11. The following is the
Balance Sheet of the firm Sangam Traders as on 31st March, 2012. Ganga and
Yamuna are the partners of the firm who share profits and losses in the ratio
of 3 : 2 respectively.
Balance Sheet as on 31st
March, 2012
|
Liabilities
|
Rs.
|
Rs.
|
Assets
|
Rs.
|
Rs.
|
|
Creditors
|
|
24800
|
Cash
at Bank
|
|
2000
|
|
Capital
:
|
|
|
Building
|
|
10,000
|
|
Ganga
|
14000
|
|
Machinery
|
|
14000
|
|
Yamuna
|
14000
|
28000
|
Furniture
|
|
600
|
|
|
|
|
Stock
|
|
8200
|
|
|
|
|
Debtors
|
|
18000
|
|
|
|
52800
|
|
|
52800
|
They take Saraswati into
partnership on 1st April, 2012 the terms being:
(i) That the new firm is to be retained as
"Triveni Traders"
(ii) That Saraswati shall pay Rs. 2000 as her
share of goodwill, the amount to be retained in business.
(iii) That she shall bring Rs. 6000 as capital for
¼ th share in the future profits.
(iv) The firm's assets were to be revalued as
under:
Building to be valued at Rs. 12000; Machinery and
Furniture to be reduced by 10%. A provision of 5% on debtors is to be made for
doubtful debts. the stock is to be taken at a value of Rs. 10,000.
(v) The excess of capital of Ganga and Yamuna over
their due proportion of sharing profits in the new firm is to be transferred to
their respective loan account.
Prepare Profit and Loss
Adjustment Account, Capital Account of Partners and Opening Balance Sheet of
Triveni Traders.
|
Ans.
|
|
|
Profit and loss
adjustment a/c
|
Profit. Rs. 1440
|
|
Balance sheet
total
|
62240
|
|
Bank A/c Bal
|
10000
|
|
Capital A/c
|
|
|
Ganga
|
10800
|
