Q99 Pradeep and Dhanraj were partners in a firm sharing profits in the ratio of 3 1 Their Balance Sh...........

Liabilities

Assets

Creditors Bills Payable Reserve Fund

Outstanding Salary Capital A/cs: Pradeep

Dhanraj

60,000

20,000

30,000

1,000

16,000

3,000

80,000

Cash Debtors

Less: Provision for Doubtful Debts Stock

Bills Receivable Patents Machinery

50,000

5,000

4,000

45,000

30,000

10,000

1,000

40,000

1,30,000

1,30,000

Q99.Pradeep and Dhanraj were partners in a firm sharing profits in the ratio of 3 : 1. Their Balance Sheet on 31st March, 2019 was:

They admitted Leander as a new partner on this date. New profit-sharing ratio is agreed as 3 : 2 : 3. Leander brings in proportionate capital after the following adjustments:

Leander brings 16,000 as his share of goodwill.
Provisions for Doubtful Debts is to be reduced by 2,000.
There is an old Printer valued at 2,400. It does not appear in the books of the firm. It is now to be recorded.
Patents are valueless.

Prepare Revaluation Account, Capital Accounts and opening Balance Sheet of Pradeep, Dhanraj and Leander.

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