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Madhuri and Arsh were partners in …



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Madhuri and Arsh were partners in a firm sharing profits and losses in the ratio of 3 : 1. Their Balance Sheet as at 31st March, 2019, was as follows : Liabilities Amount Assets Amount Capitals : Machinery 4,70,000 Madhuri 3,00,000 Investments 1,10,000 Arsh 2,00,000 5,00,000 Debtors 1,20,000 Workmen compensation fund 60,000 Less : provision for d/d 10,000 1,10,000 Creditors 1,90,000 Stock 1,40,000 Employees provident fund 1,10,000 Cash 30,000 8,60,000 8,60,000 On 1st April, 2019, they admitted Jyoti into partnership for 1/4th share in the profits of the firm. Jyoti brought proportionate capital and Rs 40,000 as her share of goodwill premium. The following terms were agreed up on : (i) Provision for doubtful debts was to be maintained at 10% on debtors. (ii) Stock was undervalued by Rs 10,000. (iii) An old customer whose account was written off as bad, paid Rs 15,000. (iv) 20% of the investments were taken over by Arsh at book value. (v) Claim on account of workmen’s compensation amounted to Rs 70,000. (vi) Creditors included a sum of Rs 27,000 which was not likely to be claimed. Posted by Komal Yadav
  • 1 answers

Sourabh Barekar 1 month, 3 weeks ago


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