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Q23.A, B and C are partners sharing profits and losses in the ratio of 5 : 3 : 2. Their Balance Sheet as at 31st March, 2019 stood as follows:
They decided to share profits equally w.e.f. 1st April, 2019. They also agreed that:
Value of Land and Building be decreased by 5%.
Value of Machinery be increased by 5%.
A Provision for Doubtful Debts be created @ 5% on Sundry Debtors.
A Motor Cycle valued at 20,000 was unrecorded and is now to be recorded in the books.
Out of Sundry Creditors, 10,000 is not payable.
Goodwill is to be valued at 2 years' purchase of last 3 years profits. Profits being for 2018-19 − 50,000 Loss
; 2017-18 − 2,50,000 and 2016-17 − 2,50,000.
C was to carry out the work for reconstituting the firm at a remuneration includingexpenses
of 5,000. Expenses came to 3,000.
Pass Journal entries and prepare Revaluation Account.
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