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N, S and G were partners in a firm sharing profits and losses in the ratio of 2 : 3 : 5. On 31st March, 2016 their Balance Sheet was as under:
Profit and Loss Account
G retired on the above date and it was agreed that:
a Debtors of 6,000 will be written off as bad debts and a provision of 5% on debtors for bad and doubtful debts will be maintained.
b Patents will be completely written off and stock, machinery and building will be depreciated by 5%.
c An unrecorded creditor of 30,000 will be taken into account.
d N and S will share the future profits in 2 : 3 ratio.
e Goodwill of the firm on G's retirement was valued at 90,000.
Pass necessary Journal entries for the above transactions in the books of the firm on G's retirement.
By: Aman ProfileResourcesReport error
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