Q. 33. Manoj, Naveen and Deepak were partners sharing profits and losses in the B*32.800; B/S total 1,22,800.J5,90019.000ratio of 4:32. As at 1st April 2018, their Balance Sheet was as follows:LiabilitiesAssetsTrade Creditors7,000 Cash in handCapitalsDebtorsManoj50.000Less Provision1,400Naveen39.000StockDeepak30,000 1.19,000 plant and MachineryMotor CarBuildingsGoodwill1,26,00017,60013,50018.00020,00048.0003.0001,26.000Deepak retired on the above date as per the following terms:1. Goodwill of the firm was valued at 21,000.2. Stock to be appreciated by 10%.3. Provision for doubtful debts should be 5% on debtors.4. Machinery is to be valued at 5% more than its book value.5. Motor Car is revalued at 15,500. Retiring partner took over Motor Car at thisvalue.6. Deepak be paid $2,000 in cash and balance be transferred to his loan account. show necessary journal entries. prepare revaluation account,capital accounts, and opening balance sheet of continuing partners.

Q. 33. Manoj, Naveen and Deepak were partners sharing profits and loss

1.	Q. 33. Manoj, Naveen and Deepak were partners sharing profits and losses in the B*32.800; B/S total 1,22,800.J5,90019.000ratio of 4:32. As at 1st April 2018, their Balance Sheet was as follows:LiabilitiesAssetsTrade Creditors7,000 Cash in handCapitalsDebtorsManoj50.000Less Provision1,400Naveen39.000StockDeepak30,000 1.19,000 plant and MachineryMotor CarBuildingsGoodwill1,26,00017,60013,50018.00020,00048.0003.0001,26.000Deepak retired on the above date as per the following terms:1. Goodwill of the firm was valued at 21,000.2. Stock to be appreciated by 10%.3. Provision for doubtful debts should be 5% on debtors.4. Machinery is to be valued at 5% more than its book value.5. Motor Car is revalued at 15,500. Retiring partner took over Motor Car at thisvalue.6. Deepak be paid $2,000 in cash and balance be transferred to his loan account. show necessary journal entries. prepare revaluation account,capital accounts, and opening balance sheet of continuing partners.
Answer» 33. Manoj, Naveen and Deepak were partners sharing profits and losses in theB*32.800; B/S total 1,22,800.J5,90019.000ratio of 4:32. As at 1st April 2018, their Balance Sheet was as follows:LiabilitiesAssetsTrade Creditors7,000 CASH in handCapitalsDebtorsManoj50.000Less Provision1,400Naveen39.000StockDeepak30,000 1.19,000 plant and MachineryMotor CarBuildingsGoodwill1,26,00017,60013,50018.00020,00048.0003.0001,26.000Deepak retired on the above date as per the following terms:1. GOODWILL of the firm was valued at 21,000.2. Stock to be APPRECIATED by 10%.3. Provision for doubtful debts should be 5% on debtors.4. Machinery is to be valued at 5% more than its book value.5. Motor CAR is revalued at 15,500. Retiring partner TOOK over Motor Car at thisvalue.6. Deepak be paid $2,000 in cash and balance be transferred to his loan account. show necessary journal entries. prepare revaluation account,capital accounts, and opening balance sheet of continuing partners.

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