Question

Q. 40. Anshu, Anju and Anupma are partners in a firm sharing profit in the
of 2:2:1. Their Balance Sheet as at March 31, 2016 was as follows:
BALANCE SHEET as at March 31, 2016
Liabilities
Assets
Creditors
65,000 Land
2,00,00
Bills Payable
7,000 Building
80,00
General Reserve
48,000 Plant
1,60,00
Capital:
Stock
2,10,00
Anshu 2,40,000
Debtors
Anju 2,00,000
Cash
20,000
Anupma
1,60,000 6,00,000
7,20,000
50.000
7.20.00
Anshu, Anju and Anupma decided to share the profit equally, w.e.f. April 1, 2016
For this purpose it was agreed that:
(1) The goodwill of the firm should be valued at 60,000.
(it) Land should be revalued at $3,00,000 and building and plant shou
depreciated by 5%. Stock be valued at $2,25,000.
(in) Creditors amounting to 2,000 were not likely to be claimed and he
be written off. You are required to :
(a) Record the necessary journal entries to give effect to
agreement, without opening revaluation account;
(b) Prepare the capital accounts of the partners; and
(c) Prepare the balance sheet of the firm after reconstitution.
Partners decide that General Reserve is to be transferred to cap.
whereas revised values of assets and liabilities are not to be recorded in th
med and hence should
to
give effect to the above
to Capital Accounts
orded in the books.​

Answer 1

Answer:

prepare the balance sheet of the firm after reconstitution

Answer 2

Answer:

Explanation:

Answers you can see

Anshu=270200. Anju=230200&

Anupma=147600