Question

24. (Goodwill exist and new partner does not bring goodwill in cash), Rohit and Bal
sharing profits in the ratio of 5:3 had the following Balance Sheet as on March 31, 2013 :
Liabilities
Assets
Creditors
10,000 Goodwill
Bills Payable
4,000 Building
17.000
Employees Fund
14,000 Plant
Capital Accounts :-
Furniture
2000
Rohit
40,000
Debtors
20,000 Bills Receivables
7,500
Stock
11,000
Bank
Profit & Loss A/C
7.000
88,000
Bal
5.500
88.00
They decided to admit Khosla into the partnership giving him 1/5 share. He brings in * 25,000
as his share of capital. The partners decide to revalue the assets as follows:
Goodwill 25,000 ; Plant 12,500 ; Debtors 15,500 ; Stock * 16,250 ; Building 20,000 ;
Furniture 1,000; Bills Receivable 6,250.
You are required to show the journal entries, revaluation account and balance sheet.
- D a n Revaluation 4,000; Capitals-Rohit * 36,250; Bal 17,750 and Khosla​

Answer 1

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Answer 2

Answer:

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