Question

0. 61. X and Y were partners with capitals of 34,00,000 and 13,50,000 They
Shared profits in the ratio of 3: 2. On Ist April, 2017, they admitted Z for 1/5th share.
On this date their creditors were 3,20,000 and general reserve 71,80,000.
Their assets apart from cash consisied of Debtors 84,72,000: Stock 33,00,000,
atents 74,000 and Building 32,04,000.
Z is to bring in 3,00,000 as his Capital and to bring in his share of Goodwill in
Cash subject to the following terms:
a) Goodwill of the firm to be valued at 75,00,000
(h) Stoc.. he valued at 32,94,000.
(c) Patents are valueless.
(di There was a claim against the firm for damages amounting to 20,000. The
claim has now been accepted.
Prepare Revaluation Account Partner's Capital Accounts and the Balance Sheet
of the new firm.
In Loss on Revaluation 1,00,000; Capital A/es X75,08,000; Y 74,22,000 and
273,00,000, B/S Total 715,70,000.
Hists i First of all, irrepare a Memorandum Halance Sheer to find out the balance of cash
wil b 2.40,000​

Answer 1

Answer:

0. 61. X and Y were partners with capitals of 34,00,000 and 13,50,000 They

Shared profits in the ratio of 3: 2. On Ist April, 2017, they admitted Z for 1/5th share.

On this date their creditors were 3,20,000 and general reserve 71,80,000.

Their assets apart from cash consisied of Debtors 84,72,000: Stock 33,00,000,

atents 74,000 and Building 32,04,000.

Z is to bring in 3,00,000 as his Capital and to bring in his share of Goodwill in

Cash subject to the following terms:

a) Goodwill of the firm to be valued at 75,00,000

(h) Stoc.. he valued at 32,94,000.

(c) Patents are valueless.

(di There was a claim against the firm for damages amounting to 20,000. The

claim has now been accepted.

Prepare Revaluation Account Partner's Capital Accounts and the Balance Sheet

of the new firm.

In Loss on Revaluation 1,00,000; Capital A/es X75,08,000; Y 74,22,000 and

273,00,000, B/S Total 715,70,000.

Hists i First of all, irrepare a Memorandum Halance Sheer to find out the balance of cash

wil b 2.40,000