Lalit atachur and Neere were partners sharing profits as SON, 30 and 20% respectively. On 31st
March 2013 the balance sheet wes as follows
Amount
Amour
Assets
34,000
10.000
Debtors
47,000
Investment fluctuation
Fund
10.000
(-) Provision for Doubtful
Debts
(3,000) 44,00
Capital A/S
Stock
15,00
50.000
Investments
40,00
Madhur
40.000
Goodwill
20,00
Neena
10,00
25.000 1,1.5,000 Profit and Loss Nc
163.000
1,63
On this date, Madhur retired and Lalit and Neena agreed to continue on the following terms
1. The goodwill of the firm was valued at Rs 51,000,
2. There was a claim for workmen's compensation to the extent of Rs 6,000
3. Investments were brought down to Rs 15,000.
4. Provision for bad debts was reduced by Rs 1,000,
5. Madhur was paid Rs 10,300 in cash and the balance was transferred to his loan account
payable in two equal installments together with interest @ 12% per annum.
Prepare revaluation account partners' capital accounts and Madhur's loan account till the loan is
finally paid off.
4. what is the difference between sacrificing ratio and gaining ration? Explain in Detail
.
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