Sign In Sign Up Ask an AI advisor
janaiartia
janaiartia
13.02.2021 • 
Mathematics

6. Following is the balance sheet of Harish and Girish: Balance Sheet as on 31st March, 2013
Liabilities
Amt (Rs.)
Assets
Amt (Rs.)
Capital A/c:
Cash in Hand
37,000
Harish
1,00,000 Stock
21,000
Girish
1,40,000 Debtors
46,000
Creditors
38,000 Less: R.D.D.
6,000 40,000
Bills Payable
46,000 Equipments
12,000
Profit & Loss A/C
16,000 Furniture
25,000
Plant
85,000
Building
1,20,000
3.40.000
3.40.000
They admitted Shirish on 1st April, 2013 on following conditions:
(0) For his 1/3 share in future profit shirish brings Rs. 2,00,000 as his capital.
(ii) It is decided to raised goodwill by Rs. 90,000 and write it off fully.
(ii) Equipment and plant to be depreciated by 20 % and 10 % respectively and building
appreciated by 15 %.
(iv) Bills payable were retired for Rs. 35,000.
(v) All debtors are considered good.
(vi) Furniture of the book value Rs. 12,000 was taken over by Harish at 40 % of the book
value.
Prepare : Revaluation A/c, Partners Capital Accounts and Balance Sheet of the
new firm.
7. Ram and Madan were partners in a firm sharing profits and losses equally. Following was their​

Solved
Show answers

Ask an AI advisor a question

I want advice