Q.1 Rajiv and Sanjay are partners in a firm sharing profits and losses equally. Their Balance Sheet as on 31st March, 2019 was a underLlabilitiesCapital Alc:RajivSanjayGeneral ReserveCreditorsBalance Sheet as on 31/3/2019AssetsLand & Building60,000 Plant and Machinery40,000 Furniture20,000 Stock10,000 DebtorsCash at Bank1,30,00050,00020,0008,00016,00024,00012,0001,30,000On 1st April 2019 they admitted Rahul into partnership on the following terms:(a) Rahul shall bring in 20,000 as his capital for 1/5 share in the future profit.(b) Goodwill should be raised at 16,000 and to be written off after the admissionof a new partner.Appreciate land and building by 20% and depreciate plant and machinery by10%.(d) Provide R.D.D. at 5% debtors.(e) Revalue stock and furniture at * 20,000 and 4,000 respectively.Prepare: (i) Profit and Loss Adjustment A/c (ii) Capital A/c's of partners(iii) Balance Sheet of a new partnership firm.

Q.1 Rajiv and Sanjay are partners in a firm sharing profits and losses

1.	Q.1 Rajiv and Sanjay are partners in a firm sharing profits and losses equally. Their Balance Sheet as on 31st March, 2019 was a underLlabilitiesCapital Alc:RajivSanjayGeneral ReserveCreditorsBalance Sheet as on 31/3/2019AssetsLand & Building60,000 Plant and Machinery40,000 Furniture20,000 Stock10,000 DebtorsCash at Bank1,30,00050,00020,0008,00016,00024,00012,0001,30,000On 1st April 2019 they admitted Rahul into partnership on the following terms:(a) Rahul shall bring in 20,000 as his capital for 1/5 share in the future profit.(b) Goodwill should be raised at 16,000 and to be written off after the admissionof a new partner.Appreciate land and building by 20% and depreciate plant and machinery by10%.(d) Provide R.D.D. at 5% debtors.(e) Revalue stock and furniture at * 20,000 and 4,000 respectively.Prepare: (i) Profit and Loss Adjustment A/c (ii) Capital A/c's of partners(iii) Balance Sheet of a new partnership firm.
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