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Anjana started the business of buying …

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Anjana started the business of buying and selling of readymade garments for ladies and kids. She 3 made the initial investment of ₹25,00,000. She purchased clothes for ₹10,00,000 on cash and 5,00,000 on credit from Hanuman. She purchased Computer and Printer for ₹80,000. She sold clothes costing 12,00,000 at 20% profit, Half of which was on credit. She returned clothes being defective of ₹50,000. She withdrew cash of ₹10,000 and taken away two pairs of kid cloth for her daughter costing 2000 each. She sold the printer as it was damaged due to negligence of the operator for ₹5,000. From the above information, calculate the following: a) Drawings b) Closing Stock c) Revenue from operations

Posted by Sawan Shah 9 months, 1 week ago

CBSE > Class 11 > Accountancy

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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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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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