question_answer

X and Y are partners in a firm sharing profits and losses in the ratio of 5 : 3. They admit Z into the firm on 1st April, 2018. From the information given below, complete revaluation account, partners' capital account and the balance sheet of the new firm. Dr                                                                     Revaluation Account                                                   Cr

Particulars		Amt (Rs.)	Particulars	Amt (Rs.)
To Profit Transferred to			By Machinery A/c	9,800
X's Capital A/c	....		By Stock A/c	1,400
Y's Capital A/c	....	....
		....		11,200

Dr                                                         Partners' Capital Account                                                        Cr

Particulars	X (Rs.)	Y (Rs.)	Z (Rs.)	Particulars	X (Rs.)	Y (Rs.)	Z (Rs.)
To Goodwill A/c	7,000	4,200	....	By Balance b/d	44,800	47,600	....
To Balance c/d	....	....	....	By General Reserve A/c	7,000	4,200	....
				By Revaluation A/c	?	....	....
				By Z?s Current A/c	...	....	....
				By Bank A/c	....	....	42,000
	....	....	....		....	....	....

Balance Sheet as at 1st April, 2018

Liabilities		Amt (Rs.)	Assets	Amt (Rs.)
Creditors		8,400	Bank	49,000
Bank Loan		8,400	Stock	11,200
Capital A/cs			Debtors	32,200
X	....		Furniture	7,000
Y	....		Machinery	.....
Z	....	....	Z?s Current A/c	5,600
		....		.....

 

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