF A, B AND C Particulars Amount Particulars Amount Employee s provided Fund A/c 1500 By Creditors A/c 300 Fixed Assets A/c 3000 By Provision on Debtors A/c 200 Stock A/c 900 By Loss transferred to A s Capital A/c 2100 B s Capital A/c PARTNER S CAPITAL ACCOUNT Particulars Amount Particulars Amount Creditors 4200 Cash Capitals Stock 6600 A Fixed Assets B Debtors 6000 C Employee s provident fund BOOKS A, B Anc C Fixtures 5000 By Land A/c Bills Receivable 2000 By Loss transferred to Stock 8000 A s Capital A/c Rs Provision for B.D B s Capital A/c Rs PARTNER S CAPITAL ACCOUNTS Particulars A Rs. B Rs. C Rs. Particulars A Rs. B Rs. C Rs.
6 To Revalution A/c (Loss) By Balance b/d To Balance c/d By cash a/c By General Res.A/c By Premium a/c By Balance b/d BALANCE SHEET as at 31st Dec Sundry creditors Cash Capitals Debtors A Stock B Fixtures C Bills Receivables Ans.7 BOOKS OF C, P AND M To Plant & Machinery A/c 3000 By Land & Building A/c 7500 To Provision on Debtors A/c 4725 By Loss transferred to C s Capital A/c 125 P s Capital A/c PARTNERS CAPITAL ACCOUNTS Particulars A Rs. B Rs. C Rs. Particulars A Rs. B Rs. C Rs.
7 To Revolution A/c (Loss) By Balance B/d To Balance c/d By Premium A/c By Cash A/c By Balance b/d BALANCE SHEET as on Liabilities Rs. Assets Rs. Capitals : Plant & Machinery C Land & Building P Debtors M Less Provision Creditors Stock Bills payable Cash Ans.8 S To Stock 5000 By Loss on Revolution u/fd to : To Furniture 1000 Rashmi To Machinery 6000 Pooja 5000 To Debtors CAPITAL ACCOUNTS OF PARTNERS Particulars Rashmi Pooja Santosh Particulars Rashmi Pooja Santosh Rs. Rs. Rs. Rs. Rs. Rs. To Revaluation A/c By Balance b/d
8 To Ads Susp. A/c By Cash A/c To Balance C/d By Premium a/c By Reserve By Work com.res To Balance c/d To Balance c/d By Cash A/c (½ of (Rs Rs ) BALANCE SHEET OF A, B & C AS AT Liabilities Rs. Assets Rs. Creditors Cash Bills Payable Machinery Rashmi s Capital Furniture 9000 Pooja s capital Stock Santosh s capital Debtors Less : Provision Ans.9 To Stock By land & building To provision for doubtful debtrs 5100 A s Capital A/c (1/3) B s Capital A/c (1/3) C s Capital A/c (1/3)
9 CAPITAL ACCOUNTS OF PARTNERS Particulars Rashmi Pooja Santosh Particulars Rashmi Pooja Santosh Rs. Rs. Rs. Rs. Rs. Rs. To Adver. By Balance c/d Sus. A/c By Revaluation to goodwill By General Res To Current A/c By Premium A/c To Balance c/d By Current A/c BALANCE SHEET OF M/S A, B & C as at 31st march 20x2 Liabilities Rs. Assets Rs Sundry creditors Cash at bank Employees Provident Fund 6000 Debtors Bills Payable Less : Provision A s Capital Mr. X B s Capital Stock C s Capital Furniture & Fixtures D s Capital Plant & Machinery A s Current A/c Land & Building B s Current A/c C s Current A/c
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