Question

3. Anil, Rajesh and Sudhir are partners in a firm sharing profits & Losses in the ratio of 4:3:2. The Balance Sheet on March 31, 2018 was as follows :


Balance Sheet of Anil, Rajesh and Sudhir as at March 31, 2018
Liabilities Amount (₹) Assets Amount (₹)
Sundry Creditors 50,000 Cash at Bank 40,000
Investment FluactionFurl 15,000 Debtors : 1,00,000
General Reserve 75,000 Less Provision for Bad
Anil's Loan 50,000 Debts :5000 95,000
Capital A/cs: Stock 80,000
Anil : 1,00,000 Plants 2,00,000
Rajesh : 1,50,000 3,70,000 Patents 25,000
Sudhir : 1,20,000 Investments 1,10,000
Goodwill 10,000
5,60,000 5,60,000

On Ist April 2018, Narender admitted as partner on following terms :

1. Narender will bring ₹ 50,000 as his goodwill. The valuation of firm goodwill is ₹ 2,50,000.
2. Narender will bring 20 % of the Combined Capital of Anil, Rajesh andSudhir.
3. Market value of Investment is ₹80,000.
4. Stock is to be appreciated to ₹1,00,000.
5. Patents areworthless.
6. Anil's Loan to be repaid with ₹ 2500 interest which was not charged to profit loss. Record necessary journal entries and prepare Revaluation Account, Partners Capital A/Cand Balance sheet of Reconstitutedfirm.

Answer 1

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