Question

2018
March 3
13,000
10,200
March 3
6,730
19,300
3,000
ILLUSTRATION 49.
Mohit and Keshav are two partners sharing profits and losses equally. The
Sheet of their firm as at 31st March, 2016, was as follows:
Liabilities
Assets
Creditors
12,330 Cash in hand
General Reserve
2,000 Book Debts
Capital Accounts:
Closing Stock
Mohit
19,030
Building
Keshav
18,870 37,900 Goodwill
52,230
52,230
Keshav retires on 1st April, 2016 on which date :
(i) The Goodwill of the firm was valued at $9,000.
(ii) 20% of the General Reserve was kept aside as provision for doubtful deht
(iii) There was a piece of furniture valued at $2,060 which was unrecorded in
unrecorded in the
books of the firm.
Mohit decided to pay off Keshav by giving him this piece of furniture and the
balance in annual instalments of 8,000 along with interest @ 5% per annum.
You are required to prepare :
(a) Keshav's Capital Account.
(b) Keshav's Loan Account till it is finally closed. (ISC Sample Paper, 2017).
2019
March​

Answer 1

Answer:

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