Question

Sahaj and Nimish are partners in a firm. They share profit and losses in the ratio of 2 : 1. Since both of them are specially abled, sometimes they find it difficult to run the business on their own. Therefore, they admitted Gauri into partnership for a 1/3rd share. She brought her share of goodwill in cash and proportionate capital. At the time of Gauri's admission, the Balance Sheet of Sahaj and Nimish was as under: It was decided to: (i) Reduce the value of stock by RS.5,000. (ii) Depreciate furniture by 10% and appreciate machinery by 5%. (iii) RS.3,000 of the debtors proved bad. A provision of 5% was to be created on Sundry Debtors for doubtful debts. (iv) Goodwill of the firm was valued at RS.45,000. Prepare Revaluation Account, Partners Capital Accounts and the Balance Sheet of the reconstituted firm.

Answer 1

Explanation:

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