Monika, Yedhant and Zoya are in partnership, sharing profits and losses equally. Zoya died on 30th...

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Monika, Yedhant and Zoya are in partnership, sharing profits and losses equally. Zoya died on 30th June 2018. The Balance Sheet of Firm as at 31st March 2018 stood as. Liabilities Creditors General Reserve Capital Accounts: Monika Yedhant Zoya (i) Amount 20,000 12,000 -Investments 75,000 1,00,000 Trade receivables 75,000 2,82,000 Land and Building be valued at * 1,75,000 Purchase (ii) Debtors were all good, no provision is required (iii) Stock is valued at 13,500 The Institute of Chartered Accountants of India Land and Building Particulars. Debtors Stock in trade Debit Balances : Cash in hand In order to arrive at the balance due to Zoya, it was mutually agreed that: You are required to prepare : (1) Revaluation account Less: Provision for doubtful debt Cash in hand Cash at bank Particulars (vi) The profit of the preceding five years ended 31st March were : 2018 2017 2016 2015 2014 25,000 20,000 22,500 35,000 28,750 Sales return Salaries. (2) Capital accounts of the partners and (3) Balance sheet of the Firm as at 1st July 2018. Tax and Insurance Bad debts. Furniture Investments Opening stock Drawings Assets (iv) Goodwill will be valued at one Year's purchase of the average profit of the past five years. Zoya's share of goodwill be adjusted in the account of Monika and Yedhant. Bills receivables (9) HAF2 (v) Zoya's share of profit from 1st April 2018, to the date of death be calculated on the basis of average profit of preceding three years. Other information : HAF2 The Institute of Chartered Accountants of India (b) Following particulars are extracted from the books of Mr. Sandeep for the year ended 31st December, 2018. Amount HAF2 1,500 Capital 12,000 Bank overdraft. Credit Balances : Amount Particulars (10) HAF2 Ⓒ The Institute of Chartered Accountants of India 1,000 Sales 2,500 Purchase return 500 Reserve for Bad debts 500 Creditors 35,000 Particulars 5,000 Commission 4,000 Bills payable 1,400 2,000 1,600 3,000 35,000 2,000 (i) Closing stock was valued at 4,500 (ii) Salary of 100 and Tax of prepaid. (iii) Commission received in advance is 100 (iv) Interest accrued on investment is 210 (v) Interest on overdraft is unpaid * 300 HAF2 (11) HAF2 (vi) Reserve for bad debts is to be kept at 1,000 (vii) Depreciation on furniture is to be charged @ 10% Amount ₹. 16,000 2,000 Amount ₹ 9,000 2,000 Amount 1,000 2,000 1,50,000 500 65,000 2,500 15,000 35,000 33,000 7,000 12,000 2,82,000 (10 Marks) 200 are outstanding whereas insurance 50 is P.T.O. You are required to prepare the final accounts after making above adjustments. Monika, Yedhant and Zoya are in partnership, sharing profits and losses equally. Zoya died on 30th June 2018. The Balance Sheet of Firm as at 31st March 2018 stood as. Liabilities Creditors General Reserve Capital Accounts: Monika Yedhant Zoya (i) Amount 20,000 12,000 -Investments 75,000 1,00,000 Trade receivables 75,000 2,82,000 Land and Building be valued at * 1,75,000 Purchase (ii) Debtors were all good, no provision is required (iii) Stock is valued at 13,500 The Institute of Chartered Accountants of India Land and Building Particulars. Debtors Stock in trade Debit Balances : Cash in hand In order to arrive at the balance due to Zoya, it was mutually agreed that: You are required to prepare : (1) Revaluation account Less: Provision for doubtful debt Cash in hand Cash at bank Particulars (vi) The profit of the preceding five years ended 31st March were : 2018 2017 2016 2015 2014 25,000 20,000 22,500 35,000 28,750 Sales return Salaries. (2) Capital accounts of the partners and (3) Balance sheet of the Firm as at 1st July 2018. Tax and Insurance Bad debts. Furniture Investments Opening stock Drawings Assets (iv) Goodwill will be valued at one Year's purchase of the average profit of the past five years. Zoya's share of goodwill be adjusted in the account of Monika and Yedhant. Bills receivables (9) HAF2 (v) Zoya's share of profit from 1st April 2018, to the date of death be calculated on the basis of average profit of preceding three years. Other information : HAF2 The Institute of Chartered Accountants of India (b) Following particulars are extracted from the books of Mr. Sandeep for the year ended 31st December, 2018. Amount HAF2 1,500 Capital 12,000 Bank overdraft. Credit Balances : Amount Particulars (10) HAF2 Ⓒ The Institute of Chartered Accountants of India 1,000 Sales 2,500 Purchase return 500 Reserve for Bad debts 500 Creditors 35,000 Particulars 5,000 Commission 4,000 Bills payable 1,400 2,000 1,600 3,000 35,000 2,000 (i) Closing stock was valued at 4,500 (ii) Salary of 100 and Tax of prepaid. (iii) Commission received in advance is 100 (iv) Interest accrued on investment is 210 (v) Interest on overdraft is unpaid * 300 HAF2 (11) HAF2 (vi) Reserve for bad debts is to be kept at 1,000 (vii) Depreciation on furniture is to be charged @ 10% Amount ₹. 16,000 2,000 Amount ₹ 9,000 2,000 Amount 1,000 2,000 1,50,000 500 65,000 2,500 15,000 35,000 33,000 7,000 12,000 2,82,000 (10 Marks) 200 are outstanding whereas insurance 50 is P.T.O. You are required to prepare the final accounts after making above adjustments.

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