Question

Q.No.:42
Amit, Balram and Chander were partners in a firm sharing profits in the
proportion of 1/2, 1/3, and 1/6 respectively. Chander retired on 1st. april
2018. The Balance sheet of the firm on the data of Chander's retirement
was as follows:
Balance sheet of Amit, Balram and Chander
As at 1"april 2018.
Llabilities
Amount(Rs) Assets
Amount(Rs.)
Sundry creditors
12,600
Bank
41,00
Provident fund
3,000
Debtors
30,000
General Reserve
9,000
Less: provisions.
29,000
1,000
Capitals:
Stock
25,000
Amit
40,000
investments
10,000
Balram
36,500
patents
5,000
Chander
20,000
96500
machinary
48,000
1,21,100
1,21,100
It was agreed that:
a) Goodwill will be valued at Rs. 27000.
b) Depreciation of 10% was to be provided on machinery.
c) Patents were to be reduced by 20%
d) Liability on account of provident fund was estimated at Rs. 2400
e) Chander took over investments for Rs. 15,800.
f) Amit and Balram decided to adjust their capitals in proportion of their
proft-sharing ratio by opening current A/C.
Prepare Revaluation account and partners capital accounts on
Chander's retirement​

Answer 1

Answer:

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Explanation:

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