Question

Q.12 Amar and Akbar sharing profits & losses in the ration of 5:3 had the following balance
sheet as on 31st March, 2012.
0.14
Liabilities
Capital A/c's
Amar
Akbar
General Reserve
Bills Payable
Creditors
Balance Sheet As on 31st March, 2012
Amt.(Rs.) Assets
Goodwill
1,60,000 Buildings
80,000
Plant
56,000
Furniture
16,000
Debtors
40,000
Bills receivable
Stock
Bank
3,52,000
Amt.(Rs.)
60,000
68,000
54,000
8,000
65,000
30,000
45,000
22,000
3,52,000
On 1st April, 2012 they decided to admit Anthony into the partnership by giving him 1/5th
share in future profits. He brings in Rs 1,00,000 as his capital. The partners decided to
revalue the assets as follows:
Goodwill Rs 1,00,000, Plant Rs 50,000, Debtors Rs 62,000, Stock Rs 65,000, Building Rs
80,000, Furniture Rs 4,000 and Bills Receivable Rs 25,000.
The Partners also decided not to show goodwill in the books of the new firm; Prepare
Revaluation A/C, Partner's Capital A/c and new Balance Sheet of the firm.
On ise
1 Sura
1. The
admiss
Plan
nerva
Stoc
3. Out
The
toun
pir
lance Sheet stood​

Answer 1

The answer is in above attachment

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