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Krishna started his business on 1april …

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Krishna started his business on 1april 2012 with a capital of rs 10000.on 31march2013 his assets were :cash320 stock3480 debtors3100 plant8500. He owed rs1200 to sundry creditors and rs1000 to his brother on that date. He withdrew rs200 per month for his private expenses. Ascertin his profit

Posted by Anshul Pal 8 years, 2 months ago

CBSE > Class 11 > Accountancy

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Gaurav Bansal 8 years, 2 months ago

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Illustration 62. Given below is the Balance Sheet of Krishna & Suresh who are partners in a firm sharing profits in the ratio of 3 : 2: Liabilities Amount Creditors Bank Overdraft Investment Fluctuation Fund Contingency Reserve Capital A/c : Krishna Suresh 30,000 20,000 21,000 2,000 6,000 5,000 50,000 84,000 Assets Plant Patents Furniture Investments (Market value Stock Debtors Cash 14,000) Amount (₹) 30,000 5,000 3,000 15,000 13,000 17,000 1,000 84,000 Mohan is admitted as a partner for 1/5th share on the following terms: (a) He is to contribute 14,000 as his share of capital which includes his share of premium for goodwill. (b) Goodwill is valued at 2 years' purchase of the average profits of the last 4 years, which were 10,000; 9,000; 8,000 and 13,000 respectively. (c) Plant to be written down to 25,000 and patents written up by * 8,000. Prepare the Revaluation Account, Partners' Capital Account and the Balance Sheet of the new firm.

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CBSE > Class 11 > Accountancy

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CBSE > Class 11 > Accountancy

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