Question

amount brought by Rajiv - 1,03,6101-, Sanjiv - 60,740/-,
Que. 33. The Balance Sheet of Deepak and Sandeep, as on 31st March, 2011 is as
under. They share profits and losses in the ratio of 2:1 ;-
Balance Sheet (As on 31st March, 2011)
Liabilities
Amount Rs. Assets
Amount Rs.
Capital :-
Bills Receivable
1,000
Deepak
20,000
5,000
Machinery
Sandeep
15,000 Loose tools
4,000
General Reserve
12,000 Furniture
3,000
Creditors
6,000 Stock
6,000
Bills Payable
2,000 Debtors
30,000
Cash
3,000
Profit and Loss A/C
3,000
55,000
55,000
On 1st April, 2011 they decided to admit Shankar as a partner in the firm, on the following
terms -
(1) Shankar is to bring Rs. 6,000 as Capital and Rs. 3,000 as a Goodwill
, which is to be retained
in the business. He will be entitled to 1/4 share in future profits of the firm.
(2) 50% of the general reserve is to be retained as Reserve for Doubtful Debts.
Furniture is to be depreciated by 10%. (4) Stock is to be valued at Rs. 7,000
(5) Creditors of Rs. 1,100 are not likely to claim and hence should be writtten off.
Prepare Profit and Loss Adjustment Account, Partners Capital Accounts and Balance
Sheet of the new firm (Oct. 2004).
12001 Cantal Balance Deenak.25 2001. Sandeen 17 600
Adi
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Answer 1

Explanation:

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Answer 2

On 1st April 2016 Seema was admitted as 1/4 th partner on the following terms :

1. Seema should bring in Rs 1,20,000 towards her capital.

2. Firm's goodwill is valued at Rs 1,44,000 and Seema agreed to bring her share in the firm's goodwill by a cheque.

3. Reserve for doubtful debts should be maintained at 7.5% on debtors.

4. Increase livestock by Rs 4,400 and write off loose tools by 20%.

5. Outstanding rent of Rs 9,040 is paid in full settlement.

Prepare :

1. Profit and Loss Adjustment Account.

2. Partners' Capital Account.

3. Balance Sheet of the new firm.

The Balance Sheet of Meena and Heena who shared the profits and losses in the ratio of 2: 1 is as under :

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