D0683_BK_PP_05
D0683_BK_PP_05
D0683_BK_PP_05
(3) Building
(4) Bank
(2) Nominal
(3) debited
(2) Deficit
(3) Goodwill
(2) Agree
(3) Agree
(4) Agree
(5) Disagree
Amount Amount
Particulars Particulars
(`) (`)
To R.D.D. (New) A/c 3,200 By Stock A/c 2,000
To Depreciation A/c – Furniture 4,400 By Land and Building A/c 6,400
To Profit on Revaluation Transferred
to Partners’ Capital A/cs :
Yash 600
Mohit 200 800
8,400 8,400
OR
Debit Credit
Particulars Particulars
(`) (`)
To Furniture A/c 13,500 By Freehold Property A/c 13,500
To Partners’ Capital A/cs : By Machinery A/c 4,500
Bhavya 3,600 By R.D.D. A/c 4,500
Hriday 3,600
Uday 1,800 9,000
22,500 22,500
Working Notes :
Valuation of Goodwill :
(1) Total profit = 4,500 + 47,250 + 45,000 + 72,000 + 45,000 = ` 2,13,750.
Amount Amount
Particulars Particulars
(`) (`)
To Balance b/d 42,000 By Realisation A/c 37,800
To Realisation A/c 1,26,000 By Zalak’s Capital A/c 63,875
By Keyur’s Capital A/c 66,325
1,68,000 1,68,000
Working Note :
40 shares amount not received ∴ Amount received from him ` 240 (40 × (3 + 3)) is forfeited.
OR
Amount Amount
Particulars Particulars
(`) (`)
To Motor Car A/c 880 By Stock of Goods A/c 2,400
To Partners’ Capital A/cs : (Profit) By R.D.D. A/c 640
Sonu 864
Monu 864
Dinu 432 2,160
3,040 3,040
Working Notes :
(1) Difference of amount of Goodwill (` 12,000 − ` 8,000) ` 4,000 is to be distributed among partners in
2 : 2 : 1 ratio as it is to be raised in the books.
1
∴ Dinu’s share in Goodwill = 4,000 × = ` 800
5
(2) Dinu’s share in profit = Profit of the current year (Estimated) × Period × Share of partner
3 1
= 8,000 × × = ` 400
12 5
= ` 400 (Profit and Loss Suspense A/c)
(3) Amount due to Dinu’s Executor is immediately cleared. So, no entry is to be passed in the Balance
Sheet.
OR
Amount Amount
Sr. No. Particulars
(`) (`)
1. Sales 1,80,000
Working Notes :
(1) 50% of donation (` 1,25,000) − Add it to Building fund and remaining (` 1,25,000) amount, record it
on the Income side (Cr.) of Income and Expenditure A/c.
(2) Admission fees (Revenue) − Record it on Income side.
1,87,800 1,87,800
Dr. Profit and Loss Account for the year ended 31st March, 2024 Cr.
Working Note :
Write Partners’ related amounts (Current A/c Balances, Interest on Capital and Net profit) in the Partners’
Current A/cs to get Current A/c balances, to be recorded in the Balance Sheet.
________