Accountancy, asked by anievashishtha224, 10 months ago

X and Y are the partners sharing profits in the ratio 3:2. Their Balance Sheet as on 31st March, 2019 was as follows:
Liabilities Amount Assets Amount
CreditorsGeneral ReserveCapitals:
X 40, 000
Y 25, 000 24, 00014, 000 65, 0001, 03, 000 Cash at BankDebtors 40, 000Less: Provision (4, 000) StockPlant & Machinery 6, 000 36, 00035, 00026, 0001, 03, 000They decided to admit Z in the firm on the condition that he pays Rs. 14,000 for goodwill and sufficient capital for getting 1/3rd share in the profit of the new firm. It was also decided:
To reduce the bad debts provision to Rs. 3, 000.
To revalue the stock at Rs. 40, 000.
To reduce the value of machinery by Rs. 1,100.
The capital of the partners; were to be adjusted in profit sharing ratio based on Capital of Z by opening current accounts.
Prepare Revaluation A/c, Partners’ Capital A/c and Balance Sheet of the new firm.

Answers

Answered by TheFairyTale
101

Explanation:

Income and expenditure account for the year ended 31st March 2015 (3) and a balance sheet as at that date. Debit balance:- stock in hand = 1170 , purchase =24660 , Dining room =32370,rent = 10470 , wages =18690 , repair and renewals = 5400, fuel and light =5280, miscellaneous expenses =4050, cash in hand Y 25, 000 24, 00014, 00..

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