Accountancy, asked by shahpratham265, 11 months ago

Ashish and Nimish w
vere partners in a firm sharing profits and losses in
the ratio of 3:2. On 31st M
ch, 2019 their Balance Sheet was as follows:
Balance Sheet of Ashish and Nimish as at.
sh and Nimish as at 31 March, 2019
Amount
Liabilities
Amount
Assote
Capitals
Plant and Machinery
2,90,000
Ashish 3,10.000
2,20,000
Furniture
Nimish 2,90,000
6,00,000
90,000
General Reserve
Less provision for
" doubtful debts 1,000
89,000
Workmen's
Compensation Fund 20,000 Stock
1,40,000
Creditors
1,10,000 Cash
41.000
7,80,000
7,80,000
(v)
On 1 April, 2019, Geeta was admitted into the partnership for
share in the profits on the following terms:
(i) Goodwill of the firm was valued at 2,00,000.
(11) Geeta brought 3,00,000 as her capital and her share of goodwill
premium in cash,
(i) Bad debts amounted to 32,000. Create a provision for doubtful
debts @ 5% on debtors.
(iv) Furniture was found undervalued by 65.400.
Stock was taken over by Nimish for 3 1,30,000.
(vi) The liability against workmen's compensation fund was
determined at 30,000.
(vii) After the above adjustments, the capitals of Ashish and Nimish
were to be adjusted taking Geeta's capital as the base. Excess or
shortage was to be adjusted by opening current accounts.
Prepare Revaluation Account, Partners' Capital Accounts and the
Balance Sheet of the firm after Geeta's admission.
OR
-67/3/2
P.TO
21​

Answers

Answered by shreyasenthil146
16

Answer:

the answer is as follows..

Attachments:
Answered by nidhighosh06sl
5

Answer:

Revaluation account balance = 65,400

Partner's capital account= 5,40,000 ; 4,90,000 ; 3,00,000

Balance sheet = 13,40,000

Explanation:

                                    Revaluation account

  1. Debit side items:
  • To bade debts                                                             1,000
  • To provision for bad and doubtful debts                   4,400
  • To WCR                                                                        10,000
  • To stock a/c (loss)                                                      10,000
  • To gain on revaluation transferred to

         Ashish 24000

          Nimish16000                                                           40,000

TOTAL                                                                             65,400

2. Credit side items:

  • By furniture a/c                                                      65,400

TOTAL                                                                               65,400

                        Partner's capital account ( AHSISH ; NIMISH ; GEETA)

  1. Debit side items:
  • To stock a/c                             130,000 (nimish)
  • To balance c/d   540,000      ; 490,000            ;  300,000

TOTAL                          5,40,000   ; 490,000            ; 300,000                  

2. Credit side items:

  • By balance b/d     310,000       ; 290,000 ;      0
  • by cash a/c                                                           ; 300,000
  • by premium

for goodwill                      30,000.       ; 20,000;      

  • by general reserve          30,000  . ; 20,000;      
  • By revaluation a/c (gain) 24,000     ; 160000;
  • by ashish current a/c   1,45,000
  • by nimish current a/c                    ; 144000 ;

TOTAL                             5,40,000        ; 490,000             ; 300,000            

Balance sheet of reconstituted firm (as on 1 April )

  1. Liabilities side:
  • capital a/c                              12,00,000

(540,000 + 360000 + 300000)

  • WCR                                         30000
  • Creditors                                  110000

TOTAL                                            13,40,000

2. Assets side:

  • plant and machinery                 290000
  • furniture                                       285000
  • debtors                                       87600
  • cash                                         391000
  • current a/c

( 146000+144000)                          290000

TOTAL                                            13,40,000

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