ustration 24 A, l and Cwe cgual partners and the following is the balance sheet 1.12.2002 s. 33600 Cash 26200 Debtors 12000 Stock Lales Assets Rs. Catal 1200 21000 22800 Cndors e Payalle 12000 Furniture 6000 Buldings 4800 39000 09400 8400 They agreed to take D into partnership with % the share in profits on dhe fellowing terms: (i) D should bring in Rs.18000 for goodwill and Rs.30000 as capital. (ii) That half of the goodwill shall be withdrawn by the old partners. (ii) The stock and furniture to be depreciated by 10% (iv) Provision for doubtful debts to be created @ 5% on
ustration 24 A, l and Cwe cgual partners and the following is the balance sheet 1.12.2002 s. 33600 Cash 26200 Debtors 12000 Stock Lales Assets Rs. Catal 1200 21000 22800 Cndors e Payalle 12000 Furniture 6000 Buldings 4800 39000 09400 8400 They agreed to take D into partnership with % the share in profits on dhe fellowing terms: (i) D should bring in Rs.18000 for goodwill and Rs.30000 as capital. (ii) That half of the goodwill shall be withdrawn by the old partners. (ii) The stock and furniture to be depreciated by 10% (iv) Provision for doubtful debts to be created @ 5% on
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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![hntralion 24
11.12.2002.
Hn.
Assets
Rs.
Llalitles
33600 Cash
1200
Capital
26200 Debtors
12000 Stock
12000 Furniture
G000 Bulldings
09400
21600
22800
4800
39000
ta Payable
89400
They agreed to take D into partnership with % the share in profits on
the folowing terms:
(i) D should bring in Rs. 18000 for goodwill and Rs.30000 as
capital.
(ii) That half of the goodwill shall be withdrawn by the old
partners.
(ii) The stock and furniture to be depreciated by 10%
(iv) Irovision for doubtful debts to be created @ 5% on
debtors.
(v) The Buildings valued at Rs. 54000
(vi) That a linbility for Rs. 2160 be created against bills
discounted.
(vii)The value of assets and liabilities other than cash not to
be altered
Irepare Memorandum Revaluation A/e and Balance Sheet of
the new firm.
[University of Madras, B.Com, May 2003 (Adapted)]](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7d9416f-aa2e-48f5-88c3-3e18c11afa36%2Ff316dea7-4fa9-4e14-a004-999c3e5ae3c5%2Fny4apso_processed.png&w=3840&q=75)
Transcribed Image Text:hntralion 24
11.12.2002.
Hn.
Assets
Rs.
Llalitles
33600 Cash
1200
Capital
26200 Debtors
12000 Stock
12000 Furniture
G000 Bulldings
09400
21600
22800
4800
39000
ta Payable
89400
They agreed to take D into partnership with % the share in profits on
the folowing terms:
(i) D should bring in Rs. 18000 for goodwill and Rs.30000 as
capital.
(ii) That half of the goodwill shall be withdrawn by the old
partners.
(ii) The stock and furniture to be depreciated by 10%
(iv) Irovision for doubtful debts to be created @ 5% on
debtors.
(v) The Buildings valued at Rs. 54000
(vi) That a linbility for Rs. 2160 be created against bills
discounted.
(vii)The value of assets and liabilities other than cash not to
be altered
Irepare Memorandum Revaluation A/e and Balance Sheet of
the new firm.
[University of Madras, B.Com, May 2003 (Adapted)]
![liuatration 22
Aun and habu are partners, sharing profits and losses equally. The
Halane shee as n 1.12. 2008 was as under:
Rs.
I lales
He Assela
60000
A Capital
bal'a Capital
40000 tuildings
20000
40000 Furnilure
10000
General Reserve
20000 Stock
Greditore
30000 Debtors
25000
Gash
25000
130000
130000
On 11.2009 Charu was admitted as a partner with 1/5th share of
profit
(1) Building was valued at Rs. 70000
(ii) Furniture and stock were reduced by 10%
(iii) Charu was to bring in Rs.30000 as capital and Rs.8000 as
goodwill in cash.
(iv) Provision for bad debts to be provided @ 5%
(v) Prepare necessary Ledger Accounts and Balance Sheet of
the new firm.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fd7d9416f-aa2e-48f5-88c3-3e18c11afa36%2Ff316dea7-4fa9-4e14-a004-999c3e5ae3c5%2Fo810dj_processed.png&w=3840&q=75)
Transcribed Image Text:liuatration 22
Aun and habu are partners, sharing profits and losses equally. The
Halane shee as n 1.12. 2008 was as under:
Rs.
I lales
He Assela
60000
A Capital
bal'a Capital
40000 tuildings
20000
40000 Furnilure
10000
General Reserve
20000 Stock
Greditore
30000 Debtors
25000
Gash
25000
130000
130000
On 11.2009 Charu was admitted as a partner with 1/5th share of
profit
(1) Building was valued at Rs. 70000
(ii) Furniture and stock were reduced by 10%
(iii) Charu was to bring in Rs.30000 as capital and Rs.8000 as
goodwill in cash.
(iv) Provision for bad debts to be provided @ 5%
(v) Prepare necessary Ledger Accounts and Balance Sheet of
the new firm.
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