P,Qand R share profits in the …

P,Qand R share profits in the ratio of 4:3:2 .Q retires and P and R decide to share future profits in the ratio of 5:3 following is their balance sheet as at 31 march 2016 Liabilities •sundry creditors 165000 •workmen compensation reserve 40000 •contingency reserve 45000 •investment fluctuation reserve 30000 •outstanding expenses 20000 Capital accounts P's capital 320000 Q's capital 250000 R'scapital 130000 Assets Plant and machinery450000 Stock 212000 Investment 75000 Sundry debtor 175000 Less provision (15000) =160000 Advertisement suspense a/c 36000 Cash at bank 67000 Following terms were agreed upon Goodwill of the firm is valued at. 180000 Investment fluctuation reserve be brought to 12000 Contingency reserve is no more required There were bad debts amounting to 10000 There was a claim for workmen compensation amounting to 50000 It was found tha there was a liability for 50000for goods received and included in stock but not recorded in the books Pand R decide to bring sufficient amount to pay off Q and to maintain a bank balance of 25000 they also decided to readjust their capitals as per their new profit sharing ratio Prepare revaluation account ,capital accounts of the partners and the balance sheet

Features of accounting ?

What is bad depts and how we can show in journal and ledger

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.​

Accounting equation practical problem so Accounts

Paid cash to kamlesh rs 15000

Chapter 3 question number 21

Started business with cash RS 90000 stock 30,000 Purchase परचेज फर्नीचर परचेज फर्नीचर फॉर कैश फॉर कैश 15000 में चेक पैड कैरिंग चार्ज रुपीस 1000 इन कैश सोल 1 की 2 का अबोव स्टॉक तो राम ऑन क्रेडिट रिसीव फ्रॉम राम आफ्टर ए डिस्काउंट का 200 रेंट पैड रुपीस 7000 आउट ऑफ़ व्हिच 2000 इस प्रिपेयर्ड

Show the Accounting equation for the following transaction (i)Gopinath started business with cash

Goods of the selling price of 3000 are further withdrawn by Sonia for personal use 20% of cost is added to fix up the selling price

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.