Question

Amogh and Pranaya are partners in a firm sharing profits in the ratio of 4 : 3.
On 31st March, 2012 the position of the firm was as follows :Bal ance Sheet of Amogh and Pranayaas on 31st March, 2012Liabilities AmountRAssets AmountRBills PayableCreditorsCapitals :Amogh 40,000Pranaya 30,000General Reserve12,00018,00070,00014,000BankDebtors 21,600Less : Provisionfor Bad Debts 600StockPlant and MachineryComputersGoodwill8,00021,00018,50032,00024,00010,5001,14,000 1,14,000On 1st April, 2012 Krishna was admitted in the firm as a partner. He was to get27th share in the profits of the firm which he acquires equally from Amogh andPranaya. Other terms were as follows :(i) Krishna will bring in R 40,000 as his share of capital and R 20,000 aspremium(ii) Provision for Bad Debts on Debtors was to be raised to R 1,000 and 10%depreciation was to be charged on computers(iii) Stock was to be valued at R 22,000Prepare Revaluation A/c, Partners Capital A/cs and Balance Sheet of the newfirm after Krishnas admission.

Answer 1

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