Please solve this... 58. Burman and Ghoshal are partners in a firm and share profits and
Balance Sheet of the firm as on March 31. 2013 was as follows:
rat10.
Bills payable
Creditors
General Reserve
profit and LOSS Account
Cap
Burman
25.000
70.000
40.000
20,000
1.80,ooo
99,000 3.2S.ooo
6.80 ,ooo
Advertisement Expenditure
Stock
Debtors
Furniture
Machinery
Building
80Bi0
On April l, 2013, Burman retired from the firm and partners decided
(i) Advertisement expenditure to bc written off by 25%.
(ii) Stock to be value highcr by 5.000.
(iii) Furniture and machinery to be depreciated by and respecuyel•.
(iv) Building to bc appreciated by 20%.
(v) A Claim for damagcs against the firm 4,000 to be admitted.
(vi) Goodwill to bc valued at 73,000,
(vii) Basu and Ghoshal to pay due amount ro Burr-nan on April l. 2013
balance to bc treated as loan: Basu and Ghoshal to bring cash in such a
their capital in their profit sharing ratio in future profits.
Prepare Acxount. Partncrs• Capital Accounts and Balance of
reconstituted firm.
Ans. Profit on revaluation Amount paid to Burman 1.18.000. k"
l, 18.000. Balance Shcct •16tal Cash brought by Ghoshal 20,000 at'
withdrawn by Basu 20.000, Capital: Bosc 2,36.000. Ghoshal
59. Malini, Nalini and Shaiini are partners in firm sharing profits and II :
o, Balance Sheet of tbc firm as oti March 31, 2013 was follows:
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