Baldev, Hans and Gopal were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 is as under
Baldev, Hans and Gopal were partners in a firm sharing profits and losses in the ratio of 3 : 2 : 1. Their Balance Sheet as at 31st March, 2023 is as under:
| Liabilities | ₹ | Assets |  | ₹ |
|
Creditors Bills Payable General Reserve Capital A/cs: Baldev Hans Gopal |
40,000 6,000 12,000 40,000 40,000 30,000 |
Cash at Bank Debtors Less: PDD Stock Furniture Machinery Goodwill |
25,000 3,000 |
18,000
22,000 18,000 30,000 70,000 10,000 |
| Â | 1,68,000 | Â | Â | 1,68,000 |
Han retired on 1st April, 2023 on the following terms:
(i) Provision for Doubtful Debts will be raised by ₹ 1,000.
(ii) Stock will be brought down by 10% and Furniture by 5%.
(iii) Liability for Workmen Compensation to the extent of ₹ 1,100 would be created.
(iv) Creators will be written back by ₹ 6,000.
(v) Goodwill of the firm is valued at ₹ 22,000.
(vi) Hans is paid in full with the amount brought in by Baldev and Gopal in such a manner that their capitals are in proportion to their profit-shairng ratio of 3 : 2.
Prepare Revaluation Account, Partner’s Capital Account and Balance Sheet of Baldev and Gopal.
Anurag Pathak Changed status to publish March 3, 2024
