Question

306 Board Problems & Solutions in B.K. & A/c. - Std. XII (19) Asha, Bina, Chaya were partners sharing profits and losses in the proportion to their Capitals. The Balance Sheet of the firm as on 31st March, 2012 was as follows: Balance Sheet as on 31.03.2012 Liabilities ₹ ₹ Cash Assets Capital A/es: toon Asha 60,000 40,000 Stock Bina Chaya 20,000 30,000 Debtors Less: R.D.D. Creditors Bills Payable 12,000 General Reserve ₹ 1,80,000 Bills Receivable 13,000 15,000 22,000 24,000 4,000 20,000 Investments 18,000 Buildings 34,000 76,000 1,80,000 Asha died on 31st July, 2012 and following adjustments were made in the books: (i) The value of Stock was 20,000. (ii) Building was valued at 84,000. (iii) R.D.D. was not required. (iv) Investments were reduced by ₹ 4,000. (v) Goodwill be valued at twice the average profit of the last 4 years. Asha's share in the goodwill was adjusted without affecting goodwill. (vi) Asha's share of profit upto her death was to be calculated on the basis of last two years. (vii) The profits were :2008-09-18,000; 2009-10 18,000; (Modified Oct. 2002) Solution: 2010-11-16,000 and 2011-12 = 20,000. Prepare : Revaluation Account and Balance Sheet after the death of Asha.​

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