Question

PARTNERSHIP ACCOUNTS REVALUATION AND RE-ASSESSMENT 93 Capitals : Sonu Anil Creditors Sonu and Anil are partners in a firm sharing profits in the ratio of 3 : 2. They decided to admit Montu as a new partner with effect from April 1, 2017. In future, profits will be shared equally. The balance sheet of Sonu and Anil as at April 1, 2017 and terms of admission are given below: Liabilities Assets ₹ Plant and machinery 4,53,000 3,00,000 Furniture and fittings 62,000 3,00,000 Stock 84,000 60,000 Debtors 36,000 Outstanding expenses 15,000 Cash in hand 40,000 6,75,000 6,75,000 () Capital of the firm was fixed at 6,00,000 to be contributed by partners in the profit sharing ratio. The difference is adjusted in cash. () Montu to bring his share of capital and goodwill in cash. Goodwill of the firm is to be valued on the basis of 2 years' purchase of super profit. The average net profit expected in future by the firm is 90,000 per year. The normal rate of return on capital in similar business is 10%. Calculate the Value of Goodwill and prepare Partners' Capital Accounts. Rajat and Ravi were partners in a firm sharing profits in 3:1 ratio. They admitted Rakhal as a new partner with effect from 1st April, 2017. In future, profits will be shared in the ratio of 9:3: 4. Rakhal was tn hring 20.000 and his capital and capitals of Rajat and Ravi were to be adjusted on the basis of​

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Answer:

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