Board Examination
Accountancy
BIEAP AP Intermediate (2nd Year) Commerce Board 2024 · Set ANNUAL
Section D
Dinesh and Ramesh are partners in a firm sharing profits and losses in the ratio of 3 : 2. They decided to admit Vasu as a partner with 1/5 share in the profits. Their Balance Sheet as on March 31, 2022 was as follows :
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Sundry Creditors | 1,50,000 | Cash at Bank | 40,000 |
| General Reserve | 80,000 | Bills Receivables | 50,000 |
| Bank O.D. | 70,000 | Debtors | 60,000 |
| Partners' Capital : | Stock | 1,20,000 | |
| Dinesh - 1,00,000 | Fixed Assets | 2,80,000 | |
| Ramesh - 1,50,000 | 2,50,000 | ||
| 5,50,000 | 5,50,000 |
It was also decide that :
(1) The fixed assets should be valued at ₹ 3,31,000.
(2) A provision of 5% on sundry debtors to be made for doubtful debts.
(3) The value of stock be reduced to ₹ 1,12,000.
(4) Vasu brings ₹ 75,000 as capital and ₹ 15,000 as Goodwill.
Prepare the revised Balance Sheet of the firm after admission of the partners.