[" Stated to be cash with "M" s Samrat Fumitures "(1)/(10000)],[2" Sale of goods hayment."],[" Profit at the year endis transferred tof "710.000" .It has "],[" IIIustration "2" ."],[" Prepare the Accounting Equation on the basis of the follow."],[" Payment made to creditors in full settlement "],[" Transacions "]

Prepare Accounting Equation on the basis of the following transactions : (a) Started business with cash Rs. 70,000. (b) Credit purchase of good Rs. 18,000. (c ) Payment made to creditors in full settlement Rs. 17,500. (d) Purchase of machinery for cash Rs. 20,000.

Meena and Tina are partners in a firm and sharing profit as 3:2. They decided to dissolve their firm on March 31, 2017 when their Balance Sheet was a follows: The assets and liabilities were disposed off as follows : (a) Machinery were given to creditors in full settlement of their account and Stock were given to bills payable in full settlement. (b) Investment were took over by Tina at book value. Sundry debtors of book value Rs. 50,000 took over by Meena at 10% less and remaining debtors realised Rs. 51,000. (c) Realisation expenses amount to Rs. 2,000. Prepare necessary ledger accounts to close the book of the firm.

Pass Journal entries for the following transactions at the time of dissolution of the firm : (a) Loan of ₹ 10,000 advanced by a partner to the firm was refunded . (b) X , a partner , takes over an unrecorded asset (Typewriter) at ₹ 300. (c) Undistributed balance (Debit) of Profit and Loss Account ₹ 30,000 . The firm has three partners X , Y and Z . (d) Assets of the firm realised ₹ 1,25,000 . (e) Y who undertakes to carry out the dissolution proceedings is paid ₹ 2,000 for the same . (f) Creditors are paid ₹ 28,000 in full settlement of their account of ₹ 30,000.

Journalise the following in the books of Amit, Saini, Gurugram (Haruana): (i) Goods of Rs. 5,000 were taken by him for personal use. (ii) Rs. 2,000 due from Sohan were bad debts. (iii) Goods of Rs. 6,000 were destroyed by fire and were not insured. (iv) Paid Rs. 4,000 in cash as wages on installation of machine. (GST is not to be levied). (v) Sold goods to Arjun of Delhi of list price Rs. 20,000. Trade discount @ 10% and cash discount of 5% was allowed. He paid the amount on the same day and availed the cash discount. (vi) Received Rs. 2,000 from Ramesh, whose account was written off as bad debts. (vii) Goods costing Rs. 1,000 given as charity. (viii) Received Rs. 9,750 from Ramesh in full settlement of his account of Rs. 10,000. (ix) Paid rent in advance Rs. 4,000. CGST and SGST is to be levied on intra-state sale @ 6% each and IGST @ 12% on inter-state sale.

A and B are partners in a firm. Their Balance Sheet as at 31st March, 2019 was: On 1st April, 2019, they admitted C a new partner on the following conditions: (i) C bring in RS.40,000 as his share of capital but he is unable to bring any amount for goodwill. C's Share of goodwill is adjusted by opening his Current Account. (ii) The new profit-sharing ratio between A, B and C will be 3 : 2 : 1. (iii) Claim towards Workmen Compensation is RS.3,000. (iv) Bad Debts amounting to RS.6,000 are to be written off. (v) Creditors are to be paid RS.2,000 more. (vi) RS.2,000 be provided for an unforeseen liability. (vii) Outstanding Expenses be brought down to RS.1,200. (viii) Shikha, an old customer whose account was written off as bad debts, has promised to Pay RS.2, 500 in settlement of her dues. (ix) Goodwill is valued at 1_(1//2) years' purchaes of the average profit of last three years, less RS.12,000. The profits of last three years amounted to RS.10,000, RS 20,000 and RS. 30,000 respectively. Prepare Revaluation Account Capital Accounts of Partners and the Opening Balance Sheet.