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Steps for closing the accounts of old firm at the time of amalgamation of firms

When two firm amalgamate with each other , at this time we treat following accounting in the books of old firms so that all doubt solves .
1st

Revaluation of Assets and Liabilities
All entries same as at the time of admission and retirement
2nd

Transferring reserve to old partners capital account into their old ratio
3rd

treatment of Goodwill
We evaluate the goodwill according to the condition of agreement and then goodwill will open with agreed value int the books
4th

Treatment of Assets and liabilities not taken by new firm
If assets and liabilities are not taken by new firm , then these item will transfer to the capital accounts of partners of old firm and we close these accounts

A -Treatment of assets and liabilities taken by new firm (In the books of old partners)

a) For closing the account of assets
New Firms Account Debit
Assets Account Credit ( at revalued value)
b) For closing the accounts of liabilities
Liabilities Account Debit
New Firm Account Credit
6th

Closing the accounts of partners capital
Partner's capital account Debit
New Firms Account Credit

B - In the books of new firm

Assets Account Debit
Liabilities Account Credit
Partner's capital Account Credit

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  1. Hey Tanx for such a gr8 help, It helpz me in my b.com computer's final yr...

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Accounting Education: Steps for closing the accounts of old firm at the time of amalgamation of firms
Steps for closing the accounts of old firm at the time of amalgamation of firms
Accounting Education
http://www.svtuition.org/2008/12/steps-for-closing-accounts-of-old-firm.html
http://www.svtuition.org/
http://www.svtuition.org/
http://www.svtuition.org/2008/12/steps-for-closing-accounts-of-old-firm.html
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