Enter the following transactions in the purchase book of Shyam :-
2019
January 1 • Purchase goods from Gyan Rs. 800.
January 7 Purchased from Gopal:- Pen 5 box, Rs. 50 per box.
January 19 Purchase goods from Ganesh Rs. 700.
Answers
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