question_answer

Gesu, Tanu and Megha are partners sharing profits and losses in the ratio of 2 : 2 : 1. Megha retires on 31st March, 2017. Complete the following revaluation account, partners' capital accounts and balance sheet of the firm. Dr                                                         Revaluation Account                                                               Cr

Particulars	Amt (Rs.)	Particulars	Amt (Rs.)
To Investments A/c	50,000	By Land and Building A/c	4,00,000
To Profit Transferred to		By Stock A/c	1,00,000
Partners' Capital A/c	?
	5,00,000		5,00,000

Dr                                                         Partners' Capital Account                                                        Cr

Particulars	Gesu (Rs.)	Tanu (Rs.)	Megha (Rs.)	Particulars	Gesu (Rs.)	Tanu (Rs.)	Megha (Rs.)
To Megha's Capital A/c	1,06,800	1,06,800	-	By Balance b/d	12,00,000	12,00,000	8,00,000
To Megha's Loan A/c	-	-	....	By Gesu's Capital A/c	-	-	1,06,800
To.......	...	....	-	By Tanu's Capital A/c	-	-	1,06,800
				By General Reserve A/c	3,20,000	3,20,000	1,60,000
				By ....	....	....	....
				By Profit and Loss Suspense A/c	-	-	30,000
	17,00,000	17,00,000	12,93,600		17,00,000	17,00,000	12,93,600

Balance Sheet as at 31st March, 2017

Liabilities	Amt (Rs.)	Assets	Amt (Rs.)
?	...	Land and Building	24,00,000
10% Megha?s Loan	12,93,600	Investments	2,00,000
Sundry Creditors	2,00,000	Stock	6,00,000
		Sundry Debtors	8,00,000
		Cash at Bank	4,50,000
		Cash in Hand	2,00,000
		....	....
	....		....

 

Answer:

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