90 SI 00.000 XYZ Ltd. has Current Ratio of 2.5 : 1. Its Current Assets are < 6,50,000 and Inventories 26,000. The Liquid Ratio of the firm is : (a) 2.4:1 (b) 2.8:1 (c) 5.3:2 (d) None of these
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Anil and Vishal, who were equal partners: Balance Sheet as on 31st March, 2016
Liabilities Amount Assets Capital A/c: Sunil Anil Vishal
Creditors
Reserve fund
Goodwill 24,000
Machinery 18,000
Stock 16,000
Debtors 12,000
Bank 18,000 12,000 Amount ₹ 12,000 32,000 22,000 18,000 16,000 Profit and loss i 1,00,000 1,00,000
On 14 October, 2016 Vishal died and following adjustments were made: Goodwill of the firm was appreciated by 7,200. However, only Vishal's share in the appreciated value was raised in the books.
R. D. D. was maintained at 5% on Debtors.
ii Reserve fund of Sunil and Anil kept in the business.
iii. Stock is valued at 20,000 and Machinery at 29,800.
iv. Vishal was to be given his share in the profit upto the date of death. The estimated profit based on the previous year's profit * 24,000.
vi. Amount due to Vishal was transferred to his Executor's Loan Account.
Prepare: Profit and Loss Adjustment Account. ii. Balance sheet of Sunil and Anil.
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