Question

as at 31st March, 2014
Q. 52. Following is the Balance Sheet of G, K & Was at 3
share profits in the ratio of 3: 2:1.
stres from the best
sedan AUDIO
9000 Building
odwill of the time
Con retirement and the b
ascertained
Machinery
The goodwillor
cash on retir
50 p.a.
Capital Accounts:
22.000
13.000
9,000
Show Bevaluation Acce
Goodwill
Stock
Sundry Debtors
14.000 Land and Buildings
10.000 plant and Machinery
4,000 Motor Vehicle
12.000
70,000
payment
Tans. Loss on Revalu
Sundry Creditors
Bills Payable
General Reserve
30,000.1
0.53 (B), P Q and
:2 respectively. A
gements were agreed in
5
3
follows:
Stock
000: Plant and Machine
10.000, Sun
Sundry Creditor
Expenses Oustanding
Reserve
Capitals
to 3500 is to be beton
On 1st April, 2015, G retired and the following arrangements
(1) Goodwill of the firm is to be valued at 315,000.
(2) The assets and liabilities are to be valued as under : Stoch
Debtors 11,500; Land and Buildings *18,000: PL
16,500; and Sundry Creditors 39,200.
(3) Liability for Workmen's Compensation amounting to 500
into the books.
(4) The entire capital of the firm as newly constituted be fi
between K and W in the proportion of 4 : 3 and the actual cas
or to be brought in by continuing partners as the case may be
(5) 13,150 were paid to G. The balance due to him was to be paid
instalments annually together with interest @ 12% per annum
Give necessary ledger accounts, the Balance Sheet of the firm after
and G's Loan Account till it is finally paid off.
Poraluation 1.200; Balance of G's Loan A/c on Ista
med be fixed a 2380
e actual cash to be paid
as to be paid in three en
ne firm after G's retireme
On this dat
(a) Goodw
(b) Fixed
(c) Stock
O was to
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Answer 1

Explanation:

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