What amount is 2.5percent more than 44
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profits of the firm. Goodwill is to be retained in the business.
b) The assets are to be valued as under:
Plant and Machinery at *. 45,000
Stock at *. 16,000
Debtors at book figure less Provision of 5%
It was found that the creditors included a sum of 7.1,500 which was not to be
paid. But it was also found that there was a liability for compensation to
Give journal entries to record the above and prepare the Balance Sheet of the
c)
worker amounting to *. 1,900.
firm after Vijay's admission
Lasson Revaluation 200
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