Question

ble decreased by 2.500.
(iii) There is a Unrecorded Liability of 311 500 which is now to be recorded on
Prepare Revaluation Account Partners Capital Accounts and Balance Sheet of the new firmo
Ans. Revaluation Loss: 1,200; Capitals: Parsoon 7.18,550, Aamir 2.4,650; Majid 2.18,000;
Balance sheet 2.60,700.
67. The Balance Sheet of Tahir, Chitvan and Prabhat who shared their profits and losses in the ratio of 3:2:1
showed as follows:
Balance Sheet as at 31.12.2012
Liabilities
2 Assets
Trade Creditors
19,000 Cash in hand
27.300
Workmen Compensation Reserve
13.000 Debtors
15.000
Capital Accounts
Less: Provision
5.000
10.000
Tahir
38.000
40.000 Stock
Chitvan
20.000
24,000 Freehold Property
Prabhat
17.700
17.000 Plant
1.13.000
1.13.000
On the same date they agreed to take Rishab into partnership on the following conditions:-
(1) Provision for Doubtful debt was found in excess by 3.2.500.
(ii) A claim on account of workmen's compensation amounted to 3.10,000.
(iii) He will introduce 3.30,000 as capital and bring goodwill of 3.18,000 for 1/4" share in profits

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Answer 1

Answer:

19,000 Cash in hand

27.300

Workmen Compensation Reserve

13.000 Debtors