Accountancy, asked by js8410614q, 10 months ago

Q.33. The following was the Balance Sheet of Ram and Shyam as at 31st March, 2012: Liabilities Ram's Capital - 30000 Shyam's Capital - 27500 Reserve - 6000 Employee's Provident Fund - 500 Creditors - 10000 Net Profits - 6000 Assets Plant & Machinery - 50000 Patents - 2000 Stock in Trade - 23000 Debtors - 4000 Cash - 1000 Ram retired from the business on 1st April, 2012. Goodwill is to be valued at 10,000. The Patents were valueless, Plant and Machinery is to be depreciated by 10%. A provision of 5% for Doubtful Debts is to be created on Book Debts. Assuming that these adjustments are duly carried out, show the Capital Accounts and Balance Sheet of Shyam after Ram has been paid off. Shyam borrows money from his bank on security of Plant and Machinery to pay off Ram.

Answers

Answered by lodhiyal16

Answer:

Explanation:

JOURNAL

1. Cash a/c.... Dr. 26600

To Arjun's Capital a/c 20000

To Premium for Goodwill a/c 6600

(Being capital and premium for goodwill brought )

2. Premium for Goodwill a/c.... Dr. 6600

To Ram's Current a/c 3600

To Shyam's Current a/c 3000

(Being premium for goodwill distributed among the partners in the ratio of 6:5)

Answered by mithunamuralidharan5

Answer:

prepare revaluation account

balance sheet

capital account

Explanation:

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