Question

Liabilities
Assets
Creditors
Employees' Provident Fund
Workmen Compensation Reserve
Capital A/cs:
15,000
10,000
5,800
20,000
600
Cash at Bank
Sundry Debtors
Less: Provision for Doubtful Debts
Stock
Fixed Assets
Profit and Loss A/C
250
70,000
31,000
1,01,000
1,31,800
1313356
20,000 as his capita
aluations are also made:
They admit Z into partnership with 1/8th share in profits on ist Ap
are in profits on 1st April, 2020. Z brings 20,000 as hi
and 12,000 for goodwill in cash. Z acquires nis
w for goodwill in cash. Z acquires his share from X. Following revaluations are also
(a) Employees' Provident Fund liability is to be increased by 5,000.
(b) All Debtors are good.
(C) Stock includes 3,000 for obsolete items. Hence, are to be wide
(d) Creditors are to be paid * 1,000 more.
(e) Fixed Assets are to be revalued at 70,000.
Prepare Journal entries, necessary accounts and new Balance Sheet. Also, calculate
profit-sharing ratio.
67. X and Y are partners in a firm sharing profits in the ratio of 3:2. Their Balance Sheet as at 31st​

Answer 1

Answer:

Stock includes Rs. 3000 for obsolete items. ... 15,000 10,000 5,800 1,01,000, Cash at Bank Sundry Debtors 20,000. Less: Provision for Doubtful Debts 600. Stock Fixed Assets ...