Assignment:
“A” and “B” are partners sharing profits and losses equally. Their Balance Sheet stood as
follow on 31st December 2010.
Liabilities | Rs. | Assets | Rs. |
Sundry Creditors Capital: A B | 18,000 60,000 60,000 | Cash in hand Stock Sundry Debtors Building | 5,000 20,000 40,000 73,000 |
Total | 138,000 | Total | 138,000 |
They admitted “C” as a new partner in the firm on 1st January 2011 with following terms.
1) “C” pays Rs. 40,000 as his capital and Rs. 10,000 as his share of goodwill.
2) Stock is to be depreciated by 5%.
3) Building is valued at Rs. 80,000
Required:
Pass the necessary Journal entries, Revaluation account, Capital accounts of
all partners and Opening Balance Sheet of new firm.
No comments:
Post a Comment