Question

Q2

The following is the balance sheet of Madhuri and Manisha sharing profit and losses in the

ratio of 3:2 as on 31st March 2019.

Balance Sheet as on 31st March 2019

Liabilities

Capital account

Madhuri

Manisha

Sundry Creditors

Bills Payable

Amt

Assets

(=

Building

Plant and Machinery

Stock

Debtors

Less R.D.D.

Bank

Furniture

42000

2000

Amt 72000

60000

48000

40000

20000

10000

250000

80000

100000

60000

10000

250000

On 1st April 2019 Mohini admitted on the following terms.

1. She is to pay 100000/- as her capital and 40000/- as her share of goodwill.

2. The new profit sharing ratio is to be 5:3:2

3. The assets are to be revalued as under Building 100000/-, Plant and Machinery 48000/

4. R.D.D. to be increased up to 4000/

5. The old partners decided to retain half of the amount of goodwill in the business.

6. Sundry creditors should be revalued at * 66000/-.

Give Revaluation Account, Capital Account, and Balance Sheet of New firm.

Answer 1

Explanation:

this the all the a/c and you can write it I have checked this double

Answer 2

Answer:

Final answer is 744500.

Explanation:

Step 1: The financial situation of the company is displayed on the balance sheet, which is a statement. At the conclusion of the accounting period, after the production of the trade and profit and loss statements, the business's assets and liabilities are recorded.

Step 2: The Partnership Act of 1932 states that in the absence of a partnership agreement, the partners must divide profits and losses equally among themselves or in accordance with the partnership agreement. The capital contribution each individual or single investor makes to the joint venture as a percentage of the total capital contribution made by all investors is known as the capital proportion.

Step 3: The assets and liabilities of a corporation are disclosed in the balance sheet. This might include both long-term assets like real estate, machinery, and supplies as well as short-term assets like cash and accounts receivable, depending on the company (PP&E). It serves as a foundation for assessing return rates and capital structure. To create and analyse a company's financial situation, financial statements such a balance sheet, income statement, and statement of cash flows are utilised.

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