1. A, B and C are equal partners 1 poi
in a firm with capital of Rs.
16,800, Rs. 12,600 and Rs.
6,000 respectively with bills
payable Rs. 3,300; creditors Rs.
6,000; cash Rs. 600; debtors
Rs. 10,800; stock Rs.11,400;
furniture Rs. 2,400 and building
Rs. 19,500 E is admitted to the
firm and brings Rs. 9,000 as
goodwill and Rs. 15,000 as
capital. Half of the goodwill is
withdrawn by old partners, and
stock and furniture is
depreciated by 10%. A
provision of 5% on debtors is
created and value of building is
taken at Rs. 27,000. The profit
on revaluation will be
Answers
Answer:
Revaluation A/c
Particulars (Dr.) Amount Particulars (Cr.) Amount
To Building a/c
To profit on revaluation
A's capital a/c 16,500
B's capital a/c 11,000
C's capital a/c 5,500 3,000
33,000 By Land a/c
By creditors a/c 30,000
6,000
Partners' Capital a/c
Particulars (Dr.) A B C Particulars (Cr.) A B C
To A's capital a/c
To balance c/d
1,56,500
71,000 25,000
10,500 By balance b/d
By General reserve a/c
By Revaluation a/c
By C's capital a/c 1,00,000
15,000
16,500
25,000 50,000
10,000
11,000 25,000
5,000
5,500
Balance Sheet of A, B & C
Liabilities Amount Assets Amount
Capital
A 1,56,500
B 71,000
C 10,500
Creditors
Bills Payable 2,38,000
44,000
20,000 Land
Building
Plant
Stock
Debtors
Bank 80,000
47,000
1,00,000
40,000
30,000
5,000