value of investments is Rs 1,52,000. …
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value of investments is Rs 1,52,000. 11. Madhu and Akash were partners in a firm sharing profits and losses in the ratio of 3:1. Their balance sheet as at 31 ^ (5t) march 2019 was as follows:
Liabilities
Rs
Assets
Capitals: Madhuri
Arsh
Workmen's Compensation Fund
60,000
Creditors
Employees Provident Fund
1,90,000
1,10,000
Total
8,60,000
Plant and Machinery
Rs
4,70,000
1,10,000
1,10,000
Investments
Debtors
1,20,000
Less: Provision for
bad debts
10,000
Stock
Cash
1,40,000
30,000
Total
8,60,000
On 1st April 2019 they admitted Jyoti into partnership for 1 / (4 ^ (th)) 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 upon:
(a) Provision for doubtful debts was to be maintained at 10% on debtors.
(b) Stock was undervalued by Rs 10,000.
(c) An old customer whose account was written off as bad, paid Rs 15,000.
(d) 20% of the investments were taken over by Akash at book value.
(e) Claim on account of Workmen's compensation amounted to Rs 70,000.
(f) Creditors included a sum of Rs 27,000 which was not likely to be claimed. Prepare Revaluation account, Capital account.
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