Question

Walance sheet of X and Y who share profits and losses as 5:3, 1st April, 2019
92.00 Bow
Machinery
Sundry Debon
s Capital
eneral Reserve
undry Creditors
mployees' Provident Fund
bikmen Compensation Reserve
10.000
Advertisement Suspense Ale
1,26.800
On the above date, they decided to change their profit sharing ratio to 3.5 and agreed upon the fol
(a) Goodwill be valued on the basis of two years purchase of the average profit of the last three yea
Profits for the years ended 31st March, are: 2016-17-7,500, 2017-18 - 40002018-19-
(b) Machinery and stock be revalued at ? 45,000 and ? 8.000 respectively,
(Claim on account of workmen compensations 6.000,
Prepare Revaluation Account Partners Capital Accounts and the Balance Sheet of the new fimm
(Ans.: Gain (Proht) on Revaluation-8.000: Capital: 500
Y- $4,000Balance Sheet Total 1.260
Adjustment of Capital​

Answer 1

Answer:

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Explanation:

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