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Ashok Limited brought machine on first …

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Ashok Limited brought machine on first 2020 T10 for 240000 and spend rupees 4000 carriage and Rupees 6000 to what installation cast and 1st July 2011 its purchase John second hand machine for these 75007 25000 on its overhauling on 1st January 2013 it was decided to sell the mission what on 1st April 2010 and loss of 20,000 it brought other Mission on the same day for 40000 a visit to charge depreciation and at rate of 15% written down value method prepare a machinery account of a three year book for closed on each year on 31st March

Posted by Ashwini Ellappan 3 years 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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