Question

38 Double Entry Book Keeping - CBSE XII
he
mustration 39
as
Chander and Damini were partners
in a firm sharing profits and losses equally o
BALANCE SHEET OF CHANDER AND DAMINI
as on 31st March 2017
Assets
30.000
Los
1,04,000
Cash at Bank
Bills Receivable
75.000
110.000
Sundy Options
2.50,000
216,000
466,000
Debtors
Furniture
Land and Building
5.70.000
5,70,000
On 1st April, 2017, they admitted Elina as a new partner for 1/3rd share in the profits on
the following conditions:
) Elina will bring 73,00,000 as her capital and 750,000 as her share of goodwill premium
half of which will be withdrawn by Chander and Damini.
(1) Debtors to the extent of 5,000 were unrecorded.
(i) Furniture will be reduced by 10% and 5% provision for bad and doubtful debts will
be created on bills receivables and debtors.
(1) Value of land and building will be appreciated by 20%.
(w) There being a claim against the firm for damages, a liability to the extent of
8,000 will be created for the same. unrecorded liab
Prepare Revaluation Account and Partners' Capital Accounts.
CEST 2018)​

Answer 1

Answer:

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