Question

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M and Gwere partners in a firm hann profits and losses in the mot
1.2 On 11.1.2016 their Balance Sheet was as under
BALANCE SHEET OF MEN AND G 2015
Par
Creditos
General Rone
Capitals
5.000
M
55.000 h
30,000 Debes
Lene Provision
1.50.000
Stock
1.25.000
Machinery
75.000 3.50.000 Parts
Building
Profit & Loss Ave
4.15.000
40.000
50.000
1.500.000
30.000
1.00.000
35.000
4.35.000
Mretired on the above date and it was agreed that
(1) Debtors of (2.000 will be written oft as bad debts and a provision of on
debtors for had and doubthul debts will be maintained
6) Patents will be completely written off and stock, machinery and building will
he depreciated by 5%
(ul) An unrecorded creditor of 10,000 will be taken into account.
(iv) N and G will share the future profits in the ratio of 2:3
(v) Goodwill of the firm on N s retirement was valued at 3,00,000
Pass necessary Journal Entries for the above transactions in the books of the form
on Ms retirement​

Answer 1

Answer:

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