Accountancy, asked by meeramehtaudr, 4 months ago

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withdrawn by old partners, and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

Answered by s1857chingthaiongoo7
1

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

Similar questions