Question

54. Mahesh and Rajesh are partners sharing pronts in the ratio of 2: 1. Their Balance Sheet as at 31st March
2020 stood as under.
Lalbes
Sundry Creditors
Capital Acs
Mahesh
7
Assets
44000
30 000
20,000
Cash at Bank
Sundry Debtors
Bil Receivable
Stock
Furniture and Fortures
Land and building
17,000
15,000
4,000
25,000
3,000
30,000
50.000
94 000
94,000
Ramesh is admitted to partnership with effect from 1st April, 2020 on the following terms:
He brings ? 15,000 as his Capital for 1/4th share and pays * 6,000 for Goodwill. half of which is to be
withdrawn by Mahesh and Rajesh
0 That there is likely to be a claim against the form for damages for which a provision to the extent of
1.500 is to be made.
m A bill for 300 for electricity charges has been omitted to be accounted. It is to be provided for.
(iv) Value of Stock is to be reduced to 7 23.000 and Furniture and Fixtures by 1,000,
(V) Provision for Doubtful Debts is to be created on Sundry Debtors e 59.
(vi) Value of Land and building is to be appreciated by 20%
(vi) Sundry Creditors includes an item of 1.200 which is not to be paid.
(vi) That the profit-sharing ratio of the old partners will not change.
Prepare the necessary ledger accounts and the Balance Sheet of the new firm.​

Answer 1

54. Mahesh and Rajesh are partners sharing pronts in the ratio of 2: 1. Their Balance Sheet as at 31st March

2020 stood as under.

Lalbes

Sundry Creditors

Capital Acs

Mahesh

7

Assets

44000

30 000

20,000

Cash at Bank

Sundry Debtors

Bil Receivable

Stock

Furniture and Fortures

Land and building

17,000

15,000

4,000

25,000

3,000

30,000

50.000

94 000

94,000

Ramesh is admitted to partnership with effect from 1st April, 2020 on the following terms:

He brings ? 15,000 as his Capital for 1/4th share and pays * 6,000 for Goodwill. half of which is to be

withdrawn by Mahesh and Rajesh

0 That there is likely to be a claim against the form for damages for which a provision to the extent of 1.500 is to be made.

m A bill for 300 for electricity charges has been omitted to be accounted. It is to be provided for.

(iv) Value of Stock is to be reduced to 7 23.000 and Furniture and Fixtures by 1,000,

(V) Provision for Doubtful Debts is to be created on Sundry Debtors e 59.

(vi) Value of Land and building is to be appreciated by 20%

(vi) Sundry Creditors includes an item of 1.200 which is not to be paid.

(vi) That the profit-sharing ratio of the old partners will not change.

Prepare the necessary ledger accounts and the Balance Sheet of the new firm.

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