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Descriptions of financial position

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Descriptions of financial position

    • Posted by Mohit Mohit 5 years, 9 months ago

    CBSE > Class 11 > Accountancy
    • 1 answers

    Incredible Suri 5 years, 9 months ago

    Balance sheet gives the description of financial position of a business firm.

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    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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