Question

16 16
Balance Sheet of Madhu and Vidhi who are sharing profits in the
given below:
3
Assets
3
Madhu's Capital
Vidhi's Capital
General Reserve
Bilis Payable
5,20,000
3,00,000
30,000
1,50,000
3.00.00
2.80.000
80.000
Land and Building
Machinery
Stock
Debtors
Less: Provision
Bank
3,00,000
10,000
290.000
50.000
10,00.000
10,00,000
Madhu and Vidhi decided to admit Gayatri as a new partner from 1st April, 2016 and their new profit-sharing
ratio will be 2:3:5. Gayatri brought ? 4,00,000 as her capital and her share of goodwill premium in cash
Goodwill of the firm was valued at 3,00,000.
Land and Building was found undervalued by 26,000.
Provision for doubtful debts was to be made equal to 5% of the debtors.
There was a claim of 6,000 on account of workmen compensation.
Prepare Revaluation Account Partners Capital Accounts and the Balance Sheet of the reconstituted firm
(Delhi 2017​

Answer 1

Goodwill I don't now sorry