Question

6. X, Y, and Z were partners in a firm sharing profits in the ration of 5:3:2. On 1" April, 2018 Z
retired from the firm on the date of Z's retirement, the Balance Sheet of the firm was as
under.
Balance sheet
As at 31" March, 2018.
Amount
Assets
Amoun
Liabilities
100000
20000
Creditors
Bills payable
Outstanding Rent
Provision for Legal claims
27000
13000
22500
57500
Bank
Debtors
Less: Provision
For Bad debts
500
19500
21000
67500
General Reserve
50000
Stock
Furniture
Land & Building
200000
Capital-X- 127000
Y 90000
Z 71000
288000
Goodwill
50000
458000
458000
On Z's retirement, it was agreed that:
i) Land and Building will be appreciated by 5% and furniture will be reduced by 20%.
ii) Provision for doubtful bebts will be made at 5% on Debtors and Provion for legal claim
will be made art Rs.60000
Goodwill of the firm was valued at Rs.60000
iv) There was some unrecorded furniture estimated at Rs.3000. Half of which was given
for an unrecorded liability of Rs.6000 in settlement of claim of Rs.3000 and remaining
was given to Z at discount of 10% in part payment of his claim.
v) Balance of Z's claim was discharged by cheque
Prepare Revaluation A/c, Partners' capital A/c and Balance sheet.
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Answer 1

Answer:

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Explanation:

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