Question

Rajesh and Rinky were in partnership firm Rocky admitted into partnership firm for one fifth of profits. He brought in sharing profits in the ratio of 3:2. On October 2016. ? 1.00.000 in cash of which share of goodwill and remainder as his capital (15) Financial Accounting (Special Accounting Areas) (S.Y.B.CAF-Sem.- (1) Debit Amt. Credit 1,00,350 Amt RI 59, 750 26,000 1,27,625 1,98,625 2,01,000 2,000 30,000 1,200 10,500 8,58,125 13,13,250 26,250 85,875 48,975 20.625 25,000 77,500 16,200 13,450 21,000 25,000 20,000 10,000 22 200 75,000 50,000 17.82.750 17.82.750 30, 000 were considered as being payment for his 298 Particulars Bills Receivable and payable Opening Stock Reserve for D.D Debtors and Creditors Bad Debts Loan at 5% given on 30 November, 2016 Prepaid Insurance Oustanding wages Purchases and sales Returns Wages Salaris Machinery Patents Postage and Insurance Trade Expepenses Rent Capital: Rajesh Rinky Cash paid by Rocky on 1 oct. 2016 Current Account: Rajesh Rinky Rocky Cash in hand Additional Information a) Closing Stock t 1,00,000. b) Machinery is to be Depreciated @ 10% p.a. c) Reserve for Doubtful Debts to be maintained at 5%. d) e) Goods to the value of ? 4,000 have been destroyed by fire and the insurance company had admitted the claim for 3,000 only. 20% of the patents are to be written off. The gross profit for the year is to be allocated in ratio of time between the period before the admission and the period after the admission Prepare firm's Final Account for the year ending as on 31 ^ 4 March, 2017.​

Answer 1

Answer:

very hard your question

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