Accountancy, asked by pranavgupta2182002, 10 months ago

Modified
36. X, Y and Z are partners sharing profits in the ratio of 4:3:2. Their Balance Sheet as at 31st March, 294
stood as follows:
Liabilities
Assets

24,140
334
3,045
Creditors
Capital A/cs:
X
Y
105
12,000
9,000
6,000
Cash at Bank
Sundry Debtors
Less: Provision for Doubtful Debts
Stock
Plant and Machinery
Land and Building
Y's Loan
Z
27,000
51,140
2008
51,14
Y retired on 1st April, 2020 after giving due notice. Following adjustments in the books of the fun
were agreed:
(a) Land and Building be appreciated by 10%.
(b) Provision for Doubtful Debts is no longer necessary since all the debtors are good.
(c) Stock be appreciated by 20%.
(d) Adjustment be made in the accounts to rectify a mistake previously committed whereby Ywas credited
in excess by 810, while X and Z were debited in excess of 420 and 390 respectively.
(e) Goodwill of the firm be valued at 5,400 and Y's share of the same be adjusted to the Capital Accouns
of X and Z who were going to share future profits in the ratio of 2:1.
(f) It was decided by X and Z to settle Y's account immediately on his retirement.
Prepare: (1) Revaluation Account; (ii) Partners' Capital Accounts and (iii) Balance Sheet of the firm after Y's retirement
Y's retirement​

Answers

Answered by maahi7377
1

Answer:

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