Question

You are required to show the distribution of profit
Arun and Bimal are partners sharing profits and losses in the ratio of 3.2. On 31"
March 2020, their Balance Sheet was as under
Uabilities
Assets
Creditors
70,000
40,000
Capital Accounts:
Debtors
2.20,000
1,50,000
Stock
60,000
2,30,000 Furniture
50,000
Goodwill
30,000
2.00.000
On the above date Mohan is admitted as a partner, Arun surrendered 1/6 of his
share and Bimal 1/3 of his share in favour of Mohan. Goodwill is valued at Rs.
1,20,000. Mohan bring only ni of his share of goodwill in cash and Rs 1,00,000
as his share of capital. Following adjustments are agreed upon
Stock is to be reduced to Rs. 56,000 and furniture by Rs. 5,000
(*) There is an unrecorded asset worth Rs 20,000
(w) One month's rent of Rs. 15,000 is outstanding
(iv)A creditor for goods purchased for Rs. 10,000 had been omitted to be
recorded although the goods had been correctly included in stock
(v) Insurance premium amounting to Rs. 5,000 was debited to PSL Account, of
which 2,000 is related to the period after 31" March 2020
You are required to prepare Revaluation Account, Partner's capital Accounts​

Answer 1

Answer:

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