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✦ FREE LEARNING — CLASS 11 & 12 — CBSE · PSEB — ACCOUNTS · ECONOMICS · BST ✦
Sunaina and Tamanna share profits in 3 : 2. Their Balance Sheet as at 31st March, 2020 showed: Capitals – Sunaina ₹60,000, Tamanna ₹80,000; Current A/cs – Sunaina ₹10,000, Tamanna ₹30,000; General Reserve ₹1,20,000; Workmen Compensation Reserve ₹50,000; Creditors ₹1,50,000; and assets – Plant and Machinery ₹1,20,000, Land and Building ₹1,40,000, Debtors ₹1,90,000 less Provision ₹40,000 (₹1,50,000), Stock ₹40,000, Cash ₹30,000, Goodwill ₹1,50,000. Pranav is admitted for a 1/5th share: (a) all debtors good; (b) Land and Building to ₹1,80,000; (c) Plant and Machinery reduced by ₹20,000; (d) WC claim ₹20,000; (e) Anil (creditor ₹40,000) accepted a bill; (f) Pranav brings ₹1,00,000 capital and ₹10,000 premium. Journalise. (CBSE Sample Paper 2020)
JOURNAL
| Date | Particulars | L.F. | Dr. (₹) | Cr. (₹) |
|---|---|---|---|---|
| Debtors A/c Dr. 40,000; Land and Building A/c Dr. 40,000 | 80,000 | |||
| To Revaluation A/c | 80,000 | |||
| Revaluation A/c Dr. | 20,000 | |||
| To Plant and Machinery A/c | 20,000 | |||
| Revaluation A/c Dr. | 60,000 | |||
| To Sunaina’s Current A/c 36,000; To Tamanna’s Current A/c 24,000 | 60,000 | |||
| Creditors A/c Dr. | 40,000 | |||
| To Bills Payable A/c | 40,000 | |||
| Workmen Compensation Reserve A/c Dr. | 50,000 | |||
| To Workmen Compensation Claim A/c 20,000; To Sunaina’s Current A/c 18,000; To Tamanna’s Current A/c 12,000 | 50,000 | |||
| General Reserve A/c Dr. | 1,20,000 | |||
| To Sunaina’s Current A/c 72,000; To Tamanna’s Current A/c 48,000 | 1,20,000 | |||
| Cash A/c Dr. | 1,10,000 | |||
| To Pranav’s Capital A/c 1,00,000; To Premium for Goodwill A/c 10,000 | 1,10,000 | |||
| Premium for Goodwill A/c Dr. | 10,000 | |||
| To Sunaina’s Current A/c 6,000; To Tamanna’s Current A/c 4,000 | 10,000 | |||
| Sunaina’s Current A/c Dr. 90,000; Tamanna’s Current A/c Dr. 60,000 | 1,50,000 | |||
| To Goodwill A/c | 1,50,000 | |||
| (Existing goodwill written off in the old ratio 3 : 2) |
Accounting & Commerce Educator
Sarbjit Singh holds a B.Com and M.Com degree and has over 12 years of teaching experience in double entry bookkeeping, financial accounting, and business studies.
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