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Answer:
Ktin, Braton and fatin are partners in a firm sharing profits and lots in the ratio A 2:21. The
balance sheet 86 at 31st December, 2018 is as follows:
Capital wounts:
Bratan
General reserve
Creditors
Balance sheet as al 31st December, 2018
heels
Land and building
65,600
Machinery
43,700
Furniture
32,200 1A1,950 Motor car
22.00 Steck
1970
18,000 Sundry debtors
23,70
Less: Provision for bad deat
22,236
Cash at bank
1,81,950
Beta retires on 31st December, 2018 but Atin and Jatin continue in partnership sharing proasts in the
mata o 3:2. The terms of retirement provide the following:
Goodwill is to be valued at 2 years purchase of the average annual profits of the last three years
buat it should not be shown in the books, The profits of the last three years were : 2016 7 12,100;
2017 2 8 A802018 7 10,920,
The value of land and building is to be appreciated by 28%, machinery is to be valued at 232.000
and provision for doubtful debts to be maintained at ? 1,78%,
la fumiture purchased on 1st July, 2017 at a cost of ? 3.9% was debited to purchases account. This
met is to be taken into account charging depreciation ® 1% pa. under straight linse method
Annual insurance premium of ? 2400 paid on 1st April, 2018 has been entirely charged to profit
and to account
o Bratin will take over the motor car at ? 16,0and a bank loan of 50,000 is to be arranged for the
belance amount payable to him on his retirement
The capital of the new firm will be readjusted by bringing in or paying off cash so that the capital
di Aton and Jatin be in the new profit sharing ratio,
Prepare revaluation accessunt, capital acesunt of partners and the balance sheet of the new firm
Icu, B.Com. (Hons.)