Workmen Compensation Reserve
(1) Creditors include an amount of *5,000 received as commission from Amar.
(v) The liability of Workmen Compensation Reserve is determined at 3,000.
(vi) Kavi is to pay 15,000 to the existing partners as premium for Goodwill for
20% of the future profits of the firm. He is also to bring in capital equal to-th
4.198
Sundry Creditors
ADMI
18,500
10.00
the
(1.500)
17.00
Profit & Loss Account
Capital Accounts
Dhruv
Ansh
30,000
20,000
39.000 Cash
5.000 Sundry Debtors
10.000 Less: Provision for
Doubtful
Debts
50,000 Stock
Furniture
Land & Buildings
Goodwill
1.04.000
25,000
On 1st April, 2016, Kavi is admitted as a new partner on the following terms
() The value of stock is to be increased to "42,000.
(11) Land and Building is to be reduced by 20%.
(i) Bad Debts amounting to 1,800 are to be written off.
The necessary adjustment is required to be made.
of the combined capitals of Dhruv and Ansh.
You are required to:
(i) Pass journal entries on the date of Kavi's admission.
(ii) Prepare the opening Balance Sheet of the new firm on the completion of the
transactions.
(I.S.C. Specimen Question Paper, 2017
profit on Paraluation 4700: Capital Acs: Dhruv 46,275: Anshasa
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Answer:
ii
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