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Furniture costing 15000 sold for 18000 …

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Furniture costing 15000 sold for 18000 brokerage on sale. 1000 Journalise it

    • Posted by Arman Brar 1 year, 2 months ago

    CBSE > Class 11 > Accountancy
    • 0 answers
    ANSWER
    http://mycbseguide.com/examin8/

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    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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