Madan and Krishna were partners in a firm. Their Balance Sheet as on 31st December, 2018 stood as follows:-
दायित्व (Liabilities)
sere se (Us Expenses) (Creditors)
अधिविकर्ष (Bank Overdraft) देव विपत्र (Bills Payable)-
संक्य (Reserve) t a (Capital A/es):
(Madan) कृष्णा (Krishna)
सम्यत्तियोँ (AsSets)
10,000 नकद (Cash)
30,000 बैंक (Bank)
20,000
30,000 18,000
75,000 1,83,000
देनदार (Debtors)
फर्नीचर (Furniture) मशीनरी (Machinery)
भवन (Building)
45,000 30,000
as follows:
They decided to admit Ram in the firm on the following terms:
(a)Ram brings 45,000 as capital and he
will receive 1/4th share in future profits.
(b)He brings 30,000 as goodwill in cash.
(c)The machinery, building and furniture be depreciated by 5%.
(d)A provision of 5% to be created for doubtful debts.
Prepare Revaluation Account.
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Answer:
Madan and Krishna were partners in a firm. Their Balance Sheet as on 31st December, 2018 stood as follows:-