Liabilities Capital: Ram Madan General reserve Sundry creditors Balance Sheet as on 31.03.2012 Amount Assets Rs....

 

 

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Liabilities Capital: Ram Madan General reserve Sundry creditors Balance Sheet as on 31.03.2012 Amount Assets Rs. Plant and machinery Furniture 1,00,00 Sundry debtors 1,00,00 Less: R.D.D 40,000 Stock 55,300 Cash in hand Cash at bank Amount Rs. 90,000 15,000 92,600 1,000 91,000 68,000 4,200 27,100 2,95,300 2,95,300 Ram and Madan were partners in a firm sharing profits and losses equally. Following was their balance Sheet as on 31.03.2012: On 1st April, 2012, Soham was admitted as a partner in the firm on the following terms: 1rd (1) Soham is to bring in Rs. 1,00,000 as his capital. He is to be given profits. (2) Goodwill of the firm to be raised at Rs. 30,000. It was decided that 'goodwill' should not appear in the books of the new firm. (3) Furniture to be depreciated by 10%. Stock was valued at Rs. 70, 500. share in future Prepare: (1) Profit and Loss Adjustment Account. (2) Partner's Capital Accounts. (3) Balance Sheet of the new firm. Liabilities Capital: Ram Madan General reserve Sundry creditors Balance Sheet as on 31.03.2012 Amount Assets Rs. Plant and machinery Furniture 1,00,00 Sundry debtors 1,00,00 Less: R.D.D 40,000 Stock 55,300 Cash in hand Cash at bank Amount Rs. 90,000 15,000 92,600 1,000 91,000 68,000 4,200 27,100 2,95,300 2,95,300 Ram and Madan were partners in a firm sharing profits and losses equally. Following was their balance Sheet as on 31.03.2012: On 1st April, 2012, Soham was admitted as a partner in the firm on the following terms: 1rd (1) Soham is to bring in Rs. 1,00,000 as his capital. He is to be given profits. (2) Goodwill of the firm to be raised at Rs. 30,000. It was decided that 'goodwill' should not appear in the books of the new firm. (3) Furniture to be depreciated by 10%. Stock was valued at Rs. 70, 500. share in future Prepare: (1) Profit and Loss Adjustment Account. (2) Partner's Capital Accounts. (3) Balance Sheet of the new firm.

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Calculation of latest magnitude relation Ram Madan ar partners in equal magnitude relat... View the full answer