Question

5 The balance sheet of Ram, Shyam and Mohan as at 31" March 2008 stood as follows.
LIABILITIES
Creditors
1.10.400 Cathar bank
1.0.000
Dills Payable
50,000 Debtor
30.000
Investment fuctuation
Les provision for bank Debt 1600
Reserve
2000
2400
General reserve
18000 Stock
Profit and loss a/c
3000
Machinery
9000
Capital ale
Investment
30.000
51000
1.00.000
Swam
40.000 Goods
3000
Mohan
40 000
3.54 400
3.54,400
Mohan retired on April 2008 and following adjustments were agreed upon.
1 Building appreciated by its 10.000
2. All the debtors were good
3. Investments be valued 10% less than the book value
4. Stock be reduced to 93%
5. Goodwill be valued at one years purchase of the average profit of the past three years. The profit of the
years ended 31" March 2006 and 31st March 2007 were is. 2000 und Rs. 6000 respectively.
6. Mohan shall be paid Rs. 23440 immediately
7. The new ratio of Ram and Shyam would be 21. Prepare revaluation Account, capital account and
balance sheet
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Answer 1

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Answer 2

Answer:

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