Question

64. A, B and C are partners sharing profits and losses in the ratio of 3:2:1. Their Balance Sheet as at
31st March, 2020 is as follows:
Cabilities
Assets
Capital A/cs:
50,000
40.000
30,000
20,000
8
Land and Building
Plant and Machinery
Furniture
Stock
Debtors
Bills Receivable
Bank
60,000
60,000
40,000 1,60,000
30,000
10,000
30,000
Creditors
silis Payable
20,000
10,000
2,00,000
2,00,000
D is admitted as a partner on 1st April, 2020. His capital is to be 50,000.
Following adjustments are agreed on D's admission:
(a) Out of the Creditors, * 10,000 is due to D, it will be adjusted against his capital.
(b) Advertisement Expenses of 1,200 are to be carried forward as Prepaid Expenses.
(c) Expenses debited in the Profit and Loss Account includes 2,000 paid for B's personal expenses.
(d) A Bill of Exchange of 4,000, which was previously discounted with the bank, was dishonoured on
31st March, 2020 but entry was not passed for dishonour.
(e) Provision for Doubtful Debts @ 5% is to be created against Debtors.
(f) Expenses on Revaluation of 2,100 is paid by A.
Prepare necessary Ledger Accounts and Balance Sheet after D's admission.
charina profits in the ratio of 3:1​

Answer 1

Answer:

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