Balance Sheet as at 31st March, 2024 of Ramesh, Kumar and Pappu who were sharing profits and losses in the ratio of 2 : 3 : 5.
Balance Sheet as at 31st March, 2024 of Ramesh, Kumar and Pappu who were sharing profits and losses in the ratio of 2 : 3 : 5.
| Liabilities | ₹ | Assets | ₹ |
|
Capitals: Ramesh kumar Pappu |
36,000 44,000 52,000 |
Cash | 18,000 |
| Creditors | 64,000 | Bills Receivable | 24,000 |
| Bills Payable | 32,000 | Furniture | 28,000 |
| Profit & Loss A/c | 14,000 | Stock | 44,000 |
| Â | Â | Debtors | 42,000 |
| Â | Â | Investments | 32,000 |
| Â | Â | Machinery | 34,000 |
| Â | Â | Goodwill | 20,000 |
| Â | 2,42,000 | Â | 2,42,000 |
On 1st April, 2024 they admit Shilpa into partnership on the following terms:
(1). Furniture, Investments and Machinery to be reduced by 15%.
(2) The value of stock to be taken at ₹ 48,000.
(3) Shilpa will bring in ₹ 26,000 as her share of goodwill.
(4) Shilpa to bring ₹ 32,000 towards capital for 1/6th share and old partners to adjust their capitals accordingly.
(5) Outstanding rent amounted to ₹ 1,800.
(6) Prepaid salaries ₹ 800.
(7) Adjustments of capitals to be made by cash.
Prepare Revalutaion Account, Capital Accounts, Cash Account and the Balance Sheet of the new firm.
[Ans. Loss on Revaluation ₹ 11,100; Capital Accounts : Ramesh ₹ 32,000; Kumar ₹ 48,000; Pappu ₹ 80,000 and Shilpa ₹ 32,000; Cash Balance ₹ 95,100; B/S Total ₹ 2,89,800; Ramesh withdraws ₹ 5,780; Kumar brings in ₹ 1,330 and Pappu brings in ₹ 23,550.]
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