Balance Sheet as on 31.03.2012
Liabilities | Amount Rs. | Assets | Amount Rs. |
Capital: Ram Madan General reserve Sundry creditors | 1,00,00 1,00,00 40,000 55,300 | Plant and machinery Furniture Sundry debtors 92,600 Less: R.D.D 1,000 Stock Cash in hand Cash at bank | 90,000 15,000 91,000 68,000 4,200 27,100 |
| 2,95,300 | | 2,95,300 |
Ram and Madan were partners in a firm sharing profits and losses equally. Following was their balance Sheet as on 31.03.2012:
On
1stApril, 2012, Soham was admitted as a partner in the firm on the following terms:
(1) Soham is to bring in Rs. 1,00,000 as his capital. He is to be given
13rd share in future profits.
(2) Goodwill of the firm to be raised at Rs. 30,000. It was decided that 'goodwill' should not appear in the books of the new firm.
(3) Furniture to be depreciated by 10%. Stock was valued at Rs. 70, 500.
Prepare:
(1) Profit and Loss Adjustment Account.
(2) Partner's Capital Accounts.
(3) Balance Sheet of the new firm.