On 1st April, 2018, Aditya is admitted as a partner for one-fifth share in the profits with a capital of RS.4,50,000 and necessary amount for his share of goodwill on the following terms: <br> (a) Furniture of RS.2,40,000 were to be taken over Divya, Yasmin and Fatima equally. <br> (b) A creditor of RS.7,000 not in books to be taken into account. <br> (c) Goodwill of the firm is to be valued at 2.5 years' purchase of averge profits of last two years. The profit of the last three years were: <br> 2015-16-RS.6,00,000, 2016-17-RS.2,00,000, 2017-18-RS.6,00,000. <br> (d) At time of Aditya's admission. Yasmin also brought in RS.50,000 as fresh caiptal. <br> (e) Plant and Machinery is re-valued to RS.2,00,000 and expenses outstanding were brought down to RS.9,000. <br> Prepare Revaluation Account, Partners Capital Balance Sheet of the reconstituted firm.
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Answer:
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Answer:
Explanation:
REVALUATION ACCOUNT
To creditors 7000 By machinery 20000
To Patners capital By outstanding exp 1000
Divya 7700
Yamin 4900
Fatima 1400 14000
21000 21000
PATNERS CAPITAL ACCOUNT
Particulars divya yamin fatima Aditya
To Furniture 80000 80000 80000 ---
To balance c/d 597200 376400 450400 450000
By balance b/d 510000 300000 500000 ----
By Bank a/c ----- 50000 -- 450000
By reserve 49500 31500 9000
By Premium 110000 70000 20000 ------
By Revaluation A/c 7700 4900 1400 ----
BALANCE SHEET
sundry creditor 77000 factory building 735000
Public deposit 119000 Plant and machinery 200000
Outstanding exp 9000 Furniture 20000
Capital Account Stock 145000
Divya 597200 Debtors 150000
Yasmin 376400 Less Provision( 30000) 120000
Fatima 450400 Cash at bank 850000
aditya 450000 1874000
2079000 2079000