Dr. Partners’ Capital A/cs Cr. Particulars Ajay Vijay Raju Particulars Ajay Vijay Raju Rs. Rs. Rs Rs Rs. Rs. To Goodwill A/c By Balance b/d ---------- ---------- To Investments A/c 3,750 By General reserve A/c To Cash A/c 2,400 By Revaluation A/c To Balance of Capital By Premium for Goodwill c/d (after adjustment) -------- -------- 74,250 41,550 74,250 41,550 By Balance of Capital b/d - - To Ajay’s Current A/c (after adjustment) ---------- ----------- 61,750 31,650 To Balance c/d By Cash A/c By Vijay’s Current A/c - -------- -------- - 61,750 35,025 23,350 61,750 35,025 23,350 Balance Sheet of the New Firm Liabilities Rs. Assets Rs. Creditors 17,800 Land and Building 38,000 Bills Payable 8,000 Plant and machinery 30,000 Capital A/cs: Stock 20,000 Ajay ------------- Debtors 25,000 Vijay ------------ Investments 4,000 Raju ------------- 1,16,750 Cash Provision for Bad and Doubtful debts 1,000 28,550 Outstanding salary 2,400 Prepaid Insurance 500 Outstanding Repairs 100 Vijay current A/c --------- Ajay’s Current A/c ------------ 1,49,425 1,49,425
Dr. Partners’ Capital A/cs Cr. Particulars Ajay Rs. Vijay Rs. Raju Rs Particulars Ajay Rs Vijay Rs. Raju Rs. To Goodwill A/c To Investments A/c To Cash A/c To Balance of Capital c/d (after adjustment) To Ajay’s Current A/c To Balance c/d -------- 3,750 2,400 -------- By Balance b/d By General reserve A/c By Revaluation A/c By Premium for Goodwill By Balance of Capital b/d (after adjustment) By Cash A/c By Vijay’s Current A/c 74,250 41,550 74,250 41,550 - ---------- - ----------- 61,750 - 31,650 -------- -------- - 61,750 35,025 23,350 61,750 35,025 23,350 Balance Sheet of the New Firm Liabilities Rs. Assets Rs. Creditors Bills Payable Capital A/cs: Ajay ------------- Vijay ------------ Raju ------------- Provision for Bad and Doubtful debts Outstanding salary Outstanding Repairs Ajay’s Current A/c 17,800 8,000 1,16,750 1,000 2,400 100 ------------ Land and Building Plant and machinery Stock Debtors Investments Cash Prepaid Insurance Vijay current A/c 38,000 30,000 20,000 25,000 4,000 28,550 500 --------- 1,49,425 1,49,425 ---------- ----------
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