Question

eu
ing and Chahat were partners in a firm sharing profits and losses
of 2:2:1. Their Balance Sheet as at 31st March, 2019 was as
in the ratio of 2 : 2:1. Their Balat
follows:
Balanc
Liabilities
e Sheet of Asha, Rina and Chahat as at 31st March, 2019
Amount Assa
Amount
nt Assets
12,00,000 Plant and Machinery 14,80,000
Creditors
2,00,000 Stock
2.20,000
Sundry Debtors
2,60,000
Less Provision
for doubtful debts 20,000 240,000
2,00,000
Bank
60,000
Chahat 1,00,000 6.00.000
General Reserve
Capitals:
3,00,000
Asha
Rina
20,00,000
20,00,000
Asha Rina and Chahat decided to share future profits equally with effect
from 1st April, 2019. For this, it was agreed that:
(1) Goodwill of the firm be valued at $1,50,000.
(iz Bad debts amounted to 40,000. A provision for doubtful debts
was to be made @5% on debtors.
Pass the necessary journal entries to record the above transactions in the
books of the firm on date of her death
12​

Answer 1

Explanation:

general reserve a/c dr. 2,00,000

to asha 80,000

to rina 80,000

to chahat 40,000

asha a/c dr. 10,000

rina a/c dr. 10,000

to chahat a/c 20,000

asha 2/5-1/3= 1/15

rina 2/5-1/3=1/15

chahat 1/5-1/3=`2/15

SR= 1:1