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A firm purchased on 1st Jan …

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A firm purchased on 1st Jan 2008 certain machinery for 582,000 and spent 18000 on its erection. On first july 2008 additional machinery costing 2,00,000 was purchased. On ist auctioned for 286000 and a fresh machinery for 4,00,000 was july 2010 the machinery purchased I 1st Jan 2008 was purchased on the same date. Depreciation was provided annually on 31st Dec at the rate of 10% on the written down value method. Prepare Machinery Account from 2008 to 2010.

Posted by Tara Giri 1 year, 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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