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Syllabus
Balance Sheets as on 31.03.2018
Amount?
30,000
Assets
Cash
20,000 Bills receivable
25,000 15,000
1,40,000 2,30,000
Stock
Investments Debtors
Purniture
Machinery
Buildings
Prelit Loss A/c
Liabilities
Creditors Bills payable
Bank overdraft
Reserve Fund Capital
Srikant
Clirish
Manju
Amount !
24,000
28,000
36,000
9000
20,000
25,000
32,000
50,000
6,000 2,30,000
60,000
50,000
30.000
Total
230000
Total
230000
Manju retired on 1.4.2018 from the business and the following adjustments are to be made
la) Goodwill of the firm is created 18,000 (Retain in the business
(b) Maintain provision for doubtful debts at 5% on Debtors
(e) Increase stock by * 4,000
(d) Depreciate Machinery and
Furniture by 10% each
Prepare
Revaluation Account.
All Partners Capital a/c
(Experts please answer)
issues, Varun was not in a position to continue as a partner and hence
decided to retire from business on 30/03/2015. On his date of retirement
?80,000 becomes due to him. The business had no sufficient cash balance
to settle his account once for all. Hence, Arun and Tharun decided to pay
him in five instalments every year at the end of the financial year with
interest @12% p.a. Prepare Varun?s loan account on the unpaid balance.