Mrs. Shehal and Mrs. Meenal are equal partners in a business. Their balance sheet is as follows.
Balance Sheet as on 31st March, 2013 [10 MARKS]
Liabilities
Amount Rs.
Assets
Amount Rs.
Capital A/cs
Premises
20,500
Snehal
80000
Investments
10,500
Meenal
45000
125000
Equipments
5,000
Creditors
46,000
Bills Receivable
18,000
General reserve
20,000
Debtors
110000
( - ) R.D.D.
11000
99000
Bank Balance
38,000
191,000
191,000
They agreed to admit Mr. Komal on 1st April, 2013 on the following terms:
(1) Komal should bring Rs. 50,000 towards her capital for one fourth (1/4th )Share in future profit.
(2) Goodwill to be raised in the books of the firm for Rs. 40,000.
(3) R.D.D. to be maintained at 5% on debtors.
(4) Premises to be valued at Rs. 30,000 and equipments to be written off fully.
(5) Creditors allowed a discount of Rs. 1,000 and they were paid off immediately.
Prepare: Profit and Loss Adjustment Account, Partner's Capital Accounts and Balance Sheet of the new firm.
Answers
Answered by
5
Answer:
Liabilities
Amount Rs.
Assets
Amount Rs.
Capital A/cs
Premises
20,500
Snehal
80000
Investments
10,500
Meenal
45000
125000
Equipments
5,000
Creditors
46,000
Bills Receivable
18,000
General reserve
20,000
Debtors
110000
( - ) R.D.D.
11000
99000
Bank Balance
38,000
191,000
Answered by
1
Answer:
profit and loss adjustment A/C RS 10,100
Capital A/C Snehal RS 1,01,750 Meenal RS 66,750 Kamal RS 50,000
Balance sheet total RS 2,60,000
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