Question

Brijesh, Charu and Dilip are partners sharing profits and losses in the ratio of
3:2:1. Their balance sheet as at 31st March, 2016 was as follows:
Liabilities
Assets
Creditors
87,000 Cash
30,000
Reserves
42,000 Debtors
62,000
Profit & Loss A/c (Profits)
21,000 Less : Provision for
Capital Accounts:
doubtful debs 2,000 60,000
Brijesh 3,00,000
Stock
1,80,000
Charu 3,00,000
Fumiture
30,000
Dilip 50,000 6,50,000 Plant
2,00,000
Building
3,00,000
8,00,000
8,00,000
The partners agreed that from Ist April, 2016 they will share profits and losses in
the ratio of 4:4:1. They agreed that:
(Stock is to be valued at 20% less.
(ii) Provision for doubtful debts to be increased by 1,500.
(iii) Furniture is to be depreciated by 20% and plant by 15%.
(iv) 3,500 are outstanding for salaries.
(v) Building is to be valued at 3,50,000.
(v1) Goodwill is valued at 345,000.
Partners do not want to record the altered values of assets and liabilities in the
books and want to leave the reserves and profits undisturbed.
You are required to pass a single journal entry to give effect to the above. Also
prepare the revised balance sheet.
1 Add File​

Answer 1

Answer:

Brijesh, Charu and Dilip are partners sharing profits and losses in the ratio of

3:2:1. Their balance sheet as at 31st March, 2016 was as follows:

Liabilities

Assets

Creditors

87,000 Cash

30,000

Reserves

42,000 Debtors

62,000

Profit & Loss A/c (Profits)

21,000 Less : Provision for

Capital Accounts:

doubtful debs 2,000 60,000

Brijesh 3,00,000

Stock

1,80,000

Charu 3,00,000

Fumiture

30,000

Dilip 50,000 6,50,000 Plant

2,00,000

Building

3,00,000

8,00,000

8,00,000

sheet.

1 Add File​

Explanation:

Answer 2

Answer:

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Explanation: