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Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2018. A and B share profits and losses in the ratio of 2 : 1. C is admitted as a partner on the date of the Balance Sheet on the following terms: (a) C will bring in ₹ 1,00,000 as his capital and ₹ 60,000 as his share of goodwill for 1/4th share in the profits. (b) Plant is to be appreciated to ₹ 1,20,000 and the value of building is to be appreciated by 10%. (c) Stock is found overvalued by ₹ 4,000. (d) A Provision for doubtful debts is to be created at 5% of Sundry Debtors. (e) Creditors were unrecorded to the extent of ₹ 1,000. Pass the necessary journal entries, prepare the Revaluation Account and Partners Capital Accounts, and show the Balance Sheet after the admission of C. |
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Answer» you have forgot to SHOW the balance SHEET MAKE sure you put the balance sheet in the question |
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