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X, Y and Z are partners sharing profits in the ratio of 4 : 3 : 2. Their Balance Sheet as at 31st March, 2019 stood as follows:
Cash at Bank
Less: Provision for Doubtful Debts
Plant and Machinery
Land and Building
Y retired on 1st April, 2019 after giving due notice. Following adjustments in the books of the firm were agreed:
a Land and Building be appreciated by 10%.
b Provision for Doubtful Debts is no longer necessary since all the debtors are good. c Stock be appreciated by 20%.
d Adjustment be made in the accounts to rectify a mistake previously committed whereby Y was credited in excess by 810, while X and Z were debited in excess of 420 and 390 respectively.
e Goodwill of the firm be valued at 5,400 and Y's share of the same be adjusted to that of X and Z who were going to share in the ratio of 2 : 1. f It was decide by X and Y to settle Y's account immediately on his retirement.
Prepare: i Revaluation Account; ii Partner's Capital Accounts and iii Balance Sheet of the firm after Y's retirement.
By: Aman ProfileResourcesReport error
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