Question

21. X, Y and Z were partners sharing profits and losses in the ratio 4:3 :3 respectively. Their
balance sheet as on 31st December, 2019 was as follows:
y 10%.
Liabilities
Account
Assets
7,000 Land and Buildings
3,000 plant and Machinery
20,000 Electric typewriter
Debtors
Less : Reserve for
Doubtful debts
36.000
28.000
8,000
alors
s payable
serve
*4,500
14,000
unces :
2,000
32,000
24,000
20,000
is guy
76,000 Bank
12.000
2,000
20.000
1.06.000
Stock
Z
e
f
.
85.C
87
36
of
re
ne
nd
1,06,000
On this date Y retires from the firm on the following terms :
1. The goodwill of the firm is to be valued at $ 14,000.
2. Stock and Land and Buildings are to be appreciated by 10%.
3. Plant and Machinery and Electric typewriter are to be depreciated by 10%.
4. Sundry debtors are considered to be good.
5. There is a liability, of 2,000 for the payment of outstanding salary to the employees of
the firm.
This liability has not been shown in the above balance sheet, but the same is to be recorded
ce
now.
00
DO
00
00
00
6. Partners decide not be maintain goodwill account in the books of the firm.
7. The amount payable to Y is to be transferred to his loan account,
Prepare the revaluation account, partners capital account, and the balance sheet of X and Z
after Y's retirement.
mofit 2.990. Y's loan 34,800 balance sheet total 1,10,000)
fits and losses in the ratio of 3​

Answer 1

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