Question

stam, Shyam and Mohan are partners sharing profits in the ratio of $ 3.2. Mohan retired on 1 April, 2021 from business. The Balance Sheet stood as at 31st March 2021 as under ₹ Assets > Oditors be 1.98,000 92.500 1,00,000 67.500 Cash Bank Sundry Debtors Stock Compensation Reserve Furniture 55.000 161.500 3.40,000 1.81,000 1.82.500 1,32.000 2.02.300 2.60.000 143,700 4,00,000 6,00,000 2,00,000 Computers Plant and Machinery Land and Building 12,00.000 Investments 16,58,000 16.58.000 The assets on Mohan's retirement are to be revalued as follows: Stock Plant and Machinery Land and Building Furniture 2,00.000 2.35.300 2.00,000 1.42,500 A sum of 17,000 is to be written off from Sundry debtors. Goodwill of the firm be valued at 90,000 and Mohan's share in it be adjusted into the Capital Accounts of Ram and Shyam. ha continuing partners agreed to pay 1,65,000 on retirement of Mohan, to be contributed by the sing partners in their new profit-sharing ratio which is 3:2. The balance in the Capital Account wahan is to be taken as loan. Journal entries, prepare Revaluation Account Partners Capital Accounts and Balance Sheet of ed fim.​

Answer 1

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