Question

(Preparation of Balance Sheet to reconstituted firm). The Balance
Sheet of Balu and Chalu who share profits and losses in the ratio of 3:1,
as at 31st March.
2012 was under
BALANCE SHEET
313. 2012
Assets
30.000 Cass
10,000
Reser 55.000 Debtors 6.500
12.000
Less Provision 500
6,000
45.000 Bis Receivables
5,000
2000 Sloch,
10,000
Land and Building
15,000
Good
21 000
67300
67,000
Aalu was admitted on 1.4.2012 for th share on the following terms :-
5
(a) Unaccounted Accrued Incomes of 100 be accounted for;
(1) The market value of Land and Building be taken as ? 20.000,
(c) Claim as account for Workmen's Compensation is estimated at 7 20,000
( Xan old customer whose account was written off as bad, has paid ? 200 in cash
full settlement of his dues.​

Answer 1

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