Can i get the solution
Q36. The Balance Sheet of Madan and Mohan who share profits and losses in the ratio of 3:2, as at 31st March, 2010 was as follows:
| Liabilities | Rs. | Assets | Rs. |
| Creditors Workmen's Compensation Fund General Reserve Capital A/cs: Madan 60,000 Mohan 40,000 |
28,000 12,000 20,000 1,00,000 |
Cash at Bank Debtors 65,000 Less: Reserve for Doubtful Debts 5,000 Stock Investments Patents |
10,000 60,000 30,000 50,000 10,000 |
| 1,60,000 | 1,60,000 |
They decided to admit Gopal on 1st April, 2010 for 1/4th share on the following terms :
(i) Gopal shall bring Rs.20,000 as his share of premium for goodwill.
(ii) That unaccounted accrued income of Rs.1,000 be provided for.
(iii) The market value of investments was Rs.45,000.
(iv) A debtor whose dues of Rs. 5,000 were written off as bad debts paid Rs.4,000 in full settlement.
(v) A claim of Rs.3,000 on account of workmen's compensation to be provided for.
(vi) Patents are overvalued by Rs.2,000.
(vii) Gopal to bring in capital equal to 1/4th of the total capital of the firm after all adjustments.
Prepare Revaluation Account, Capital Accounts of the partners and Balance Sheet of the new firm.
