Question

34. Ajay and Baldev are partners in a firm. Their Balance Sheet as on 31st March, 2018
[An

4:2:3]
is as follows:
Balance Sheet
(As on 31st March, 2018)
Amount
Assets
Liabilities
Amount
Bank Overdraft
B/P
Creditors
Capital a/cs:
Ajay
Baldev
₹
5,000 Cash
7,000 Debtors
8,000 Stock
Furniture
20.000
10.000
₹
10,000
20.000
10,000
10,000
50,000
50,000
They admitted Chetan as a new partner for share. He brought 8,000 as capital
and * 6,000 as goodwill in cash. Furniture was valued at 16,000 and stock at
38,000. Provision for discount on creditors was created @ 10%. Prepare
Revaluation Account and Partners' Capital Accounts,
[Ans : Revaluation Profit : Ajay 2,400, Baldev 2,400; Capital : Ajay 25,400,
Baldev 15,400, Chetan 8,000]​

Answer 1

Answer:

this is example answer okay