Ram, Mohan and Sohan were partners sharing profits and losses in the ratio of 5 : 3 : 2. On 31stMarch,2017 Balance Sheet was as under.[4]Liabilities`Assets`Capital A/csLand1,25,000Ram1,50,000Patents30,000Mohan 1,25,000Machinery1,50,000Sohan 75,0003,50,000Stock1,90,000Creditors1,55,000Cash at Bank40,000Workmen’s CompensationReserve30,000Total5,35,0005,35,000Sohan died on 1stAugust, 2017. It was agreed that :1.Goodwill of the firm is to be valued at`1,75,000.2.Machinery be valued at`1,40,000; patents at`40,000; Land at`1,50,000 on this date.3.For the purpose of calculating Sohan’s share in the profit of 2017–18; theprofitshould be taken to haveaccrued on the same scale as in 2016–17, which were`75,000.Prepare Revaluation A/c andpass thejournalentries regarding good will and share of profitof Sohan
Answers
Explanation:
debited to the profit and loss account is Rs. 900 (Rs. 1,200 – Rs. 300). ... sheet as on that date shall appear as follows : Trading ... The closing stock shall be shown on the assets side of the balance sheet as.
65 pages·266 KBy ltd. agreed to purchase the business of
Rahim and Karim as on 31.03.2002
assets on the date vere Rs 800000 and lich to
outsiders Rs 200000. For the purpuse of sales it
is agreed that 90% of the cussets alone will
be taken over at 10% discount liab are to
be taken subject to rebate of 10%.
Goodwill is deemed
deemed worth Rs 42000. Ascertain
Purchase considerationThese solutions for Cash Flow Statement are extremely popular among ... Securities Premium Reserve, 2,60,000, 2,50,000 ... Note: Amount of Equity Share Capital has been increased due to the issue of ...
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