Question

Mahesh and suresh are partner and they admit naresh into partnership they agreed to value goodwill at three years purchase on weighted average profit method taking profit for last five years
31st march,2013 125000
31st,march2014 140000
31stmarch,2015. 120000
31stmarch,2016. 55000
31stmarch 2017. 257000

Book of account revealed following
(i)A second hand machine was purchased for 500,000 on 1st july 2015 and 100000 were spent to make it operational. 100,000 were wrongly debited to repair account. Machinery is depreciated @20%p.a on wdv method
(ii) closing stock as on 31 march 2016 was undervalued by 50,000
(iii) remuneration to partner was to be considered as charge against profit and remuneration at 30,000 p.a for each partner was considered appropriate

Answer 1

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