The Balance Sheet of Manoj, Sanjay and Vinod as on 31st March, 2020 was as follows:
Answers
Answer:
0.5 The Balance Sheet of Mano). Sanjay and Vinod as on 31" March, 2020 van ag
follows:
(08)
Balance Sheet as on 31 March, 2020
Liabilities
Anete
Amt. (1)
Capitals: Manoj
15.000
Sanjay
100 Debten
18.000
Vinod
20.000 SEK
2.000
Rope Band
Creditors
27 000
Vinod died on 1st August, 2020 and the following adjustments were agreed:
(1) 15 of patent to be written off
12) Unrecorded creditors amounted 3500,
(3) Stock revalued at 72,500.
(4) Allow 12 interest on capital.
15) The goodwill of the firm is to be valued at 2 years purchase of average profit of last
4 years. The profits were 724.000 for 2019-20; † 18,000 for 2018- 19:222,000 for
2017 - 18 and 26.000 for 2016-17
16 The deceased partner's share of profit upto the date of his death should be based on
the average profit of last 2 ycars.
Answer:
Manoj Sanjay and vinod balance sheet as on 31 March 2012