Q.2 Ram and Mohammad are partners in a firm sharing profits and losses equally. Their Balance Sheet as at 31 March, 2013 was: LiabilitiesBank Overdraft Employees Provident Fund CreditorsWorkmen Compensation ResenProfit & Loss A/c Capitais AlcsRam MohammadAmount Assets30000 Cash 6000 Debtors20000 Less: Provision for D/D20000 StockInvestments 20000 Furniture and Fixtures MachineryBuilding400000 Advertisement Suspense Ala496000[10] Amount400072000 30000120000 30000 90000130000 200004960001,80,000 220.000On 1 April 2013, they admitted Jesus for 1/5 share in profits. The other terms of agreement were: (1) Jesus was to bring Rs. 2,00,000 as his share of goodwill and necessary amount for goodwill. Goodwill of the firm to be valued at Rs. 4,50,000.(2) A liability of Rs. 2,500 which was not included in creditors, now it is to be made. (3) Provision for Doubtful Debts is to be maintained at 5%(4) Market value of investment were Rs. 1,12,000 and Investments werevalued at their market value.(5) Building was to be appreciated by Rs. 50,000. Furniture & Fixture and Machinery was to be depreciated by 8%. You are required to prepare the Revaluation Account, Partners Capital Account and the Balance Sheet of new firm.

Q.2 Ram and Mohammad are partners in a firm sharing profits and losses

1.	Q.2 Ram and Mohammad are partners in a firm sharing profits and losses equally. Their Balance Sheet as at 31 March, 2013 was: LiabilitiesBank Overdraft Employees Provident Fund CreditorsWorkmen Compensation ResenProfit & Loss A/c Capitais AlcsRam MohammadAmount Assets30000 Cash 6000 Debtors20000 Less: Provision for D/D20000 StockInvestments 20000 Furniture and Fixtures MachineryBuilding400000 Advertisement Suspense Ala496000[10] Amount400072000 30000120000 30000 90000130000 200004960001,80,000 220.000On 1 April 2013, they admitted Jesus for 1/5 share in profits. The other terms of agreement were: (1) Jesus was to bring Rs. 2,00,000 as his share of goodwill and necessary amount for goodwill. Goodwill of the firm to be valued at Rs. 4,50,000.(2) A liability of Rs. 2,500 which was not included in creditors, now it is to be made. (3) Provision for Doubtful Debts is to be maintained at 5%(4) Market value of investment were Rs. 1,12,000 and Investments werevalued at their market value.(5) Building was to be appreciated by Rs. 50,000. Furniture & Fixture and Machinery was to be depreciated by 8%. You are required to prepare the Revaluation Account, Partners Capital Account and the Balance Sheet of new firm.
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