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Mohan started a business on 1st …

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Mohan started a business on 1st april, 2017 with a capital of Rs25,000 and a loan of Rs12,500 borrowed from shyam. During 2017-18 he had introduced additional capital of Rs12,500 and had withdrawn Rs7,500 for personal use. On 31st march, 2018 his assets were Rs75,000. Find out his capital as on 31st march, 2018 and profit made or loss incurred during the year 2017-18

Posted by Rimsha Khan 7 years, 9 months ago

CBSE > Class 11 > Accountancy

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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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