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Following is the balance sheet as on March 31,2004 of M/s Gopi, Krishan and Ram who share profits in the ratio of Gopi 4/7, Krishan 2/7 and Ram 1/7: Liabilities Amount Assets Amount Capital A/c Goodwill 7,000 Gopi 30,000 Stock 15,000 Krishan 20,000 Sundry debtors 11,000 Ram 15,000 65,000 Land and building 20,000 Sundry creditors 15,000 Plant and machinery 26,500 Bills payable 2,000 Motor vehicle 13,000 General reserve 10,500 92,500 92,500 On the above date Gopi retired and the following arrangements were agreed upon: Goodwill of the firm is to be valued at Rs. 21,000 The assets and liabilities are to be valued as under: stock Rs. 12,000; sundry debtors Rs.10,500, land and buildings Rs. 22,600; plant and machinery Rs. 25,000 and sundry creditors Rs. 14,000 Krishan and Ram were to introduce Rs. 20,000 and Rs. 5,000 respectively in to the business and Rs. 16,200 was to be paid to Gopi. The balance due to Gopi. The balance due to Gopi was to be paid in three equal instalments annually together with interest at 9% P.a Krishan and Ram agreed not to retain goodwill in the books Firm closes in the books on 31st March every year Give journal entries to record the above and prepare the balance sheet of the firm after gopi’s retirement and Gopi’s Loan Account until it is paid.

Posted by Navneet Kaur 2 years, 2 months ago

CBSE > Class 12 > Accountancy

1 answers

Preeti Kadariya 5 months, 3 weeks ago

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