X & Y are partners sharing profits in the ratio of 2:1. Their Balance sheet as at 31st March,2022... скачать в хорошем качестве

X & Y are partners sharing profits in the ratio of 2:1. Their Balance sheet as at 31st March,2022...

Chapter 03 II Admission of a Partner II Accountancy II Class 12th II Practical Question 78 II X and Y are partners sharing profits in the ratio 2:1. Their balance sheet as on 31st March 2012 is as follows: Liabilities Sundry Creditors: ₹25,000 Reserve Fund: ₹18,000 Capital Accounts: X: ₹75,000 Y: ₹62,000 Assets Cash at Bank: ₹5,000 Sundry Debtors: ₹15,000 Stock: ₹10,000 Investments: ₹8,000 Typewriter: ₹5,000 Fixed Assets: ₹1,37,000 On 1st April 2012, partner Z is admitted on the following terms: Z brings in ₹40,000 as his capital and is allotted 1/4th share in profits. Z brings in ₹15,000 for goodwill, half of which is withdrawn by the old partners. The Investments are revalued at ₹10,000 and are taken over by X at that value. The Typewriter is depreciated by 20% and Fixed Assets by 10%. A previously written‐off debtor pays ₹1,000 (bad debts recovery). By adjustments in cash (by bringing in or withdrawing), the capitals of X and Y are to be made proportionate to that of Z on the profit sharing basis. Pass the necessary journal entries, prepare the partners’ capital accounts and the new balance sheet after Z’s admission.