Question

and
Pradnya
share
profits
and
losses
in
the
ratio
2
:
3
respectively
.
Their
balance
sheet
as
on
31st
March
2018
was
as
under
.
agreed
to
admit
Avani
as
a
partner
on
1st
April
2018
on
the
following
terms
:
Avani
shall
have
1
/
4th
share
in
future
profits
.
Stocks
to
be
valued
82
,
500
.
The
capital
A
/
c
of
all
partners
to
be
adjusted
in
their
new
profit
and
loss
ratio
and
excess
(
Ans
:
(
Revaluation
Profit
10,350
,
Capital
Balance
-
Vikram
97,140
,
Pradnya
93,210
,
Avani
37,500
,
Balance
Sheet
Total
-
3,32,850
)
amount
be
transferred
to
their
loan
accounts
.
Practical Problems
Vikram
capital
abilities
roditors
capitals
Vikram
Anadava
Amount )
7,500
37,500
45,000
3,000
75,000
87,000
2,55,000
Balance Sheet as on 31st March, 2018
Amount )
Assets
1,05,000 Cash
Land & Building
75,000 Plant
75,000 Furniture
Stock
Debtors
2,55,000
ff.
pital
ed
he
2.
He shall bring 37,500 as his capital and * 30,000 as his share of goodwill.
Land and building to be valued at 45,000 and furniture to be depreciated by 10%.
Provision for bad and doubtful debts is to be maintained at 5% on the Sundry Debtors.
3.
6.
Profit and Loss Adjustment Account, Capital Accounts and New Balance Sheet.
Prepare​

Answer 1

New profit sharing ratio is 6:9:5

Capital balance is 45,000 , 67,500 and 37,500

Loan a/c balance is 46,150 and 31,710

Balance sheet total is 3,32,850

Hope this helps you

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