Question

sheet as at ist
Balance Sheet
Liabilities
₹
Assets
Sundry creditors
Employees' provident fund
Bills payable
General reserve
Capital accounts:
Resham
Silk
30,000 Goodwill
7.000 Building
45,000 Machinery
15,000 Furniture
Stock
2,20,000 Book debts
1,60,000 Cash
1,00,000
1,20,000
1,25,000
75.000
25,000
1.15,000
1,05,000
12.000
Tissue
5,77,000
5,77,000
On that date, they agreed to take Cotton as an equal partner on the following terms:
(1) Cotton should bring in 1,60,000 as his capital and 60,000 as premium for goodwill.
(i) The goodwill account is to be written off before admission
(i) Provision for loss of stock and provision for book debts is to be made at 10% and 5% respectively.
(iv) The value of building is to be taken at * 2,00,000.
(u) The total capital of the new firm has been fixed at * 7,20,000 and the partners' capital accounts are
to be adjusted in their profit sharing ratio. Any excess is to be transferred to current account or
deficit to be introduced in cash.
You are required to prepare Revaluation Account, Capital Accounts and Balance Sheet of the new firm.​

Answer 1

Answer:

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