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    H077 Chp. 5 Q.1

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    Isha Katiyar
    This document contains accounting records for a partnership firm consisting of Meera, Sarthak, and Rohit over the year ending March 31, 2018. It includes the partner's capital accounts, showing balances brought down and distributions of profit. It also includes bank account records, goodwill account, and the balance sheet as of March 31, 2018, listing assets of over Rs. 1.3 million including stock, goodwill, and debtors, and liabilities including capital accounts, bank balance, and creditors.

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    H077 Chp. 5 Q.1

    Uploaded by

    Isha Katiyar
    20 views10 pages
    This document contains accounting records for a partnership firm consisting of Meera, Sarthak, and Rohit over the year ending March 31, 2018. It includes the partner's capital accounts, showing balances brought down and distributions of profit. It also includes bank account records, goodwill account, and the balance sheet as of March 31, 2018, listing assets of over Rs. 1.3 million including stock, goodwill, and debtors, and liabilities including capital accounts, bank balance, and creditors.

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    This document contains accounting records for a partnership firm consisting of Meera, Sarthak, and Rohit over the year ending March 31, 2018. It includes the partner's capital accounts, showing balances brought down and distributions of profit. It also includes bank account records, goodwill account, and the balance sheet as of March 31, 2018, listing assets of over Rs. 1.3 million including stock, goodwill, and debtors, and liabilities including capital accounts, bank balance, and creditors.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    20 views10 pages

    H077 Chp. 5 Q.1

    Uploaded by

    Isha Katiyar
    This document contains accounting records for a partnership firm consisting of Meera, Sarthak, and Rohit over the year ending March 31, 2018. It includes the partner's capital accounts, showing balances brought down and distributions of profit. It also includes bank account records, goodwill account, and the balance sheet as of March 31, 2018, listing assets of over Rs. 1.3 million including stock, goodwill, and debtors, and liabilities including capital accounts, bank balance, and creditors.

    Copyright:

    © All Rights Reserved
    Download as XLSX, PDF, TXT or read online from Scribd
    Download as xlsx, pdf, or txt
    You are on page 1of 10

    In the Books of Meera, Sarthak and Rohit

    Dr. Profit and Loss Adjustment Account for the year ended 31st March, 2018 Cr.
    Particulars Amt. (₹) Amt. (₹) Particulars

    0
    March, 2018 Cr.
    Amt. (₹) Amt. (₹)

    0
    In the Books of Meera, Sarthak and Rohit
    Dr. Partner's Capital Account
    Particulars Meera Sarthak Rohit Particulars Meera
    By Balance b/d 400,000
    By Bank A/c 658,750 By Contingency reserve A/c 40,000
    By Goodwill A/c Nil
    By Balance c/d 440,000 270,000 By Interest on Capital Nil
    By Profit and Loss Suspense A/c Nil

    440,000 658,750 270,000 440,000


    Cr.
    Sarthak Rohit
    350,000 250,000
    40,000 20,000
    240,000 Nil
    8,750 Nil
    20,000 Nil

    658,750 270,000
    Dr. Bank Account
    Particulars J.F. Amt. (₹) Amt. (₹) Particulars
    To Balance b/d 350,000 By Sarthak's Executor A/c

    To Balance c/d 308,750

    658,750
    Cr.
    J.F. Amt. (₹) Amt. (₹)
    658,750

    658,750
    Dr. Goodwill Account
    Particulars J.F. Amt. (₹) Amt. (₹) Particulars
    To Sarthak's Capital A/c 240,000 By Balance c/d

    240,000
    Cr.
    J.F. Amt. (₹) Amt. (₹)
    240,000

    240,000
    In the Books of Meera, Sarthak and Rohit
    Balance Sheet as on 31st March, 2018
    Liabilities Amt. (₹) Amt. (₹) Assets Amt. (₹)
    Capital Accounts Fixed Assets
    - Meera 440,000
    - Rohit 270,000 710,000 Stock
    Goodwill
    Bank 308,750 Debtors
    Profit and loss suspense A/c 20,000
    Add: Interest on capital 8,750
    Creditors 300,000

    1,318,750
    Amt. (₹)
    700,000

    200,000
    240,000
    150,000

    28,750

    1,318,750

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