Question

On 1st April, 2018, Aditya is admitted as a partner for one-fifth share in the profits with a capital of
4,50,000 and necessary amount for his share of goodwill on the following terms:
(a) Furniture of 2,40,000 were to be taken over Divya, Yasmin and Fatima equally.
(b) A creditor of 7,000 not recorded in books to be taken into account:
(C) Goodwill of the firm is to be valued at 2.5 years' purchase of average profits of last two years. The
profit of the last three years were:
2015-16-76,00,000; 2016-17-2,00,000; 2017-18—6,00,000.
(d) At time of Aditya's admission. Yasmin also brought in 50,000 as fresh capital.
(e) Plant and Machinery is re-valued to * 2,00,000 and expenses outstanding were brought down to 9,00
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the reconstituted firm.
(CBSE Sample Paper 2018​

Answer 1

Explanation:

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