A,B and C were partners in a firm sharing profits & losses in proportion to their fixed capitals . Their balance sheet as at March 31,217 was as follows:
Balance Sheet
Liabilities. Assets ?

Capitals:. Bank. 21000
A. 500000. Stock. 9000

A,B and C were partners in a firm sharing profits & losses in proportion to their fixed capitals . Their balance sheet as at March 31,217 was as follows: Balance Sheet Liabilities. Assets ? Capitals:. Bank. 21000 A. 500000. Stock. 9000 15.000 1 l].soo 4 •s Loan Machinery Land & Profit & Account (for s' Marc-h.2017) is.soo 6.00. MA) Of Balance C retired from the firrn the tallowing Of firm Will at tWO year's Of the Average Profic of lut three years. The Profits for the year ended March 31. 201 S & r&ch 31.2016 were & 0.00.000 (iO Bovision Bad will maintained at of the Debtors. Land & Building will appreciated by 90.000 and Plant & Mxhirrry Will reduced to 1.80.000. (iv) A ageed to reruy his (v) repaid by A was to utilized to pay C. The balance of the amount cnyable to C was transferred to his Loan Account interest@ 12% Prernre Revaluation Account, Partner's Current Accounts, Partner's Capital and the Balance Sheet of the reconstituted firm. (C.B.se sample Paper. 2018) Ui'öN: REVALUATION A/C & M•huvry Aic 20.0(X) By Provis'on for Doutqful Ik•bts By land & Building A/c 90. 21.223

  • -1
What are you looking for?