Question

12. Pujari and Purohit are partners sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31.03.2019 was as follows Balance Sheet as on 31.03.2019 Liabilities Creditors Bills payable General Reserve Capitals Pujari Purohit ₹ 40,000 Assets Cash 20,000 Machinery Stock 25,000 Debtors Less. PDD 60,000 Buildings 40,000 1,85,000 Investments Profit and Loss Alc 5,000 60,000 25,000 20,000 50,000 20,000 5000 1,85,000 On 01.04.2019 they admit Pandit as a new partner and offer him 1/5th share in the future profits on the following terms:
a. Pandit has to bring in 30.000 as his capital and 10,000 towards goodwill.
b. Goodwill is to be withdrawn by the old partners
c. Depreciate Machinery by 5%
d. Appreciate Buildings by 10% . PDD is reduced to 2000 and Investments are to be revalued at 25,000

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Answer 1

Explanation:

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