T, D and Z are partners in a firm sharing profits and
losses in the ratio of 4:3:3.On January 1, 2015 their
Balance Sheet was as follows:
LIABILITIES RS. ASSETS RS
Sundry Buildings 78,000 Creditors
Capital
accounts
T
D
Z
General
Reserve
Current
account
T
Z
20,000
90,000
80,000
70,000
21,000
3,600
2,400
Machinery
Furniture
Investments
Stock
sundry debtors
41,000
Less provision
1,000
Cash in hand
Current account
D
45,000
15,000
36,000
21,000
40,000
49,000
3,000
2,87,000 2,87,000
Z retired on that date subject to the following
adjustments:
i) Stock to be valued at Rs.19, 000
ii) Out of the amount payable to Z an amount of
Rs.24,000 was to be transferred to a Loan Account
carrying interest @ 12% per annum.Investments were
taken over by him as a part payment of his capital and
balance was paid off immediately in cash
iii) Of the debtors Rs.900 proved bad and a further
provision for doubtful debts is to be created for
Rs.1, 500.
iv) Buildings are to be appreciated by 20%.
v) Goodwill valued Rs.36, 000.
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