Question

15. Following is the Balance Sheet of Shashi and Ashu sharing
profits as 3:2 (8)
Liabilities
Amount (RS) Assets
Amount (Rs)
Creditors
1.80.000 Debtors
2.20.000
General Reserve
2.50.000 Less Provision for
Workmen Compensation Reserve 1,50,000 Doubtful debts
10.000 2.10 000
Capitals Shashi
1.50.000 Land & Building
1.80.000
1.00.000 Plants & Machinery
1.20.000
8.30.000 Stock
1.10.000
Bank
2.10.000
8.30.000
On admission of Tanya for 1/6" share in the profits it was
decided that
(i) Provision for doubtful debts to be increased by Rs. 15,000
(11) Value of land and building to be increased to Rs. 2,10,000.
(111) Value of stock to be increased by Rs 25,000.
(iv) The liability of workmen's compensation claim was
determined to be Rs. 1,20,000
(v) Tanya brought in as her share of goodwill Rs. 1,00,000 in
cash
(vi) Tanya was to bring further cash of Rs. 1.50,000 for her
capital.
Prepare Revaluation A/c, Capital A/cs and Balance Sheet of new
firm​

Answer 1

Answer:

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Distribute Worksmen compensation Fund .which is left .(3000) .