Question

am Bhaskar and Chaman are partners in a firm, sharing profits and losses as Ashok 1/3, Bhaskar 1/2, and
in 1/6 respectively. The Balance Sheet of the firm as at 31st March, 2020 was:
3
nd Z after
3,00,000
4,00,000
2,50,000
5,00,000
4,00,000
1,00,000
2,50,000
2016, their
Building
Plant and Machinery
Furniture
Stock
Debtors
Less: Provision for Doubtful Debts
Cash in Hand
Advertisement Suspense Account
9,50,000
2,20,000
2,50,000
1,50,000
serve
bitors
1,80,000
5,000
60,000
60,000
1,00,000
2,40,000
20,000
1,75,000
85,000
60,000
15,70,000
15,70,000
4,80,000
years
aman retired on 1st April, 2020 subject to the following adjustments:
Goodwill of the firm be valued at * 2,40,000. Chaman's share of goodwill be adjusted into the Capital
Accounts of Ashok and Bhaskar who will share future profits in the ratio of 3:2.
plant and Machinery to be reduced by 10% and Furniture by 5%.
Stock to be increased by 15% and Building by 10%.
Provision for Doubtful Debts to be raised to 20,000.
Pass Journal entries to record the above transactions in the books of the firm and show the Profit and
sos Adjustment Account, Capital Account of Chaman and the Balance Sheet of the firm after Chaman's
putement
uted​

Answer 1

Answer:

2005

eptember 1. Started business with Rs. 100,000, paid into Bank Rs. 40,000,

2. Bought furniture for Rs. 10,000 and machinery for Rs. 20,000

3. Purchased goods for Rs. 28,000.

6. Sold goods for Rs. 16,000.

8. Purchased goods from Ishtiaq & Co. Rs. 22,000.

10. Paid telephone rent for the year by cheque Rs. 1,000.

11. Bought one typewriter for Rs. 4,200 from Universe

Typewriter Co. on credit.

15. Sold goods to Khurram for Rs. 24,000.

17. Sold goods to Ajmal for Rs. 4,000 for cash.

19. Amount withdrawn from bank for personal use Rs. 3,000.

20. Withdrew from bank for business use Rs. 7,000.

21. Received cash from Khurram Rs. 23,800, discount allowed Rs. 200.

22. Paid into bank Rs. 11,600.

25. Goods worth Rs. 2,000 found defective were returned to Ishta

& Co. and the balance of the amount due to them was settle

by issuing a cheque in their favour.

28. Bought goods worth Rs. 4,200 from Aslam and supplied then

to Akram at Rs. 6,000.

30. Akram returned goods worth Rs. 200, which in turn were se

to Aslam at Rs. 140.

30. Issued a cheque for Rs. 2,000 in favour