The following is the Balance Sheet of
Shubha and Leena of Aurangabad who share profits in the ration 3:2 respectively
as on 31.03.2012.
Balance Sheet as on
31.03.2012
|
Liabilities
|
Rs.
|
Assets
|
Rs.
|
|
Creditors
|
15000
|
Plant
and Machinery
|
24000
|
|
General
Reserve
|
11000
|
Stock
|
16000
|
|
Capital
Accounts
|
|
Furniture
|
2000
|
|
Shubha
|
30000
|
Debtors
|
30000
|
|
Leena
|
20000
|
Cash
at Bank
|
4000
|
|
|
76000
|
|
76000
|
They decided to admit
Manjusha on 1st April, 2012 on the following terms:
1. She has to pay Rs. 20,000 as her capital and
Rs. 17,000 as her share of Goodwill for 1/5 th share in future profits.
2. The amount of Goodwill to be retained in the
business.
3. Plant and Machinery and Stock in trade to be
depreciated @ 10% and 5% respectively.
4. A provision of 6% on debtors be made for Bad
and Doubtful debts.
5. Furniture is to be revalued @ Rs. 3000.
Prepare Profit &
Loss Adjustment Account, Partners capital Account and Balance Sheet of the firm
after the admission of Manjusha.
Ans. Profit and Loss
Adjustment Account: Loss: 4000, Balance sheet total = 1,10,000, Bank A/c Bal.
42,000, Capital Account: Subha : 44000, Leena : Rs. 29,600, Manjusha : Rs.
21,000
