Question

x
and Y are partners of Xand Y Co sharing profite and losses in the ratio of
and are partners of Yaz Co. sharing profits and losses in the ratio of 2.1.
395, they decided to form a new firm XYZE Co wherein they would share
and losses in the ratio of 3:2:1
A
the Balance sheets of the two forms on the above date were as under:
Assets
XY
VEL
R.
R
Pixed Assets
Con)
100.000
3.00.000
Y
2
320.000
12.000
Ceditor
2.30.000
年 480,000 Building
320,000/4.00,000 Machinery
200,000 Pomiture
100,000 3,00,000 Current Assets
2.40.000 232,000 Stock
Debtors
200.000 Cash at Bank
1.60,000
Cash in hand
Due from
YUZ CO
Advances
240.000
3.20.000
X&Y Co
40.000
20.000
2,00,000
120,000
13,00.000 1332.000
13,00,000
13,32.000
The amalgamated firm took over the two firms on the following terms:
Buildings of X and Y Co. was valued at Rs. 2,00,000.
Machineries of X&Y Co. and Y&z Co. were valued at Rs.400.000 and
Godwill valued X&Y Co.Rs. 100.000 and Yul Co.Rs.82.5900 but the
podwill would not appear in the books of XYZ & Co.
Partners of the new firm would bring necessary cash to pay other partners
to their capitals according to the new profit sharing ratio.
Gary ledger accounts in the books of old firms. Also show journal
the books of XYZ & Co. and prepare the balance sheet of the new firm
ICA. Inter, May 1993​

Answer 1

Answer:

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