DESH KA DOUBT || 21 March | Maths || JEE & NEET Doubts Daily

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Following is the Balance Sheet of Subash and Asha as at 31st March, 2019 sharing profits in the ratio of 3 : 2, They admit Tanya as a partner on 1st April, 2019 for 1/6th share in the profits. It was decided that: (i) Value of Land and Building be increased by RS.3,000. (ii) Value of Stock be increased by 2,500. (iii) Provision for Doubtful Debts be increased by RS.1,500. (iv) A Bill of Exchange of RS.10,000 which was previously discounted with the banker, was dishonoured on 31st March, 2019 but no entry has been passed for dishonour. (v) Liability against Workmen Compensation Reserve was determined at RS.20,000. (vi) Tanya brought in as her share of goodwill RS.10,000 by cheque. (vii) Tanya was to bring in further cheque of RS.15,000 as her capital. Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the new firm.

Following is the Balance Sheet of A and B as at 31st March, 2019 who are partnres in a firm sharing profits and losses in the ratio of 3 : 2 respectively: C is admitted as a new partner on 1st April, 2019 on the following terme: (i) Provision for doubtful debts is to be maintained at 5% on Debtors. (ii)An outstanding bill for repairs RS.25,000 will be brought into books. (iii) An unaccounted Accrued Income of RS.7,500 will be provided for. (iv) A takes over the Investments at an agreed value of RS.30,000. (v) Expenses on revaluation amounting ot RS.5,000 are paid by A. (vi) Stock is revalued at RS.79,000. (vii) New profit-sharing ratio of partners will be 4 : 3 : 2. (viii) C will bring in RS.1,00,000 as his capital. (ix) C is to pay an amount equal to his share in firm's goodwill valued at twice the average profit of the last three years which were RS.1,50,000, RS.1,30,000 and RS.1,25,000 respectively. (x) Half of the amount of goodwill is to be withdrawn by A and B, Prepare Revaluation Account, Partners' Capital and Current Accounts, and the Balance Sheet of the new firm.

Deepika and Rajshree are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31 st March, 2019 their Balance Sheet was: On 1st April, 2019 the partners admit Anshu as partner on the following terms: (a) The new profit-sharing ratio of Deepika, Rajshree and Anshu will be 5 : 3 : 2 respectively. (b) Anshu shail bring in RS.32,000 as his capital. (c) Anshu is unble to bring in any cash for his share of goodwill. Partners, therefore, decide to caluclate the goodwill on the basis of Anshu's share in the profits and the capital contribution made by her to the firm. (d) Plant and Machinery is to be valued at RS.60,000. Stock at RS.40,000 and the Provision for Doubtful Debts is to be maintained at RS.4,000. Value of Land and Building has apperciated by 20%. Furniture has been depreciated by 10%. (e) There is an additional liability of RS.8,000 being outstanding salary payable to employees of the firm. This liability is not included in the books of account of the reconstituted frim. Prepare Revaluation Account, Partners Capital Accounts and Balance Sheet of Deepika, Rajshree and Anshu.