Am Am.hromghith BT 2400 and C-1.000 : Amount paid to
2 P and Q were working in parmership sharing profits and losses equally. On 31-12-2014 P decided
eine and in his place, his son R was adimined as partner from is lanuary 2015 with 1/3rd
Balance Sheet of the firm as on 31-12-2014 was as follows:
Assa
Sundry Credits
14.700
15.
P
12.00
Goodwill
Land & Buildings
Motor Car
Furniture
Sundry Debtors
Cash at Bank
1.02 300
24.150
16.500
1.17.000
1.17.00
It was decided follows:
(a) The value of goodwill is * 21.000 (b) The motor car would be taken over by P at its book value
(c) The value of Land and Buildings would be increased by 78.280. d Q and would introduce
sufficient capital to pay off P and to leave thereafter a sum of 77.350 as Bank Balance, in a manner to
make their capitals in proportion to their share of profits. (e) The capital payable by R was to be gifted to
him by his father. The new partners decided not to show goodwill as an asset
The above arrangements were duly complied with. Show the Partners' Capital Accounts and the
Bank Alc
Ans [Capital de Balances : + 49,620, R 34,810).
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