Question

Information System
Q2. Shah and Patel shared profits and losses in the ratio 3:2
respectively. Their Balance Sheet as on 31s March, 2020 was as
(10)
Balance Sheet as on 31s March, 2020
Amount
Assets
Amount
Sunary
120.000
80.000
Cash at bank
Sundry Debtors
Land &
buildings
Stock
Plant and
machinery
Furniture and
fixture
24,000
48,000
1,00,000
32,000
40,000
16,000
2,60,000
2.60.000
General
Reserve
torms begin​

Answer 1

Answer:

Goodwill Rs 32,000 distribute among old partners in 3:2 Ratio i.e Rs 19,200& Rs 12,800.

profit & loss adjustment a/c total=Rs 28,000.

profit on revaluation=Rs 9,600.

Distribute general reserve amount old paternes in 3:2 Ratio.