(a) The following is the Receipts and Payments Account of Mumbai Club for the year ended...

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(a) The following is the Receipts and Payments Account of Mumbai Club for the year ended March 31, 2021: Receipts Receipt and Payment Account of Mumbai Club Amount Payments (³) 20,000 Cash in hand Balance at Bank as per Pass Book: Saving Account Current Account Bank Interest Donations and Subscriptions Entrance fees Contribution to Club night Sale of Equipment Bar Room receipts Proceeds from club night 1,93,000 60,000 5,000 2,50,000 18,000 Ground man's Fee Purchase of Equipment's 8,000 20,000 78,000 6,62,000 Rent of Ground Club night expenses Printing and Office Expenses Repairs to Equipment Honorarium to Secretary (2019-20) 10,000 Balance at Bank as per Pass Book: You are given the following additional information (All figures are in 01.04.20 15,000 10,000 30,000 Subscription due Amount due for printing etc. Cheques unpresented being payment for repairs Saving Account Current Account Cash in hand Interest not yet entered in the Pass book Estimated value of machinery and equipment Amount (³) 75,000 1,55,000 25,000 38,000 30,000 50,000 40,000 2,04,000 20,000 25,000 6,62,000 31.03.21 10,000 8,000 25,000 2,000 1,75,000 80,000 For the year ended March 31, 2021, the honorarium to the Secretary is to be increased by a total of 20,000 and Ground man is to receive a bonus of 20,000. Prepare the Income and Expenditure Account for period ended 31st March, 2021 and the Balance Sheet as at that date. (10 Marks) (b) X, Y and Z are partners sharing profits and losses in the ratio of 1:2:3. Their Balance Sheet as on 31st March, 2021 was as follows: Liabilities Capitals: X Y Z General Reserve Trade Creditors Total Amount ( Assets Building Machinery 1,75,000 2,50,000 Debtors 4,00,000 Stock 3,00,000 Bank 2,50;000 13,75,000 Total Amount () 2,50,000 3,37,500 3,25,000 4,00,000 62,500 13,75,000 Z retired from business on 1st April, 2021 on the following terms: (i) Building to be appreciated by 25%. (ii) X and Y to bring in additional capital of ₹5,00,000 each. (iii) Machinery to be depreciated by 10%. (iv) Stock is revalued at ₹3,72,250. (v) Provision for Doubtful Debts to be created at 4%. (vi) Goodwill was to be valued at 3 years' purchase of average The profits of past 3 years were 2,75,000, 2,50,000 and (vii) Goodwill was not to be raised in the Books of Accounts. (viii) Balance payable to Z was to be paid immediately. Prepare Revaluation Account, Bank Account and Partners' Capital Accounts after giving effect to Z's retirement, Also show the valuation of Goodwill and pass a Journal Entry for adjustment of Goodwill. (10 Marks) profits of past 3 years. 1,95,000 respectively. (a) The following is the Receipts and Payments Account of Mumbai Club for the year ended March 31, 2021: Receipts Receipt and Payment Account of Mumbai Club Amount Payments (³) 20,000 Cash in hand Balance at Bank as per Pass Book: Saving Account Current Account Bank Interest Donations and Subscriptions Entrance fees Contribution to Club night Sale of Equipment Bar Room receipts Proceeds from club night 1,93,000 60,000 5,000 2,50,000 18,000 Ground man's Fee Purchase of Equipment's 8,000 20,000 78,000 6,62,000 Rent of Ground Club night expenses Printing and Office Expenses Repairs to Equipment Honorarium to Secretary (2019-20) 10,000 Balance at Bank as per Pass Book: You are given the following additional information (All figures are in 01.04.20 15,000 10,000 30,000 Subscription due Amount due for printing etc. Cheques unpresented being payment for repairs Saving Account Current Account Cash in hand Interest not yet entered in the Pass book Estimated value of machinery and equipment Amount (³) 75,000 1,55,000 25,000 38,000 30,000 50,000 40,000 2,04,000 20,000 25,000 6,62,000 31.03.21 10,000 8,000 25,000 2,000 1,75,000 80,000 For the year ended March 31, 2021, the honorarium to the Secretary is to be increased by a total of 20,000 and Ground man is to receive a bonus of 20,000. Prepare the Income and Expenditure Account for period ended 31st March, 2021 and the Balance Sheet as at that date. (10 Marks) (b) X, Y and Z are partners sharing profits and losses in the ratio of 1:2:3. Their Balance Sheet as on 31st March, 2021 was as follows: Liabilities Capitals: X Y Z General Reserve Trade Creditors Total Amount ( Assets Building Machinery 1,75,000 2,50,000 Debtors 4,00,000 Stock 3,00,000 Bank 2,50;000 13,75,000 Total Amount () 2,50,000 3,37,500 3,25,000 4,00,000 62,500 13,75,000 Z retired from business on 1st April, 2021 on the following terms: (i) Building to be appreciated by 25%. (ii) X and Y to bring in additional capital of ₹5,00,000 each. (iii) Machinery to be depreciated by 10%. (iv) Stock is revalued at ₹3,72,250. (v) Provision for Doubtful Debts to be created at 4%. (vi) Goodwill was to be valued at 3 years' purchase of average The profits of past 3 years were 2,75,000, 2,50,000 and (vii) Goodwill was not to be raised in the Books of Accounts. (viii) Balance payable to Z was to be paid immediately. Prepare Revaluation Account, Bank Account and Partners' Capital Accounts after giving effect to Z's retirement, Also show the valuation of Goodwill and pass a Journal Entry for adjustment of Goodwill. (10 Marks) profits of past 3 years. 1,95,000 respectively.

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