Question

Enter the following transaction in the purchase book of shyam
January 1 purchase goods from gyan rs 800
January 7 purchased from gopal pen 5 box 50 per box
January 19 purchase goods from ganesh rs 700

Answer 1

Answer:

Balance Sheet as at 31st March, 2012 was as follows:

Liabilities

Creditors

Capital Ales:

А

30,000

B

30,000

20.000

Assets

55,000 Goodwill

Land & Buildings

Plant & Machinery

Motor Car

80,000 Debtors

Cash at Bank

1.35.000

15.000

40.000

28,000

27,000

24,000

1.000

1,35,000

The following terms have been agreed upon :

(1) Goodwill should be valued at 21,000

(ii) The value of land and buildings should be appreciated by 340,000.

(iii) Plant & Machinery should be reduced to 323,000.

(iv) Create provision @ 5% on debtors for bad & doubtful debts.

(v) Create provision of 3700 on creditors.

(vi) The entire sum payable to Mr. A is to be brought in by B and C in such a

manner that their capital accounts are in proportion to their profit sharing

ratio which is to be equal.

Prepare (1) Revaluation Account, (2) Partner's Capital Accounts, (3) Bank

Account, and (4) Balance Sheet after A's retirement.

10 A343,500; final capitals