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24. Krishan started his business on …

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24. Krishan started his business on 1st Jan 2008 with a capital of 1,00,000 . on 31st dec 2009 his assets were Cash 3200 Furniture 4000 Stock 32480 Debtors 31000 Plant 85000 He owned 12000 to sundry creditors and 10,000 to his brother on that date. He withdrew 2000 per month for his private expenses. Prepare a statement of Profit and Loss

Posted by Gourav Rawat 3 years, 11 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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