As soon as possible answer
Dear Student,
| Revalution A/c | |||||
| Date | Particulars | Amount (in Rs) | Date | Particulars | Amount (in Rs) |
| Creditor | 10,000 | Premises | 50,000 | ||
| Outstanding Rent | 12,000 | Stock | 5,000 | ||
| Prepaid Salaries | 2,000 | ||||
| Partners Capital A/c | Providend Fund | 5,000 | |||
| X | 25,000 | ||||
| Y | 15,000 | ||||
| 62,000 | 62,000 | ||||
| Partner's Capital A/c | |||||||
| Particulars | X's Capital A/c | Y's Capital A/c | Z's Capital A/c | Particulars | X's Capital A/c | Y's Capital A/c | Z's Capital A/c |
| Advertisement Expenses | 10,000 | 6,000 | Balance b/d | 260,000 | 135,000 | ||
| Cash | 150,000 | ||||||
| Premium for goodwill A/c | 10,000 | 8,000 | |||||
| Z's Current A/c | 15,000 | 12,000 | |||||
| Revaluation A/c | 25,000 | 15,000 | |||||
| Bal C/d | 315,000 | 173,000 | 150,000 | WCR | 15,000 | 9,000 | |
| 325,000 | 179,000 | 150,000 | 325,000 | 179,000 | 150,000 | ||
| Balance sheet | |||
| Liabilities | Amount (in Rs) | Assets | Amount (in Rs) |
| Creditors | 60,000 | Debtors | 180,000 |
| Provident Fund Liability | 10,000 | Stock | 130,000 |
| Outstanding Liability for workmen claim | 16,000 | Premises | 200,000 |
| Outstanding rent | 12,000 | Bank | 197,000 |
| Capital | Prepaid Salaries | 2,000 | |
| X | 315,000 | ||
| Y | 173,000 | Z's Current A/c | 27,000 |
| Z | 150,000 | ||
| 736,000 | 736,000 | ||
Working Notes-
Calculation of new profit sharing ratio is not provided therein , which would be as follows:
Old Ratio of X & Y is 5:3
X's Sacrifice =
Y's Sacrifice =
Thus Z's share =
And sacrificing ratio of X & Y is
Now Z brings only
Thus, For remaining amount that could not be brought in as goodwill , Z's Current A/c would be debited & X & Y's Capital A/c would be credited
Z's Total share of goodwill =
Share not brought by Z =
Regards