Accountancy, asked by alekya7760, 1 year ago

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Pls solve this fast pls 8) Following is the Balance sheet of Aruna, Karuna and Varuna as at 31" March, 2016, who have agreed to share profits and losses in proportion of their capitals: Balance sheet of Aruna, Karuna and Varuna as at 3 1st March, 2016 4488025 4489002 Web: PO 46492. Aim Ohabi. Abu Dhabi Indian School Liabilities Capital A/cs: Aruna V aruna General Reserve 2.00.ooo 35,000 15,000 50,000 Assets Land and Building Machinery Closing Stock Sundry Debtors Less: Provision for doubtful debts Cash at bank 1, 10,000 Workmen Compensation Reserve Sundry Creditors On 3 Isa March, 2016, Aruna desired to retire from the firm and the remaining partners decided to carry on the business. It was agreed to reevaluate the assets and reassess the liabilities on the following basis: 11. v. VI. Land and Building to be appreciated by 30%. Machinery be depreciated by 20%. There were bad debts 7,000. The claim on account of workmen compensation was determined at 0,000. Goodwill of the firm was valued at RI ,40,000 and Aruna's share of goodwill be adjusted against the Capital Accounts Of the continuing partners Karuna and Varuna Who have decided to share future profits in the ratio of4:3 respectively. Capital of the new firm in total will be the same as before the retirement of Aruna and will be in the new profit-sharing ratio of the continuing partners. vii. Amount due to Aruna be settled by paying in cash and the balance by transferring to her Loan Account which will be paid later on. Prepare Revaluation Account, Capital Accounts of the partners and the Balance Sheet Of the new firm.

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Answered by Anonymous
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d) Restrictive

Aruna be settled by paying in cash and the balance by transferring to her Loan Account which will be paid later on. Prepare Revaluation Account, Capital Accounts of the partners and the Balance Sheet Of the new firm.

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