On 31st March 2017 the balance sheet is abhor and Divya who were sharing profit in the ratio is 3:1 was as follows
On 31st March 2017 the balance sheet is abhor and Divya who were sharing profit in the ratio is 3:1 was as follows "repare necessary Ledger Accounts and Balance Sheet after LYS admission.
[Ans.: Loss on Revaluation—t 600; partners' Capital AJcs:
39,900; 50,000; Balance Sheet Total*
(Hint: When a bill previously discounted, is dishonoured, Debtor's Account is debited
is credited, i.e., Debtor's balance is increased and Bank balance is decreased)
70. On 31st March 2017, the Balance Sheet of Abhir and Divya, who were sharing profits in
was as follows:
BALANCE SHEET OF ABHIR AND DIVYAason31StMar 2017
Employees' Provident Fund
Investment Fluctuation Fund
1 '00, 000
Cash at Bank
Less: Provision for Debts
Investments (Market Value 4,40")
They decided to admit Vibhor on 1st April 2017 for 1/5th share.
(a) Vibhor shall bring 80,000 as his share Of goodwill premium.
(b) Stock was overvalued by 20,000.
(c) A debtor whose dues of 5,000 were written off as bad debts, paid 4,000 in fuli settkg
( wo months' salary @ 6,000 per month was outstanding.
(e) Vibhor was to bring in Capital to 'he extent of V5th of the total capital of the new firm
Prepare Revaluation Account, Partners' Capital Accounts and the Balance Sheet of the
[Ans.: Loss on Revaluation—e 28.0m