Question

08) The following is the Balance sheet of Gautam and Gambhir for the year ended
31" March, 2018 They share profits profit and losses in the ratio of 5/10 and 4/10
and 1/10 to be transferred to general reserve.
Liabilities
Assets
Capitals
Goodwill
45,000
Gautam
$2,00,000
Plant & Machinery
1.10,000
Gambhir
21,60,000
3,60.000
Patents
100,000
General reserve
36.000
Stock
45,000
Creditors
25,000
Investments
35.000
P/L account
27,000
Debtors
1.40,000
Less: prov
36,000
1,34,000
Outstanding expenses
10.000
Employees provident 42.000
fund
5,00.000
Cash at bank
31,000
5,00.000
Gambhir retires on 1" April, 2018 on the following terms
Goodwill of the firm was valued at 90,000
Out of the rent debited to P/L account 1,000 was to be carried forward as
unexpired rent
Provision for Doubtful debt is to be created 5% on debtors
A provision for discount is to be made on debtors and creditors at 3%
Value of patents is to be increased by 10,000. Plant & Machinery should be
valued at 394,000
Investment was to be valued at 31,000. Half of the same was taken by Gambhir.
There is a workmen compensation claim to the extent of 8,000.
Gambhir was paid in full. A loan was taken for the same amount from the bank for
the purpose
Prepare Revaluation A/c, Partner's capital A/c and B/S.​

Answer 1

Answer:

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