In: Accounting
Q8.
The post-closing trial balance of M/S. Shaheen Traders at 31 March 2020 is set out below
:
Shaheen Traders
Post Closing Trial Balance
As on 31St March 2020
Particular |
Debit |
Credit |
OMR |
OMR |
|
Cash at Bank |
1,615 |
|
Sundry Debtors |
17,761 |
|
Stock |
24,219 |
|
Machinery |
16,146 |
|
Equipment |
42,787 |
|
Land & Building |
32,292 |
|
Goodwill |
16,146 |
|
Sundry Creditors |
24,220 |
|
Bills Payable |
4,844 |
|
Ajmal Capital |
48,438 |
|
Azeem Capital |
32,292 |
|
Kamran Capital |
24,219 |
|
Profit and Loss Account |
16,953 |
|
` |
150,965 |
150,965 |
On the above date, Ajmal retired, and the following arrangements were agreed upon:
You are required to pass necessary Journal entries with proper narrations to record the above transactions. Prepare revaluation account, capital accounts, bank account and financial position of the new firm as at 1st April 2020, after all above arrangement have been completed. Write down the impact of retirement with explanations cum values in the new balance sheet.
please find the journal Entries, Relvaluation Account, Capital Account, Bank Account and Financial Postion of the Firm after giving effects for all the arrangements as stated in the question.