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The following is the Balance Sheet of A and B as at 30th June, 2018 on which date A retired

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The following is the Balance Sheet of A and B as at 30th June, 2018 on which date A retired and his son D joined that firm from 1st July, 2018 with one-fourth share in the profits of the business:

The following adjustments and arrangements have been agreed upon for the purposes of retirement and admission of partners :

1. Land to be written upto ₹30,000 and Plant to ₹50,000

2. Sufficient money to be introduced so as to leave ₹11,000 cash after payment of amount due to Raman

3. B and D to provide such fund as would make their capitals proportionate to their share of profit. Show the Journal Entries to record the above transactions.

Transcribed Image Text:

Capital Accounts: A B Creditors Liabilities ₹ Land 50,000 Plant 31,000 Investments 10,000 Debtors 91,000 Cash at Bank Assets ₹ 12,000 40,000 14,000 15,000 10,000 91,000

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To record the retirement of partner A the adjustment of asset values and the admission of the new partner D you ll need to make several journal entrie…View the full answer


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Related Book For  answer-question
Financial Accounting Volume II

Financial Accounting Volume II

ISBN: 9789387886230

4th Edition

Authors: Mohamed Hanif, Amitabha Mukherjee

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Question Details
Chapter # 4
Section: Practical Question
Problem: 22
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Question Posted: August 25, 2023 06:31:13
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