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x, y and z are partners …

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x, y and z are partners sharing P & L in ratio of 5:3; 2, decide to share future P & L in the ratio of 2: 3:5 with effect fam 1" April 2002. an extract of their Balance Sheet as on 31-3-2002 is as follows: Liabilities Rs Assets Rs Investment fluctuation Reserve 1500 Investment 20000 (at cost ) Show the accounting treatment in each of the following cases: (a) If no other information is given. (b) If market value of investment is Rs 20000. (c) If market value of investment is Rs 19000.if market value of investment is Rs 18000. (d) If market value of investment is Rs 20500.

Posted by V...... K...... 2 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Rajat Gupta 2 years, 6 months ago

Z's Capital a/c..............Dr. 70200 To X's Capital a/c 70200 (Being adjustment entry passed) Working notes: 1. Amount to be distributed = general reserve + P and L a/c - advertisement suspense = 6000 +240000 -12000 = 234000 2. Calculation of sacrifice and gain X: 2/10-5/10 = (3/10) sacrifice Z: 5/10 - 2/10 = 3/10 gain

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