Thanks for Hepling!!Take you own time hntralion 2411.12.2002.Hn.AssetsRs.Llalitles33600 Cash1200Capital26200 Debtors12000 Stock12000 FurnitureG000 Bulldings094002160022800480039000ta Payable89400They agreed to take D into partnership with % the share in profits onthe folowing terms:(i) D should bring in Rs. 18000 for goodwill and Rs.30000 ascapital.(ii) That half of the goodwill shall be withdrawn by the oldpartners.(ii) The stock and furniture to be depreciated by 10%(iv) Irovision for doubtful debts to be created @ 5% ondebtors.(v) The Buildings valued at Rs. 54000(vi) That a linbility for Rs. 2160 be created against billsdiscounted.(vii)The value of assets and liabilities other than cash not tobe alteredIrepare Memorandum Revaluation A/e and Balance Sheet ofthe new firm.[University of Madras, B.Com, May 2003 (Adapted)] liuatration 22Aun and habu are partners, sharing profits and losses equally. TheHalane shee as n 1.12. 2008 was as under:Rs.I lalesHe Assela60000A Capitalbal'a Capital40000 tuildings2000040000 Furnilure10000General Reserve20000 StockGreditore30000 Debtors25000Gash25000130000130000On 11.2009 Charu was admitted as a partner with 1/5th share ofprofit(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 asgoodwill in cash.(iv) Provision for bad debts to be provided @ 5%(v) Prepare necessary Ledger Accounts and Balance Sheet ofthe new firm.

Solution 24: A,B and C are partners D admit for 1/4 th share Remaining share = 1- 1/4 = 3/4…

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 (ii) That half of the goodwill shall be withdrawn by the old partners.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

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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