Question

19. Ram and Rahim are partners in a firm sharing profits in the ratio of 3: 2. Kabir is admitted as a partner for 1/5th share of profits. Machinery would be appreciated by 10% (Book Value of 80,000) and Building would be depreciated by 20% (Book Value of 2,00,000). Unrecorded Debtors of 1,250 would be brought to books. There is a liability of 2,750 included in Sundry Creditors that is not to be paid. What will be the Gain (Proñt Loss on revaluation? (a) Loss of 28,000. (c) Profit 28,000. (6) Loss 40,000. (d) Profit of 40,000.​

Answer 1

Answer:

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Step-by-step explanation: firm sharing profits and losses in the ratio of 3

2. From Ist April, 2020 they decided to share the future profits equally. On this date, the General Reserve

showed a balance of 1,60,000; Revaluation of fixed assets resulted into a gain of "1,02,000 and stock resulted

to a loss of 22,000. On this date, the goodwill of the firm was valued at $3,60.000

Pas necessary journal entries for the above transactions on reconstitution of the form

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