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Standard XII

Accountancy

Reassessment of Liabilities

Leela and Mee...

Question

Leela and Meeta were partners in a firm sharing profits and losses in the ratio of 5:3. On Is Jan. 2017 they admitted Om as a new partner. On the date of Om’s admission the balance sheet of Leela and Meeta showed a balance of Rs 16,000 in general reserve and Rs 24,000 (Cr) in Profit and Loss Account. Record necessary journal entries for the treatment of these items on Om’s admission. The new profit sharing ratio between Leela, Meeta and Om was 5:3:2.

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Solution

Books of Leela, Meeta and Om

Journal

Date

Particulars

L.F.

Amount

Rs

Amount

Rs

2017

Jan 1

General Reserve A/c

Dr.

16,000

Profit and Loss A/c

Dr.

24,000

To Leela’s Capital A/c

25,000

To Meeta’s Capital A/c

15,000

(General reserve and balance in Profit and Loss credited to old

partners’ capital account in their old ratio, 5:3)

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Books of Leela, Meeta and Om Journal
Date	Particulars			L.F.	Amount Rs	Amount Rs
2017
Jan 1	General Reserve A/c		Dr.		16,000
	Profit and Loss A/c		Dr.		24,000
		To Leela’s Capital A/c				25,000
		To Meeta’s Capital A/c				15,000
	(General reserve and balance in Profit and Loss credited to old partners’ capital account in their old ratio, 5:3)