Question

al
36,000
28,000
8,000

21. X, Y and Z were partners sharing profits and losses in the ratio 4:3 : 3 respectively. Their
agreed to be transferred to his loan acc
balance sheet as on 31st December, 2019 was as follows:
Llabilities
Assets
Creditors
7,000 Land and Buildings
Bills payable
3,000 plant and Machinery
20,000 Electric typewriter
Debtore
14,000
32,000
Less : Reserve for
Y
24,000
Doubtful debts
2,000 12,000
20,000 76,000 Bank
Stock
1,06,000
1,06,000
On this date Y retires from the firm on the following terms:
1. The goodwill of the firm is to be valued at $ 14,000.
2. Stock and Land and Buildings are to be appreciated by 10%.
3. Plant and Machinery and Electric typewriter are to be depreciated by 10%.
4. Sundry debtors are considered to be good,
5. There is a liability, of 2,000 for the payment of outstanding salary to the employees of
the firm
This liability has not been shown in the above balance sheet, but the same is to be recorded
2,000
20,000
now.
6. Partners decide not be maintain goodwill account in the books of the fium.
7. The amount payable to Y is to be transferred to his loan account,
Prepare the revaluation account, partners capital account, and the balance sheet of X and Z
after Y's retirement,
(Ans. Revaluation profit * 2,000. Y's loan 34,800 balance sheet total 1.10,000)
no on husiness in nartnershin sharing profits and losses in the ratio of 3​

Answer 1

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