Sharad and Pankaj sharing profits in proportion of 3/5 and 2/5 respectively admit Nilesh into partnership on 1st April 2012 giving him ¼ share in profits on his agreeing to bring Rs. 10000 as capital. The old Partners guarantee the assets and liabilities as per the Balance Sheet given below.

6. Sharad and Pankaj sharing profits in proportion of 3/5 and 2/5 respectively admit Nilesh into partnership on 1st April 2012 giving him ¼ share in profits on his agreeing to bring Rs. 10000 as capital. The old Partners guarantee the assets and liabilities as per the Balance Sheet given below.

You are required to draw up Profot & Loss Adjustment account and show the Balance sheet of the new Partnership after considering the other adjustments.
Balance sheet as on 31.03.2012
Liabilities
Rs.
Assets
Rs.
Creditors
5000
Cash
1000
Capital A/c

Investments
3000
Sharad
12000
Debtors   6000
(-) Reserve (- 500)
5500
Pankaj
4000
Stock
4500


Plant and Machinery
7000





21000

21000

It was later on discovered that:
1. A contingent liability of Rs. 500 not included in the above Balance Sheet had to be cleared.
2. Bad debts were expected to be Rs. 700.
3. Stock was revalued at Rs. 3000 because a part of it had been eaten by white ants.
4. Investments had been valued at Rs. 2700


Ans.

Profit and loss adjustment a/c
Loss Rs. 2500
Balance sheet total
28500
Cash A/c Bal.
10500
Capital A/c

Sharad
10500
Pankaj
3000
Nilesh
10000

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