Q1.A and B are partners Ratio 7:3 Their new ratio agreed at 1:1. Assets and liabilities revalued as follows: 1.PLANT to be increased by 20,000 2. FURNITURE of Rs. 50,000 to be increased by 10% 3. Plant of Rs. 2,00,000 to be appreciated by 30% 4. Creditors of Rs 3000 are not likely to arise. 5. Bills payable to be increased by 2000. 6. Equipment of Rs. 20,000 now to be recorded at 15,000 7. Loan of Rs. 60,000 to be recorded at 65000
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A,B and C are partners sharing profits and losses in the ratio of 3:2:1 respectively. Their Balance Sheet as at 31
st
March,2018 is as follows:
Liabilities (Rs.) Assets (Rs.)
Capital A/cs:
A 60,000
B 60,000
C 40,000
Creditors
Bills Payable
1,60,000
30,000
10,000 Land and Building
Plant and Machinery
Furniture
Stock
Debtors
Bills Receivable
Bank 50,000
40,000
30,000
20,000
30,000
20,000
10,000
2,00,000 2,00,000
D is admitted as a new partners on 1
st
April,2018 for an equal share and is to pay Rs.50,000 as capital. Following are the adjustment required on D
′
s
Explanation:
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