Balance Sheet of X and Y, …

Balance Sheet of X and Y, who share profits and losses as 5: 3, as at 1st April, 2019 is: Liabilities Rs Assets Rs X’s capital Y’s capital General Reserve Sundry Creditors Employees’ Provident Fund Workmen Compensation Reserve 52,000 54,000 4,800 5,000 1,000 10,000 Goodwill Machinery Furniture Sundry Debtors Stock Bank Advertisement Suspense A/C 8,000 38,000 15,000 33,000 7,000 25,000 800 On the above date, they decided to change their profit sharing ratio to 3 : 5 and agreed upon the following: (a) Goodwill be valued on the basis of two years’ purchase of the average profit of the last three years. Profits for the years ended 31st March, are 2016 – 17 Rs 7500; 2017 – 18 Rs 4000, 2018 – 19 Rs 6500. (b) Claim on account of workmen compensation is Rs 6000 (c) Machinery and stock be revalued at Rs 45000 and Rs 8000 respectively. Prepare Revolution account and Partner’s capital accounts. (6)

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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Chapter 3 question number 21

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.​

Paid cash to kamlesh rs 15000

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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