Question

241
Admission of a Partner
Amount
₹
Assets
Amount
Liabilities
1,50,000
Cash at Bank
2,00,000
2,00,000
sundry creditors
Bills payable
Sundry Debtors
2,00,000
1,00,000
Stock
3,00,000
General Reserve
Furniture
Capitals;
4,00,000
3,00,000
Raju
1,00,000
1,00,000
2,50,000
Machinery
Land & Buildings
Rao
11,50,000
11,50,000
They decided to admit Mr. Reddy into partnership by giving him 1/4th share in future profits o
tefim on the following conditions ;
a) Reddy is to bring 2,50,000 as capital and 1,00,000 as goodwill in cash.
b) Stock and Furniture to be depreciated by 10%.
C) Make a provision of 5% on sundry Debtor.
d) Land & Buildings are to be appreciated by 20%.
Prepare necessary ledger accounts and show the new balance sheet.
(IPE May 2007​

Answer 1

Answer:

Assets

Amount

Liabilities

1,50,000

Cash at Bank

2,00,000

2,00,000

sundry creditors

Bills payable

Sundry Debtors

2,00,000

1,00,000

Stock

3,00,000

General Reserve

Furniture

Capitals;

4,00,000

3,00,000

Raju

1,00,000

1,00,000