Скачать или смотреть Om, Ram & Shanti were partners in a firm sharing profits in the ratio of 3:2:1. On 1st April, 2014..

Chapter 03 II Admission of a Partner II Accountancy II Class 12th II Practical Question 85 II

Om, Ram and Shanti were partners in a firm sharing profits in the ratio of 3:2:1. On 1st April, 2014 their Balance Sheet was as follows:

Liabilities Amount (Capital a/cs):
Om 358000, Ram 300000, Shanti 262000.
General reserve 48000. Creditors 160000. Bills payable 90000

Assets Amount (₹)
Land and Building3,64,000 Plant and Machinery2,95,000. Furniture2,33000 Sundry Debtors90,000 Stock1,11,000 Bank 87000 Bills Receivable 38000

On the above date Hanuman was admitted on the following terms: (i) He will bring ₹ 1,00,000 for his capital and will get 1/10th share in the profits. (ii) He will bring necessary cash for his share of goodwill premium. The goodwill of the firm was valued at ₹ 3,00,000. (iii) A liability of ₹ 18,000 will be created against bills receivables discounted. (iv) The value of stock and furniture will be reduced by 20%. (v) The value of land and building will be increased by 10%. (vi) Capital accounts of the partners will be adjusted on the basis of Hanuman's capital in their profit sharing ratio by opening current accounts.

Prepare Revaluation Account and Partners' Capital Accounts.