Subjective Questions on Q97 A and B are partners in a firm sharing profits and losses in the ratio 3 1 They admit C for 1 4t........... for Commerce 12th Preparation

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Subjective Questions

Q97 A and B are partners in a firm sharing profits and losses in the ratio 3 1 They admit C for 1 4t...........

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    Q97.A and B are partners in a firm sharing profits and losses in the ratio 3 : 1. They admit C for 1/4th share on 31st March, 2014 when their Balance Sheet was as follows:

    Liabilities

    Assets

    		  

    Employees Provident Fund Workmen Compensation Reserve Investment Fluctuation Reserve Capital's A/cs:

    A        54,000

    B        35,000

    17,000

    6,000

    4,100

    89,000

    Cash Stock Debtors

    Less : Provision for Doubtful Debts

    Investments Goodwill

    50,000

    2,000

    6,100

    15,000

    48,000

    7,000

    40,000

    		  
     
     

    1,16,100

    1,16,100

    		  
     

    The following adjustments were agreed upon:

    1. C brings in 16,000 as goodwill and proportionate capital.
    2. Bad debts amounted to 3,000.
    3. Market value of investment is 4,500.
    4. Liability on account of Workmen Compensation Reserve amounted to 2,000. Prepare Revaluation Account and Partners' Capital Accounts.
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