Question

Following is the BALANCE SHEET of A & B as at 31st march,2020

LAIBILITIES Rs ASSETS Rs

Creditors 40,000 Cash 25,000

Workmen comp.reserve 10,000 Debtors 78,000

Profit &loss a/c 5,000 Less provision 3,000 75,000

A CAPITAL 1,00,000 Plant & machinery 1,15,000

B CAPITAL 80,000 Profit & loss a/c 20,000

2,35,000 2,35,000

On the above date C was admitted as a partner for 1/4th share in the profits of the firm with the

following terms :

a) Rs 3,500 were bad debts .

b) Unrecorded investment was calculated at Rs 5,500

c) Goodwill of the firm was valued at Rs 40,000 and C brought his share of goodwill in Cash .

d) C brought capital in cash which is thrice than his share of goodwill .

Prepare REVALUATION A/C & CAPITAL ACCOUNTS ​

Answer 1

Answer:

Their Balance Sheet as on 31st March, 2018 is given below: ... B. 40,000. 1,00,000. Stock. 20,000. Creditors. 20,000. Debtors. 10,000 ... ( Workmen's Compensation Fund distributed) ...

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