Question

Q. 38. P, Q and R were partners sharing profits in the ratio of 1:3:2. Following
was their Balance Sheet as at 31st March, 2018 :
₹
Rev
5,00,000
the
₹
Liabilities
Assets
2,80,000 Land and Building
Sundry Creditors
15,000 Investments
Outstanding Expenses
Workmen Compensation Reserve 60,000 (Market Value 1,10,000)
Investment Fluctuation Reserve 45,000 Stock
Capital Accounts:
Sundry Debtors
Р
2,00,000
Bank Balance
Q
5,00,000
Advertisement Suspense
R.
3,00,000 10,00,000
14,00,000
1,25,000
2,20,000
3,20,000
1,60,000
75,000
Cr
GO
C
14,00,000
On 1st April, 2018 they decided to share future profits in the ratio of 4 : 6:5. It
was agreed that:
(i) Claim for Workmen Compensation has been estimated at 1,00,000.
(ii) A motor cycle valued at 30,000 was unrecorded and is now to be recorded in
the books.
А.​

Answer 1

Answer:

31st March, 2018 :

₹

Rev

5,00,000

the

₹

Liabilities

Assets

2,80,000 Land and Building

Sundry Creditors

15,000 Investments

Outstanding Expenses

Workmen Compensation Reserve 60,000 (Market Value 1,10,000)

Investment Fluctuation Reserve 45,000 Stock

Capital Accounts:

Sundry Debtors

Р