34. Noul and Voor are two partners sharing profits and losses in the ratio of 3: 2. Their balance sheet as at 3int March, 2020 is as follows
55,000
Amount ()
10,000
85,000
8,40.000
1,60,000
Assets
Land and Building
Bills Receivable
Cash at Bank
Stock
40,000
as at 31st March, 2020
Furniture
Sundry Debtors
40,000
8.40,000
Amount (*)
5,00,000
60,000
Balance Shect
2,00,000
Liabilities
Capital A/cs
Neel
Veer
General Reserve
Sundry Creditors
Bills Payable
Workmen Compensation Fund
Balveer is to be admitted as a partner with effect from 1st April, 2020 on the following terms (i) Balveer will bring in 2,00,000 as capital and 1,20,000 as premium for goodwill for 1/5th share of
profit.
(ii) Half premium withdrawn by old partners.
(iii) The assets will be revalued as, land and building 4,50,000; furniture ₹ 1,20,000; stock 1,50,000. (iv) The claim of a creditor for 40,000 is settled at 35,000.
Bills payable paid-off by raising bank loan.
(v) You are required to show the revaluation account, partners capital accounts and the balance sheet of the new firm.
or
