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Home / Doubts and Solutions/CBSE/Class 12 Commerce/Accountancy

A,BandCarepartnersharingprofitandlossesintheratioof2:2:1.TheirBalanceSheetas
at31stMarch,2019isasfollows 8m
Liabilities Amount assets Amount
Creditors
GeneralReserve
CapitalA/Cs:
A 2,00,000
B 1,50,000
C 1,00,000
50,000
50,000
4,50,000
5,50,000
Cash
Debtors
50,000
Less:Prov.forDoubtflulDebt
3000Stock
Machinery
1,50,000
47,000
53,000
3,00,000
5,50,000
Onthatdate,Cretirefromthebusinessandamountduetohimispaidincash.Itisagreed
toadjustthevaluesofassetsandliabilitiesasfollows:
(a)Valueofmachinerybeappreciatedby10%
(b)ProvisionforDoubtfulDebtstobemaintainedat10%onDebtors.
(c)StockstobedepreciationbyRs3,000
ShowtheRevaluationAccountandPartnersCapitalaccountandpreparetheBalancesheet
ofthecontinuingPartnersasat1
stApril,20019.

 

Asked by Businesstribute9765 14th October 2020, 1:11 PM
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