Following in formation has been provided b y M/S Alex health care. You are required to calculate the amount of Medicines consumed during the year 2019 – 2020. Stock of medicines as on April -1-2019. 15,000. Creditors for Medicines as on April -1-2019. 3.500. Stock of Medicines as on March -31-2020 10,000. Creditors for Medicines as on March -31-2020 4,200. Cash purchase of Medicines during the year. 2,000. Credit purchase of Medicines during the year. 6,000
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They admit Z into partnership with 1/8
They admit Z into partnership with 1/8 th
They admit Z into partnership with 1/8 th share in profits on this date. Z brings Rs.20,000 as his capital. Rs.12,000 for goodwill in cash. Z acquires share entirely from X. Following revaluation are also made.
They admit Z into partnership with 1/8 th share in profits on this date. Z brings Rs.20,000 as his capital. Rs.12,000 for goodwill in cash. Z acquires share entirely from X. Following revaluation are also made.(a) Employees Provident Fund liability is to be increased by Rs.5,000.
They admit Z into partnership with 1/8 th share in profits on this date. Z brings Rs.20,000 as his capital. Rs.12,000 for goodwill in cash. Z acquires share entirely from X. Following revaluation are also made.(a) Employees Provident Fund liability is to be increased by Rs.5,000.(b) All Debtors are good. Therefore, no provision is required on Debtors.
They admit Z into partnership with 1/8 th share in profits on this date. Z brings Rs.20,000 as his capital. Rs.12,000 for goodwill in cash. Z acquires share entirely from X. Following revaluation are also made.(a) Employees Provident Fund liability is to be increased by Rs.5,000.(b) All Debtors are good. Therefore, no provision is required on Debtors.(c) Stock includes Rs.3,000 for obsolete items.
They admit Z into partnership with 1/8 th share in profits on this date. Z brings Rs.20,000 as his capital. Rs.12,000 for goodwill in cash. Z acquires share entirely from X. Following revaluation are also made.(a) Employees Provident Fund liability is to be increased by Rs.5,000.(b) All Debtors are good. Therefore, no provision is required on Debtors.(c) Stock includes Rs.3,000 for obsolete items.(d) Creditors are to be paid Rs.1,000 more.
They admit Z into partnership with 1/8 th share in profits on this date. Z brings Rs.20,000 as his capital. Rs.12,000 for goodwill in cash. Z acquires share entirely from X. Following revaluation are also made.(a) Employees Provident Fund liability is to be increased by Rs.5,000.(b) All Debtors are good. Therefore, no provision is required on Debtors.(c) Stock includes Rs.3,000 for obsolete items.(d) Creditors are to be paid Rs.1,000 more.(e) Fixed Assets are to be revalued at Rs.70,000.
They admit Z into partnership with 1/8 th share in profits on this date. Z brings Rs.20,000 as his capital. Rs.12,000 for goodwill in cash. Z acquires share entirely from X. Following revaluation are also made.(a) Employees Provident Fund liability is to be increased by Rs.5,000.(b) All Debtors are good. Therefore, no provision is required on Debtors.(c) Stock includes Rs.3,000 for obsolete items.(d) Creditors are to be paid Rs.1,000 more.(e) Fixed Assets are to be revalued at Rs.70,000.Prepare Journal entries, necessary account and new Balance Sheet. Also calculate new profit-sharing ratio.