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Digvijay, Brijesh and Parakaram were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as on March 31, 2007 was as follows Capital and LiabilitesAmt.(Rs)AssetsAmt.(Rs)Creditors49,000Cash8,000Reserves18,500Debtors19,000Digvijay's Capital82,000Stock42,000Brijesh's Capital60,000Buildings2,07,000Parakaram's Capital75,500Patents9,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,85,000––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,85,000–––––––––––––––––––– Brijesh retired on March 31, 2007 on the following terms (i) Goodwill of the firm was valued at Rs. 70,000 and was not to appear in the books. (ii) Bad debts amounting to Rs. 2,000 were to be written off. (iii) Patents were considered as valueless. Prepare revaluation account, partners' capital accounts and the balance sheet of Digvijay and Parakaram after Brijesh's retirement. |
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Answer» Digvijay, Brijesh and Parakaram were partners in a firm sharing profits in the ratio of 2 : 2 : 1. Their Balance Sheet as on March 31, 2007 was as follows Capital and LiabilitesAmt.(Rs)AssetsAmt.(Rs)Creditors49,000Cash8,000Reserves18,500Debtors19,000Digvijay's Capital82,000Stock42,000Brijesh's Capital60,000Buildings2,07,000Parakaram's Capital75,500Patents9,000¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,85,000––––––––––––––––––––¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯¯2,85,000–––––––––––––––––––– Brijesh retired on March 31, 2007 on the following terms (i) Goodwill of the firm was valued at Rs. 70,000 and was not to appear in the books. (ii) Bad debts amounting to Rs. 2,000 were to be written off. (iii) Patents were considered as valueless. Prepare revaluation account, partners' capital accounts and the balance sheet of Digvijay and Parakaram after Brijesh's retirement. |
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