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The Balance Sheet of X, Y and Z who were sharing profits in ratio of their capitals stood as follows at 31st March, 2019:
Liabilities
Amount
Assets
Sundry Creditors
13,800
Cash at Bank
11,000
Capital A/cs:
Sundry Debtors
10,000
X 45,000
Less: Provision for Doubtful Debts
200
9,800
Y 30,000
Stock
16,000
Z 15,000
90,000
Plant and Machinery
17,000
Land and Building
50,000
1,03,800
Y retired on 1st April, 2019 and the following terms:
a Out of the insurance premium debited to Profit and Loss Account, 1,500 to be carried forward as Prepaid Insurance.
b Provision for Doubtful Debts to be brought up to 5% of Sundry Debtors.
c Land and Building to be appreciated by 20%.
d A provision of 4,000 be made in respect of outstanding bills for repairs.
e Goodwill of the firm was determined at 21,600.
Y's share of goodwill be adjusted to that of X and Z who will share profits in future in the ratio of 3 : 1. Pass necessary Journal entries and give the Balance Sheet after Y's retirement.
By: Aman ProfileResourcesReport error
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