Question

21. Given below is the Balance Sheet as at 31st March 2020 of Madan and Krishna who
are carrying on business in partnership Madan and Knina share profite and
Creditors
2.50 000
They agreed to admit Ram into partnership for 115th share of profits on 1st Apnl,
2020. on the following terms
G) All Debtors are good
(b) Value of Land and Building to be increased to 1.80.000,
( Value of Plant and Machinery to be reduced by 2 20,000.
(d) Liability against Workmen's Compensation Reserve is determined at
₹
40.000which is to be paid later in the year,
(e) Ashok to whom 25.000 were payable Gincluded in above creditors), drew a bill
of exchange for 3 months which was accepted
(0 Ram to bring capital of ? 1,00,000 and 310,000 as premium for goodwill by​

Answer 1

Answer:

who

are carrying on business in partnership Madan and Knina share profite and

Creditors

2.50 000

They agreed to admit Ram into partnership for 115th share of profits on 1st Apnl,

2020. on the following terms

G) All Debtors are good

(b) Value of Land and Building to be increased to 1.80.000,

( Value of Plant and Machinery to be reduced by 2 20,000.

(d) Liability against Workmen's Compensation Reserve is determined at

₹

40.000which is to be paid later in the year,

(e) Ashok to whom 25.000 were payable Gincluded in above creditors), drew a bill

of exchange for 3 months which was accepted