Question 1
(20)
X and Y are partners in a firm sharing profits and losses in the ratio of 5:3. On 31st March,
2020, their Balance Sheet was as under:
Liabilities
Creditors
Provident fund
Workmen comp. reserve
Capitals a/c:
X
260000
Y
135000
Rs.
50000
15000
40000
Assets
Bank
Debtors
Stock
Premises
Advertisement exp.
Rs.
29000
180000
125000
150000
16000
395000
500000
500000
On 1st April, 2020 Z is admitted as a partner. X surrenders 1/4th of his share and Y 1/3rd of his
share in favour of Z. Goodwill is valued at Rs.1,60,000. Z brings in only 25th of his share of
goodwill in cash and Rs.1,50,000 as his capital. Following terms are agreed upon:
() Premises is to be increased to Rs. 2,00,000 and stock by Rs.5,000.
(ii) Creditors proved at Rs.60,000, one bill for goods purchased having been omitted from the
books.
(iii) Outstanding rent amounted to Rs.12,000 and prepaid salaries Rs.2,000.
(iv) Liability on account of provident fund was only Rs.10,000.
(v) Liability for Workmen Compensation Claim was Rs.16,000.
Prepare Revaluation A/c, Capital A/c and the opening Balance Sheet.
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