Question

The Balance of Anwi and Awni who were sharing profits and losses in the ratio 5: 3 is given

below.

Liabilities

Capitals:

Anwi 8,00,000 Awni 6,80,000

Reserve fund

Creditors

Outstanding expenses

.. Balance Sheet as on 31.03.2019

Land

Assets

Buildings

14,80,000 Plant & Machinery

1,80,000

Furniture fitting

1,24,000 Stock 16,000 Debtors

Cash in hand

18,00,000

3,80,000 4,60,000

77,000 1,85,000

1,72,000

1,21,000 18,00,000

On the above date, Anshu is admitted into partnership. Following adjustments are agreed

upon his admission.

a) Anshu has to bring 3,00,000 as capital for 1/5 share.

b) Stock was valued at 1,72,000 c) Appreciate Furniture and Fitting by 3,000

d) An amount of 10,000 due from Mr. Sanju, a debtor was doubtful and provision is

required. e) Goodwill of the firm is valued at 2,00,000.

f) The capitals of all the partners be adjusted in their new profit sharing ratio 3: 1: 1 based on

Anshu's Capital (Adjustments to be made in cash​

Answer 1

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