(28) deepak and champak are partners in a firm sharing profits and losses in the ratio of 3: 1. their balance sheet as on 31st march, 2020 was as follows: balance sheet as on 31st march, 2020 liabilities capitals: deepak champak creditors bills payable general reserve amt. assets cash in hand amt. bills receivable 5,750 9,000 45,000 25,000 debtors 24,000 28,000 stock 30,000 4,500 furniture 2,250 6,000 land and building 37,500 1,08,500 mahesh is admitted as partner in the firm on 1st april, 2020 on the following terms: 1,08,500 (1) mahesh is to pay 30,000 as his capital for 1/5 ^ (th) share in future profit and he should 6,000 as goodwill. pay (2) stock is to be reduced by 10% furniture is to be reduced by 20%. (3) r.d.d. is to be provided at 5% on the debtors. (4) land and buildings is to be appreciated by 20%. prepare: (1) profit and loss adjustment account, (2) partners capital accour ot of the new firm.
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2,6008,00014,000creditors20,0004,6002:padma and kumud share profits and losses in the ratio 3:2 in partnership firm. theirbalance sheet as on 31st march 2019 was as under:balance sheet as on 31" march, 2019liabilitiesamt amtassetsamt amt37,500 bank22.500bills payable30,000 bills receivable11,400bank loans48,000 debtors62,400general reserve7,500 less: r. d. d2,400 60,000capitals :stock36,000padma45,000furniture14,100kumud36,000 81,000 | machinery15,000building45,0002,04,0002,04,000on 1.04.2019 they admitted asha on the following terms :-1) for 1/2 share in profits in future, asha should bring 30,000 for capital and * 15,000 forgoodwill in cash.2) half of amount of goodwill is withdrawn by old partners.3) the stock is to depreciated by 10% and machinery by 5% (-)4) rdd is to be maintained at * 3,0005) furniture should be appreciated to 16,050 and building be aprreciated by 20%pass the necessary journal entries in the books of the firm.500nt ()0,0001500431845003,40030002,0004,000(+)
