5) The stock is to be taken at a value of 2,00,000.
Liabilities
B) State the limitations of analysis of financial statements.
Q.3. Following is the Balance Sheet of Harsha and Varsha's firm on 31st March, 2016. They share
profit and losses in the ratio of 3:2:
They decided to admit Asha on 1st April, 2016 into partnership on the following terms:
1) Asha should bring 80,000 as her share of goodwill, which is to be retained in the business.
2) She should bring 1,00,000 as her capital for 1/4th share in future profits.
3) Land and building to be valued at 2,40,000 and furniture be reduced by 10%.
4) A provision of 5% on debtors to be made for doubtful debts.
Balance Sheet as on 31st March, 2016
(10)
Amount
Assets
Amount
Land and building
2,00,000
2,33,000 Furniture
76,000
2,80,000 Sundry debtors
3,03,000
4,00,000 Stock
1,60,000
Cash at bank
2,24,000
9,60,000
9,60,000
Capital A/S
Harsha
Varsha
Sundry creditors
6) The excess of capital of Harsha and Varsha over their due proportion of sharing profits in
the firm is to be transferred to their respective loan accounts.
Prepare:
Profit and Loss Adjustment Account, Partners' Capital Accounts, and new Balance Sheet of the
Firm
Share
Answer:
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Explanation:
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