Question

Sunil gives 1/10th from his share to Charan. Their Balance Sheet as on 31st March,
ILLUSTRATION 79.
Anil and Sunil are partners sharing profits and losses in the ratio of 3 : 2. They
6,000
2013, is given below:
Liabilities
Anil's Capital
Sunil's Capital
Workmen Compensation Fund
Investment Fluctuation Fund
Employee's Provident Fund
Provision for Doubtful Debts
Assets
32,600 Land & Building
40,400 Investments
2,000 (Market Value *4,500)
1,000 Debtors
1,000 Stock
1,000 Bank
78,000
5,000
30,000
10,000
27,000
78,000
Terms of Charan's admission are as follows:
(a) Charan brings in 30,000 as his capital. His share of Goodwill was
determined to be 18,000. He could bring in only 60% of his share.
(b) Land & Building was found to be undervalued by 10,000, stock was found
overvalued by $7,000 and provision for doubtful debts is to be made equal to
5% of the debtors.
(c) Capital accounts of the old partners to be re-adjusted in the new profit sharing
arrangement on the basis of Charan's capital, any excess or deficiency to be
adjusted in cash.
You are required to :
(i) Pass journal entries
(ii) Prepare Partner's Capital Accounts
(iii) Balance Sheet of the new firm.
Show your workings clearly
(I.S.C. Sample Question paper 2015)​

Answer 1

Answer:

please follow me I will re follow your and mark friendliest to my answer

Explanation:

keep it up you will reach top