Question

Dinesh, Yashika and Farhan are partners in a firm, sharing profits and losses in 11:7:2. The balance sheet of the firm as on 31st March 2019 was as follows:
Balance Sheet
as at 31st March, 2019
Liabilities
* Assets
Sundry Creditors
70,000 Factory Building
Public Deposits
1,19,000
Plant and Machinery
Reserve Fund
90,000 Furniture
Outstanding Expenses
10,000 Stock
Capital accounts:
Debtors
1,50,000
Dinesh
5,10,000
Less: Provision (30,000)
Yashika
3,00,000
Cash at bank
Farhan
5,00,000 13,10,000
15,99,000
7,35,000
1,80,000
2,60,000
1,45,000
1,20,000
1,59,000
15,99,000
terms:
On 1st April 2019, Aditi is admitted as a partner for one-fifth share in the profits with
a capital of 4,50,000 and necessary amount for his share of goodwill on the following
(1) Furniture of 72,40,000 were to be taken over by Dinesh, Yashika and Farhan equally.
(ii) A creditor of 7,000 not recorded in books to be taken into account.
(21) Goodwill of the firm is to be valued at 2.5 years' purchase of average profits of last
three years. The profits of the last three years' were:
2016-17 6,00,000; 2017-18 2,00,000; 2018-19 6,00,000
(iv) At the time of Aditi's admission Yashika also brought in 50,000 as fresh capital.
Plant and Machinery is revalued to 12,00,000 and expenses outstanding were brought
down to 9,000.
Journalise.
3. ​

Answer 1

Answer:

Books of Dinesh Yamine Farte and Anie REVALUATION ACCOUNTParticularsRs.AssetsRs.To Bills Discounted A/c1670By Public deposits A/c 190By Loss transferred toDineshs capital A/c 704Yasmines Capital A/c 448Farias Capital A/c 1281280By Machinery A/c2001670 1670BALANCE SHEET as at 31.12.2001LiabilitiesRs.AssetsRs.Sundry Creditors800Cash in Hand2757Public Deposits1000Factory Buildings 7350Capitals :Dinesh 2258Yashmine 900Faria 3829Annie 450011487 Machinery2000 Furniture200 Bills Discounted1670 Stock1450Debtors 1500Less : Provision 30012001495714957