Question

Q. 118. Following is the
3:2.
2,20,000
Creditors
General Reserve
Workmen's Compensation
Reserve
Capital Shashi
Ashu
1,80,000 Debtors
2.50.000 Less Provision for
Doubtful Debts
1,50.000 Land & Building
1.50,000 Plants & Machinery
1.00.000 Stock
Bank
10,000 2,100
1,800
She of
1200
14.72
8,30,000
2,10.00
8,30,00
On admission of Tanya for 1/6th share in the profits it was decided that:
(1) Provision for doubtful debts to be increased by 15,000.
(ii) Value of land and building to be increased to 2,10,000.
(iii) Value of stock to be increased by 325,000.
(iv) The liability of workmen's compensation claim was determined to be
1,20,000.
(v) Tanya brought in as her share of goodwill 1,00,000 in cash.
(vi) Tanya was to bring further cash of 1,50,000 for her capital.
Prepare Revaluation A/c, Capital A/cs and Balance Sheet of the new firm.
[Ans. Profit on Revaluation 340,000; Capital Accounts : Shashi 24,02,000; Ashu
62,68,000 and Tanya 1,50,000; B/S Total 11,20,000. Workmen Compensation
Reserve amounting to 30,000 has been divided among old partners.​

Answer 1

Answer:

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