Amalgamation of partnership firms solved problems 1

Описание: Amalgamation of partnership firms solved problems 1

In this above video of Amalgamation of partnership firms we solve first problem of F.Y.B.COM Financial accounting Book. you can easily understand this problem.

Problem :-
A & B were partners sharing profits and losses in the ratio of 75% : 25% and C & D were partners sharing profit and losses in the ratio of 50% : 50%. Following were their Balance Sheets as on 31 March, 2016.

Balance Sheets as on 31 March, 2016.
[ k = 1,000 ]
Liabilities A&B C&D Assets. A&B C&D
Sundry Cr. 60k 30k Sundry Dr 30k 25k
Bills Pay. 20k 16k Bills Rece. 25k 1k
Capital A/c Machinery 50k 35k
A 50k Land 40k 10k
B 50k Furniture 6k 10k
C 27k Stock 15k 9k
D 27k Bank Bal. 4k 3k
Loose To. 10k 7k
-------------------------------------------------------------------
180k 100k 180k 100k

The two firms amalgamated on the following terms :
i ) Land of A & B was appreciated by 20% but Machinery of both the firms were to be depreciated by 10%.
ii )Loose Tools of A & B were revalued at Ru. 8,000 and that of C & D at Ru. 10,000
iii ) A reserve of 5% on Sundry Debtors was necessary for bad and doubtful debts of both the firms.
iv ) Sundry Creditors of both the firms were taken by the firm at a discount of 2%.
v ) Furniture of both the firms were taken at 5% depreciation.

Prepare necessary ledger accounts in the books of the firms and amalgamated Balance Sheet as on 1 April, 2016 as per Revaluation Method.

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