Model: Continuation of same set of books A and B carrying on business in partnership, sharing profits and losses in the ratio of 2:1 decide to dissolve the firm and sell the business to a limited company on 31 March 2011, the balance sheet of the firm stood on that date as follows:
|
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you are required to pass journal entries and prepare balance sheet of xyz ltd assumi 618240
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|
Rs. |
Assets |
Rs. |
|
Sundry Creditors |
2,25,000 |
Cash at Bank |
40,000 |
|
Reserve Fund |
2,25,000 |
Sundry Debtors |
6,00,000 |
|
Capital Accounts: |
Stock |
8,10,000 |
|
|
A:7,00,000 |
Motor Vehicle |
1,20,000 |
|
|
B:5,00.000 |
12,00,000 |
Furniture |
80,000 |
|
16,50,000 |
16,50,000 |
XYZ Ltd. was registered with an authorized capital of Rs.50,00,000 in equity shares of Rs.100 each to acquire the above business on the following terms:
Motor vehicle is no more required by the company and A took over at Rs.1,10,000. The purchase price was satisfied by the issue of shares of Rs.100 each at par. You are required to pass journal entries and prepare balance sheet of XYZ Ltd. assuming that the same set of books is continued.
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