SAMPLE PAPER FOR PRACTICE
4,00,000 10,00,000 Advertisement Suspense
On the above date C is admitted as a partner for 3/7th share which he takes 21th com
and 1/7th from B. He brings 2,00,000 as premium out of his share of 2,40,000.C
(iii) Investments are to be increased by 32,00,000 and stock is to be increased
Prepare Revaluation A/c, Capital A/cs and the opening Balance Sheet. Also calculate the
166
1,50,000 Debtors
General Reserve
Stock
Capitals A/cs:
Premises
6,00,000
A
B В
13,00,000
36,00,000 as his capital. Following terms are agreed upon :
(i) Premises be depreciated by 10%.
(ii) Accrued income 315,000 is to be taken into account.
2,00,000
(iv) A liability of 710,000 included in creditors is not likely to arise.
(v) There is an unrecorded asset worth 50,000.
new profit sharing ratios.
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