Question

Q22 Ravi, Aditya and Satish were partners in a firm sharing profits as 50%, 30% and 20% respectively. On 31st
March 2014, their Balance Sheet was as follows:


Liabilities
Creditors 34000
Provident Fund 10000
Investment Fluctuation Fund
Capital A/cs:
Ravi 1,40,000
Aditya 80,000
Satish 50,000
TOTAL-3,34,000
Assets
34,000 Cash
10,000 Stock
20,000 Debtors
Less : Provision
Investment
2,70,000 Goodwill
Profit and Loss
94.000
6.000
88,000
80,000
40,000
20.000
TOTAL
3,34,000
On the above date, Aditya retired and Ravi and Satish agreed to continue on the following terms:
(a) Firm's goodwill was valued at 70,000 and it was decided to adjust Aditya's share of goodwill into the
Capital Accounts of the continuing partners.
There was a claim for Workmen's Compensation to the extent of * 12,000 and investments were
brought down to 20,000
(C) Provisions for Bad Debts was to be reduced by 2,000.
(d) Aditya was to be paid 20,600 in cash and the balance will be transferred to his Loan Account
Pass journal entries​

Answer 1

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