Question

28. R, S and P are partners with capitals 50,000 ; 30,000 and 20,000 respectively. The
share profits in the ratio of 5: 3: 2. As from 1st April, 2019, S retires and the following
revaluation were made :
(a) Land and Building to be increased by 48,000.
(b) Stock, furniture and machinery-Values to be reduced by * 4,000 : * 1,000 and 4,600
respectively.
(c) Create a reserve of 200 for doubtful debts.
(d) Goodwill of firm is agreed at 30,000.
Prepare S's account and find the amount due.
profit 39 200. Amount due to s 50.460).​

Answer 1

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Answer 2

Answer:

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