Question

9.
sheet as on 31" March 2018 was as under.
Liabilities
Creditors
Capital :
Amit
Baban
Balance Sheet as On 31st March 2018
Amount)
Assets
1,40,000 Cash
Land and Building
100,000 Plant
100,000 Furniture
Stock
Debtors
3,40,000
Amount
110,000
50,000
60,000
4.000
100,000
16,000
3,40,000
They agreed decided to admit Kamal on 1" April 2018 on following terms:
1. Kamal shall have 1/4th share in future profits.
2. They agreed to admit Kamal as a partner on 1st April 2018 on the following terms:
3. She shall bring 50,000 as her capital and 40,000 as her share of goodwill.
4. Land and building to be valued at 60,000 and furniture to be depreciated by 10%
5. Provision for bad and doubtful debts is tobe maintained at 5% on the sundry debtors.
6. Stocks to be valued 1,10,000
The capital A/c of all partners to be adjusted in their new profit and loss ratio and excess
amount be transferred to their loan accounts.
Prepare profit and loss adjustment A/c, Capital A/cs, and New Balance Sheet
(Ans: Revaluation Profit 18,800, Loan A/c Amit 56,000, Baban 45,280, Balance Sheet total
4,48,800)
Mr. Amit and Baban share profits and losses in the ratio 2:3 respectively. Their balet​

Answer 1

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Explanation: