4 Mr. Rohit And Mr. Virat were in partnership sharing Profit and Losses in the proportion of 3:1
respectively. 10
Balancesheet as on 31st March, 2020
Liabilities Amount Rs Assets Amount Rs.
Capital A/C Cash 80,000
Mr. Rohit 1,20,000 Sundry Debtors 64,000
Mr. Virat 40,000 Land & Building 32,000
General Reserve 16,000 Stock 40,000
Sundry Creditors 80,000 Plant & Machinery 60,000
Bills Payable 20,000 Furniture 22,000
Bank Overdraft 22,000
2,98,000 2,98,000
They admit Mahi into partnership on 1st April 2020 the term being that.
1) He shall have to bring in Rs. 40,000 as his capital for 1/5 share in future profit and Rs. 20,000 as
his share of goodwill
2) A provision for 5% Doubtful debts to be created on sundry Debtors.
3) Furniture to be depreciated by 20%
4) Stock should be appreciated by 5% and Building be appreciated by 20 %
5) Capital A/c of all partners be adjusted in their new profit sharing ratio through cash account.
Prepare Revaluation A/C partners capital A/C, Balancesheet of new firm
Answers
Answer:
Appropriation for Profit and Loss Account ( for the year ended......)
Specifics, Dr.
Details of the Amount
Amount of capital-interest charges
- A\s- B \s6000\s3600
By the Profit a/c (before interest and salary)
80000
Salary for B (3000*12)
36000
A's Capital account received the profit transfer.
17200 17200 80000 80000 - B's Capital a/c
Typically a quarter or fiscal year, a profit and loss (P&L) statement is a financial statement that lists the revenues, expenditures, and expenses incurred during that time period. These records reveal if a business is able to increase income, cut expenditures, or do both in order to turn a profit. On a cash or accrual basis, P&L statements are frequently displayed. P&L statements are used by investors and corporate managers to assess the financial health of a business.
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Answer:
Given below is the answer
Explanation:
Funding for the Profit and Loss Account ( for the year ended......)
Details, Dr.
Specifics about the Amount
Quantity of capital-interest fees
- A\s- B \s6000\s3600
The Profit Account (before interest and salary)
80000
B's monthly pay (3000 x 12)
36000
The profit transfer was credited to Account A's Capital.
80000 80000 - B's Capital a/c 17200 17200
A profit and loss (P&L) statement is a financial statement that details the revenues, outlays, and costs incurred over a given time period, which is often a quarter or fiscal year. These records show if a company can boost revenue, reduce spending, or do both to generate a profit. P&L figures are usually shown on a cash or accrual basis. Investors and company management use P&L statements to evaluate the financial health of a business.
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