Question

The Balance sheet of “Triveni Trades” is as follows. Partners share profit and

losses as

૞

૚૙

,

૛

૚૙

, ૜

૚૙

Balance sheet as on 31st March, 2012

Laibilities

Amount

Rs.

Assests

Amount

Rs.

Capitals

Nayna

18,000 Plant & Machinery

16,000

Neena

16,000 Factory Building

20,000

Dolly

8,800 Stock

10,200

Debtors 8,400

Creditors

10,600 (-) RDD 400

8,000

General Reserve

7,000 Cash

6,200

60400

60400

Neena retired from the business on 1st April, 2012 on the following terms:-

1) The Assets are revalued as under

i)

Stock at Rs. 14,000/-

ii)

Factory Building is appreciated

by 10%

iii)

Reserve for doubtful debts is to be increased upto Rs. 500/-

iv)

Plant & Machinery is to be depreciated by 10%

2) The goodwill of the retiring partner is valued at Rs. 4,000/- and the remaining

partners decided that goodwill be written back in their new profit sharing

ratio which will be 5:3

3) Neena is to be paid Rs. 2,220/- in cash on her retirement and the balance is to

be transferred to her loan account.

Prepare : a) Profit & Loss Adjustment Account

b) Capital Account of Partners

c) Balance Sheet of new firm.​

Answer 1

Answer:

Profit- 4100

Capital of nayna- 21050

Capital of dolly- 14630

Loan from leena-15630

Balnace sheet tally-62250

Answer 2

answer and explaintaion