Sanju and Manju were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet on 31st March, 2023 was as follows:
Balance Sheet of Sanju and Manju as at 31st March, 2023
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | ||
|---|---|---|---|---|---|
| Capitals: Sanju Manju General Reserve Creditors |
1,40,000 1,20,000 |
2,60,000 40,000 1,80,000 |
Plant and Machinery Furniture Investments Debtors Less: provision for doubtful debts Cash at Bank |
76,000 4,000 |
80,000 1,32,000 60,000 72,000 1,36,000 |
| Total | 4,80,000 | Total | 4,80,000 | ||
On 1st April, 2023, Uday was admitted into the firm for 14 th share in profits on the following terms:
(i) Furniture was to be depreciated by Rs.6,000.
(ii) Investments were valued at Rs. 72,000.
(iii) Plant and Machinery was taken over by Sanju and Manju in their profit-sharing ratio.
(iv) Uday will bring in proportionate capital and Rs. 10,000 as his share of goodwill premium in cash.
Prepare Revaluation Account and Partners’ Capital Accounts.
Marks-6, CBSE: 2023-24/Zone-2/Set-1/Q-25
Answer :
