Jayesh and Kamal are partners in a firm sharing profits and losses in the ratio 3:...
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Jayesh and Kamal are partners in a firm sharing profits and losses in the ratio 3: 1. The following is their Balance Sheet as on 31st March, 2016: Balance Sheet as on 31 March, 2016 Amount * Assets Liabilities Capital accounts Jayesh Kamal Current accounts Jayesh Kamal 60,000 50,000 3,000 2,000 Sundry creditors 21,000 General reserve 4,000 Amount 60,000 40,000 Building Stock Sundry debtors Cash Profit and loss account5,000 31,000 4,000 1,40,000 1,40,000 They admitted Vimal as a partner on 1st April, 2016 in the firm on the following terms: (1) She should bring Rs.40, 000 as her capital for share in future profits and Rs.20,000 as her share of goodwill. (2) Building is found overvalued by 20% and stock is found undervalued by 20% in the books. These assets are to be adjusted at their proper values. (3) Rs.1000 are to be maintained as reserve for doubtful debts. Prepare Balance Sheet of the firm after Vimal's admission. Jayesh and Kamal are partners in a firm sharing profits and losses in the ratio 3: 1. The following is their Balance Sheet as on 31st March, 2016: Balance Sheet as on 31 March, 2016 Amount * Assets Liabilities Capital accounts Jayesh Kamal Current accounts Jayesh Kamal 60,000 50,000 3,000 2,000 Sundry creditors 21,000 General reserve 4,000 Amount 60,000 40,000 Building Stock Sundry debtors Cash Profit and loss account5,000 31,000 4,000 1,40,000 1,40,000 They admitted Vimal as a partner on 1st April, 2016 in the firm on the following terms: (1) She should bring Rs.40, 000 as her capital for share in future profits and Rs.20,000 as her share of goodwill. (2) Building is found overvalued by 20% and stock is found undervalued by 20% in the books. These assets are to be adjusted at their proper values. (3) Rs.1000 are to be maintained as reserve for doubtful debts. Prepare Balance Sheet of the firm after Vimal's admission.
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Related Book For
Thermodynamics An Engineering Approach
ISBN: 978-0073398174
8th edition
Authors: Yunus A. Cengel, Michael A. Boles
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