Question

DupIuul 20,000, 115
thout
aying
et of
s at
paid { 35,000, 10tal of Balance Sheet 62,000, Total of Cash A/c * 39,000]
29. Pankaj,
Naresh and Saurav are partners sharing profits in the ratio of 3 : 2 : 1. Naresh retired
29. from the firm due to his illness. On that date the Balance Sheet of the firm was as follows :
Balance Sheet
(as on March 31, 2019)
Liabilities
Amount
Assets
Amount
₹
₹
General Reserve
12,000 Bank
₹
7,600
Sundry Creditors
15,000 Debtors
6,000
Bills Payable
12,000 Less : Provi. for Doubt-
Outstanding Salary
2,200
ful Debts
400 5,600
Provision for Legal Damages
6,000 Stock
9,000
Capitals :
₹
Furniture
41,000
Pankaj
46,000
Premises
80,000
Naresh
30,000
Saurav
20,000 96,000
1,43,200
1,43,200
1
Do
20
0
0
Additional Informations :
(i) Premises have appreciated by 20%, Stock depreciated by 10% and provision for doubtful
debts was to be made 5% on debtors. Further, provision for legal damages is to be made for
* 1.200 and furniture to be brought upto * 45,000.
(ii) Goodwill of the firm be valued at * 42,000.
(iii) 26,000 from Naresh's Capital Account be transferred to his Loan Account and balance be
paid through Bank; if required, necessary loan may be obtained from Bank.
(iv) New profit-sharing ratio of Pankaj and Saurav is decided to be 5:1.
Give the necessary ledger accounts and Balance Sheet of the firm after Naresh's retirement.​

Answer 1

Answer:

5:1

45000:420000

26000:1.200