Question

Q. 33. Manoj, Naveen and Deepak were partners sharing profits and losses in the
B*32.800; B/S total 1,22,800.J
5,900
19.000
ratio of 4:32. As at 1st April 2018, their Balance Sheet was as follows:
Liabilities
Assets
Trade Creditors
7,000 Cash in hand
Capitals
Debtors
Manoj
50.000
Less Provision
1,400
Naveen
39.000
Stock
Deepak
30,000 1.19,000 plant and Machinery
Motor Car
Buildings
Goodwill
1,26,000
17,600
13,500
18.000
20,000
48.000
3.000
1,26.000
Deepak retired on the above date as per the following terms:
1. Goodwill of the firm was valued at 21,000.
2. Stock to be appreciated by 10%.
3. Provision for doubtful debts should be 5% on debtors.
4. Machinery is to be valued at 5% more than its book value.
5. Motor Car is revalued at 15,500. Retiring partner took over Motor Car at this
value.
6. Deepak be paid $2,000 in cash and balance be transferred to his loan account. show necessary journal entries. prepare revaluation account,capital accounts, and opening balance sheet of continuing partners. ​

Answer 1

Answer:

33. Manoj, Naveen and Deepak were partners sharing profits and losses in the

B*32.800; B/S total 1,22,800.J

5,900

19.000

ratio of 4:32. As at 1st April 2018, their Balance Sheet was as follows:

Liabilities

Assets

Trade Creditors

7,000 Cash in hand

Capitals

Debtors

Manoj

50.000

Less Provision

1,400

Naveen

39.000

Stock

Deepak

30,000 1.19,000 plant and Machinery

Motor Car

Buildings

Goodwill

1,26,000

17,600

13,500

18.000

20,000

48.000

3.000

1,26.000

Deepak retired on the above date as per the following terms:

1. Goodwill of the firm was valued at 21,000.

2. Stock to be appreciated by 10%.

3. Provision for doubtful debts should be 5% on debtors.

4. Machinery is to be valued at 5% more than its book value.

5. Motor Car is revalued at 15,500. Retiring partner took over Motor Car at this

value.

6. Deepak be paid $2,000 in cash and balance be transferred to his loan account. show necessary journal entries. prepare revaluation account,capital accounts, and opening balance sheet of continuing partners.

Answer 2

Explanation:

It Will help for you.