Kamlesh and Ravina were partners sharing profits in the ratio of 5:3. They admit Monika as
a new partner for 2/10 share in profits.
Balance Sheet
Liabilities
Amount
Assets
Amount
Stock
56,000
Stock of was overvalued by 12%. What value of Stock will be shown in the Balance Sheet of
reconstituted firm?
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Answer:
Old Ratio Of Partners Kamlesh and Ravina is 5:3,
New partner for 2 / 10 th share in Profit :
New Ratio among partners = 5 : 3 : 2
Share of kamlesh = ⁵ / 10
Share of Ravina = ³ / 10
Share of Monika = ² / 10
Given :
Value of stock in Balance sheet is 56,000
- Stock is over valued by 12%.
To Find :
Value of stock will be shown in Balance sheet of reconstituted firm.
Solution :
Overvalued means Increase,
Under value means decrease,
So, here Increase in the value of stock.
⟶ value of Stock = 56,000
⟶ Increasing Rate ( overvalued ) = 12%
⟶ 56,000 × ¹² / 100
⟶ 6,72,000 / 100
⟶ 6720
Then the value 6720 will be added along with the value of stock in old balance sheet.
⟶ 56,000 + 6720
⟶ 62720
∴ , ₹ 62720 will be shown in the Asset side of the Balance Sheet.
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