Question

Kale and Gore are partners in a firm of K. Gore & Co., sharing pront and losse
in proportion ofy and 3, respectively. Their Balance sheet on 31st March
Balance Sheet as on 31.03.2012
Capital
Kale
Gore
General Reserve
Creditors
Bills Payable
Anne
Land & Building
24,500 Plant Machinery
24.500 Furniture
5,000 Stock
38,000 Debtors
400 Cash
92,400
Am
17,500
24.500
1.050
14,350
31.500
3.500
92.400
They agreed to admit Pandhare in their partnership on April, 2012 on
following terms:
(1) The new profit sharing ratio will be 3:1:1.
12) Pandhare should bring 7,000 as his share of goodwill in the business and 10.000
as his capital
13) Land and Building be valued at 90% of its book value,
14) Plant and Machinery and stock to be reduced by 5% and 10% respectively
Reserve for doubtful debts be provided at 5% on debtors.
16 The capitals of all the old partners are to be adjusted in their new profit sharing ratio
by inaking adjustments in cash, on the basis of new partner's capital,
Prepare Profit and Loss Adjustment A/e, Capital Accounts and balance she
radmission of Pandhare.​

Answer 1

Revaluation (loss):

Kale=Rs. 3,591

Gore=Rs. 2,394

Partners Capital:

Kale= Rs. 30,000

Gore=Rs. 10,000

Pandhare= Rs. 10,000

Cash balance=Rs. 5,485

Balance Sheet= 88,400

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