Liabilites
Creditors
amount
28000
Assets
Cash at bank
amount
10000
Workmen compensation fund
12000
60000
General reserve
20000
30000
Debtors 65000
Less: provision 5000
Stock
Investment
Capital a/c
60000
50000
Madan
40000
10000
Mohan
Patents
160000
160000
They decide to admit gopal on 1 April 2010 for share on the following terms:
1 Gopal shall bring rs 20000 as his share of premium for goodwill
2 That unaccounted accured income of is 1000 be provided for
3 The market value of investment was rs 45000.
4 A debror whose dues otrs 5000 were written off as bed debts paid rs 4000 in full settlement
5 A clam of is 3000 on account of workmen compensation to be provided for
6 Parents are overvalued by rs 2000
7 Gopal to bring in capital equal to 1/4 of the total capital of firm after al adjustment
Prepare Revaluation account and Partners capital account (8)
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