Question

18. Raju and Rao are partners sharing profit and losses in the ratio of 3-2. Their balance sheet
as on 3141 March 2018 was as under.
Liabilities
Amount Assets
₹
Amount
1,50.000
Cashat Bank
Sundry creditors
Bills Payable
General Reserve
2,00,000
Sundry Debtors
Stock
1,00,000
Capitals;
Fumitur
2,00,000
200.000
3,00,000
1.00.000
1,00,000
2.50.000
Raju
4,00,000
Machinery
Land & Buildings
Rao
3,00,000
11,50,000
11. 50.000
They decided to admit Mr. Reddy into partnership by giving him 1/4 share in future profits of the fimm
on the following conditions:
1) Reddy is to bring *2,50,000 as capital and 1,00,000 as goodwill in cash.
2) Stock and furniture to be depreciated by 10%.
3) Make a provision of 5% on Sundry debtors.
4) Land & Buildings are to be appreciated by 20%.
Prepare necessary Ledger Accounts and show the new Balance Sheet.​

Answer 1

Their Balance Sheet as on 31 - 3 - 2016 was as follows: Balance Sheet as on 31 - 3 ... assets realised Rs. 20000.b) Motor car is taken over by Raju at book value.c) ... Creditors and Bills payable were paid off at a discount of 5% and Bank loan paid in ... Raju and Ravi are partners sharing profits and losses in the ratio of 3:2.

Answer 2

Answer:

Explanation:

Their Balance Sheet as on 31 - 3 - 2016 was as follows: Balance Sheet as on 31 - 3 ... assets realised Rs. 20000.b) Motor car is taken over by Raju at book value.c) ... Creditors and Bills payable were paid off at a discount of 5% and Bank loan paid in ... Raju and Ravi are partners sharing profits and losses in the ratio of 3:2.