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Revaluation Account (b) Partners' Capital Account (C) Balance Sheet as
on 1.1.2018 after admission of C.
6. A and B are partners of a partnership firm. They shared Profit & Loss in
the ratio of 2 : 1. Their Balance Sheet as on 31.12.2017 was as under:
Balance Sheet
Liabilities
Amount Assets
Amount
Rs.
Rs.
Capital A/cs :
Land & Building
60,000
A
1,00,000
Furniture
50,000
B.
50,000 1,50,000 Investment
30,000
General Reserve
20,000 Stock
25,000
Creditors
50,000 Debtors
50,000
Outstanding Expenses 10,000 Less : Provision 5,000 45,000
Cash
20,000
2,30,000
2,30,000
On 1.1.2018, C is admitted as a new partner on the following terms :
(i) Land and Building to be appreciated by 10%
(ii) Market value of investment is Rs. 35,000
(ii
) Outstanding Expenses to be increased by Rs. 2,000
(iv) Provision on Debtors to be increased by 5%
(v) Value of Goodwill of the firm is Rs. 50,000
(vi) C brings Capital of Rs. 30,000 and premium for Goodwill brought in
by C and the amount retained in business.
(vii
) The new profit sharing ratio after C's admission will be 5 : 3 : 2.
3+4+3
inn No 7 or Question No. 8.
Prepare :