Q101 Kalpana and Kanika were partners in a firm sharing profits in the ratio of 3 2 On 1st April 201...........

Accountancy ( 12th) Admission of a Partner

Q101.Kalpana and Kanika were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admitted Karuna as a new partner for 1/5th share in the profits of the firm. The Balance Sheet of Kalpana and Kanika as on 1st April, 2019 was as follows:

BALANCE SHEET OF KALPANA AND KANIKA as on 1st April, 2019

Liabilities			Assets
Capital A/cs:			Land and Building		2,10,000
Kalpana Kanika General Reserve Workmen's Compensation Fund Creditors	4,80,000 2,10,000	6,90,000 60,000 1,00,000 90,000	Plant Stock Debtors Less: Provision Cash	1,32,000 12,000	2,70,000 2,10,000 1,20,000 26,000 1,30,000


		9,40,000			9,40,000

It was agreed that:

the value of Land and Building will be appreciated by 20%.
the value of plant be increased by 60,000.
Karuna will bring 80,000 for her share of goodwill premium.
the liabilities of Workmen's Compensation Fund were determined at 60,000.

Karuna will bring in cash as capital to the extent of 1/5th share of the total capital of the new firm. Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the new firm.

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