Question

Chapter 4. Change in Profit Sharing Ratlo Among the couny
Illustration 15.
Anit, Manvi and Payal are partners sharing profits and losses in the ratio of 5:32. Their
Balance Sheet as at 31st March, 2020 stood as follows:
Assets
3,50,000
2,50,000
3,00,000
Land and building
Machinery
Stock
Bills Receivable
Sundry Debtors
Cash in Hand
Cash at Bank
9,00,000
20,000
30,000
50,000
2,60,000
3,50,000
90,000
70.000
1,00,000
25,000
1,05,000
10,00,000
General Reserve
Women Compensation Reserve
undry Creditors
10,00,000
They decided to share profits and losses in the ratio of 2:2:1 wef. 1st April, 2020. They
agreed that:
0) Land and Building be appreciated by 10%.
(ii) Machinery be reduced by 15%,
Giii) Stock be increased to ? 1,00,000
(v) Provision for Doubtful Debts be created a 5% on Sundry Debtors.
(v) A Creditor of 5,000 is not to claim the dues. Hence, it is to be written back.
(vi) A daim on account of Workmen Compensation is 10,000.
(vii) An expense of ? 2,000 was paid by the firm for getting the value of Land and Building
certified from a Chartered Engineer
Pass the Journal entries and prepare Revaluation Account​

Answer 1

Answer:

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