Subject: Accountancy, asked on 21/5/18

Subject: Accountancy, asked on 5/5/18

​q 62 answer plz

Q62. Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2018. A and B share profit and losses in the ratio of 2 : 1.

                                BALANCE SHEET OF A AND B as at 31st March, 2018
Liabilities  Amount  Assets Amount 
Bills Payable 
Outstanding Expenses
Capital A/cs:
A                      1,80,000
B                      1,50,000

Cash in Hand
Cash at Bank
Sundry Debtors 
  4,00,000   4,00,000
   C is admitted as a partner on the date of the Balance Sheet on the following terms:

    (a) C will bring in Rs. 1,00,000 as his capital and Rs.60,000 as his share of goodwill for 1/4 th share in the profits.

    (b) Plant is to be appreciated to Rs.1,20,000 and the value of building is to be appreciated by 10%.

    (c) Stock is found overvalued by Rs. 4,000.

    (d) A provision for doubtful debts is to be created at 5% of sundry debtors.

    (e) Creditors were unrecorded to the extent of Rs. 1,000.

  Pass the necessary Journal entries, prepare the Revaluation Account and Partners's Capital Accounts and show the Balance Sheet after the admission of C.
                                                                               [Ans : Gain of Revaluation – Rs. 27; 000; Capital A/cs : A – Rs.2,38,000; B – Rs. 1,79,000; C– Rs.1,00,000; Balance Sheet Total – Rs. 5,88,000]

Subject: Accountancy, asked on 12/3/18

Subject: Accountancy, asked on 12/3/18

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