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Olivia Roy asked a question
Subject: Accountancy, asked on on 1/6/16
Y.s asked a question
Subject: Accountancy, asked on on 21/11/19
Gautam and Yashica are partners in a firm, sharing profits and losses in 3:1 respectively. The balance sheet of the firm as on 31st March 2018 was as follows:
Balance Sheet As at 31.3.2018
Liabilities                               Amt(₹)          Assets                         Amt(₹)
Sundry creditors                  50,000           Furniture                      60,000
Bills payable                         30,000           Stock                           1,40,000
Capitals:                                                       Debtors                         80,000
Gautam         4,00,000                                Cash in hand               90,000
Yashica         1,00,000       5,00,000           Machinery                 2,10,000
                                             5,80,000                                              5,80,000
Asma is admitted as a partner for 3/8th share in the profits with a capital of ₹2,10,000 and ₹50,000 for her share of goodwill. It was decided that:
i. New profit sharing ratio will be 3:2:3
ii. Machinery will depreciated by 10% and Furniture by ₹5,000.
iii. Stock was re-valued at ₹ 2,10,000.
iv. Provision for doubtful debts is to be created at 10% of debtors.
v. The capitals of all the partners were to be in the new profit sharing ratio on basis of capital of new partner any adjustment to be done through current accounts.
Prepare Revaluation Account, Partners Capital Account and the Balance Sheet of the new firm.
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