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Ashish, Aakash and Amit are partners sharing profits and losses equally. The Balance Sheet as at 31st March, 2019 was as follows:
Liabilities
Amount
Assets
Sundry Creditors
75,000
Cash in Hand
24,000
General Reserve
90,000
Cash at Bank
1,40,000
Capital A/cs:
Sundry Debtors
80,000
Ashish 3,00,000
Stock
Aakash 3,00,000
Land and Building
4,00,000
Amit 2,75,000
8,75,000
Machinery
2,50,000
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6,000
Suspense
10,40,000
The partners decided to share profits in the ratio of 2 : 2 : 1 w.e.f. 1st April, 2019. They also decided that:
i
Value of stock to be reduced to 1,25,000.
ii
Value of machinery to be decreased by 10%.
iii
Land and Building to be appreciated by 62,000.
iv
Provision for Doubtful Debts to be made @ 5% on Sundry Debtors.
v
Aakash was to carry out reconstitution of the firm at a remuneration of 10,000. Pass necessary Journal entries to give effect to the above.
By: Aman ProfileResourcesReport error
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