Balance Sheet of X & Y , who share profits and losses as 5:3, as at 1st april, 2022 is: Liabilities скачать в хорошем качестве

Balance Sheet of X & Y , who share profits and losses as 5:3, as at 1st april, 2022 is: Liabilities

Balance Sheet of X & Y , who share profits and losses as 5:3, as at 1st april, 2022 is: Liabilities Amount Assets Amount X’s capital Y’s Capital General Reserve Workmen Compensation Reserve Employees provident Fund Sundry Creditors 52,000 54,000 4,800 10,000 1,000 5,000 Goodwill Machinery Furniture Sundry debtors Stock Bank Advertisement Suspense a/c 8,000 38,000 15,000 33,000 7,000 25,000 800 1,26,800 1,26,800 On the above date, they decided to change their profit – sharing ratio to 3:5 and agreed upon the following. a. Goodwill be valued on the basis of two years’ purchase of the average profit of the last three years. Profits for the years ended 31st march are: 2020:Rs.7500 , 2021:Rs.4000, 2022: Rs.6500. b. Machinery and stock be revalued at Rs. 45000 and 8000 respectively. c. Claim on account of workmen compensation is 6,000. Prepare Revaluation Account, Partners capital account and balancesheet.