21. Chander and Damini were partners in a firm sharing profits and losses equally. On 31th
March, 2017 their Balance Sheet was as follows
Balance Sheet of Chander and Daminias on 31.3.2017
Llabilities
Amount Rs
Assets
Amount
Rs
Sundry Creditors
104000
Cash at Bank
30000
B/R
45000
Capitals:
Debtors
75000
Chander 250000
Furniture
110000
Damini 216000
466000
Land and Building
310000
570000
570000
On 1.4.2017, they admitted Elina as a new partner for 1rds share in the profits on the following
conditions:
(1) Elina will bring Rs3,00,000 as her capital and Rs 50,000 as her share of goodwill premium, half
of which will be withdrawn by Chander and Damini.
(11) Debtors to the extent of Rs5,000 were unrecorded.
(IV) Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will be created on
bills receivables and debtors.
(iv) Value of land and building will be appreciated by 20%.
(v) There being a claim against the firm for damages, a liability to the extern of Rs8,000 will be
created for the same.
Prepare Revaluation Account and Partners Capital Accounts.
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