Q4. The following was the balance sheet Sharad and Narad who share profit in the
ratio of 3:2 as on March 31st2012
(10)
Balance Sheet as on 31 March 2012
Liabilities
Creditors
Capital Sharad
Narad
Amount Asset
30000 Furniture
40000 Build ng
50000 Debtors
Stock on Hand
Cash in Hand
Amount
30000
36000
20000
24000
10000
120000
120000
Varad was admitted on April 1st2012 on following terms
1) Varad was to pay 50000 for his share of the capital
2) he was also pay 20000 as his share of goodwill
3) The new profit sharing ratio was to3:2:3
4) old partners had decided to revalued asset as follows
building 50000 furniture 24000 debtors 19000
5) it was found that there was a a liability for rupees 1500 for goods in in March
2012 but recorded on April 2 2012.
you are required to prepare
1. Profit and loss adjustment account
II. Capital account of all partners
III. Balance sheet after the admission of Varad
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Balance Sheet as on 31st March 2012. Liabilities Creditors Capital Sharad Narad Amount Asset 30000 Furniture 40000 Building ... building 50000 furniture 24000 debtors 19000 5) it was ...
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