3) The following is the Balance Sheet of Amutha and Rama sharing profits 3:2, as on 31.3.2015. Balance Sheet IET Liabilities Amount Assets Amount Sundry creditors Bills Payable Capital Account: Amutha 80,000 Bank 10,000 Sundry debtors Stock 20,000 30,000 20,000 Machinery Land & Buildings 40,000 40,000 70,000 Rama 30,000 70,000 170,000 170,000 On 1.4.2015 they decided to admit Latha into the partnership for 1/5th of the future profits on the following terms: (a) Latha shall bring in a capital of R.O 30,000 and R.O 4,000 as her share of goodwill. (b) Goodwill of the firm being valued at R.O 20,000 (c) Land and buildings be appreciated by 10% (d) Stock is depreciated by R.O 3,000 and provision for outstanding liability is created at R.O 2,000. Required: Prepare the Revaluation account, Capital accounts, Bank account and the Balance Sheet of the reconstituted partnership. (Ans.: Revaluation Profit: R.O 2,000; B/s : R.O2,24,000)

3) The following is the Balance Sheet of Amutha and Rama sharing profits 3:2, as on 31.3.2015. Balance Sheet IET Liabilities Amount Assets Amount Sundry creditors Bills Payable Capital Account: Amutha 80,000 Bank 10,000 Sundry debtors Stock 20,000 30,000 20,000 Machinery Land & Buildings 40,000 40,000 70,000 Rama 30,000 70,000 170,000 170,000 On 1.4.2015 they decided to admit Latha into the partnership for 1/5th of the future profits on the following terms: (a) Latha shall bring in a capital of R.O 30,000 and R.O 4,000 as her share of goodwill. (b) Goodwill of the firm being valued at R.O 20,000 (c) Land and buildings be appreciated by 10% (d) Stock is depreciated by R.O 3,000 and provision for outstanding liability is created at R.O 2,000. Required: Prepare the Revaluation account, Capital accounts, Bank account and the Balance Sheet of the reconstituted partnership. (Ans.: Revaluation Profit: R.O 2,000; B/s : R.O2,24,000)

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following are the Balance Sheets of XYZ Company Ltd. (Rs.in lakhs) 1.1.2020 Rs. 31.12.2020 Rs. Assets : Net Fixed Assets 900 1,000 Cash 50 50 Marketable Securities 100 - Debtors 100 400 Stock of Goods 600 800 Total 1,750 2,250 Liabilities : Equity Shares 500 500 Reserves 400 600 Long-term Debt 100 100 Creditors 200 250 Payables 450 650 Provisions 100 150 Total 1,750 2,250 From the above data, prepare a Comparative Balance Sheet with comments.?
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Balance Sheet of A, B and C, who are sharing profits and losses in the ratio of 2:2:1, was as follows on 31st March, 2015, the date of dissolution : BALANCE SHEET OF A, B AND C as on March 31,2015 Liabilities 2$ Assets $ 1,20,000 Cash 1,000 Sundry Creditors Bank Loan (with a charge on Stock) 50,000 Stock 60,000 Capitals : Other Assets 1,09,000 30,000 30,000 Goodwill 20,000 Capital : A B C 20,000 2,20,000 2,20,000 Stock realised $ 52,000 and other assets were sold for $ 90,000. Expenses on realisation amounted to $ 3,000. Assuming that all the partners are insolvent, prepare necessary ledger accounts to close the books of the firm.
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