Ativ, Meha and Nupur were partners …
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Ativ, Meha and Nupur were partners in a firm sharing profits and losses in the ratio of 5 : 3:2. On 31-03-2016 their Balance sheet was as under:
Liabilities Amount (T) Assets Amount (R) |
Trade Creditors 26,500 Bank
23.500 Debtors
1,00,000 Stock
50,000 Fixed Assets
40,000 Advertisement Expenditure
25,000
Employees Provident Fund
Ativ's Capital
Meha's Capital
30,000
55,000
1,20,000
Nupur's Capital 10,000
2,40,000 2,40,000
Ativ retired on 1-4-2016. For this purpose, the following adjustments were agreed upon: (i) Goodwill of the firm was to be valued at 2 years purchase of the average profits of 3 completed years preceding the date of retirement. The profit for previous years were:
2013-14 55,000; 2014-15 7 65,000; 2015-16 7 60,000.
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