Anikesh and Bhavesh are partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet as on 31st March, 2023 was as follows:
Balance Sheet of Anikesh and Bhavesh as at 31st March, 2023
| Liabilities | Amount (Rs.) | Assets | Amount (Rs.) | ||
|---|---|---|---|---|---|
| Creditors Outstanding wages General Reserve Capitals: Anikesh Bhavesh |
1,20,000 1,80,000 |
60,000 9,000 15,000 3,00,000 |
Cash Debtors Less: Provision for doubtful debts Stock Furniture Machinery |
54,000 6,000 |
36,000 48,000 60,000 1,20,000 1,20,000 |
| Total | 3,84,000 | Total | 3,84,000 | ||
On 1st April, 2023, Chahat was admitted for 14 th share in the profits on the following terms:
(i) Chahat will bring Rs. 90,000 as her capital and Rs. 30,000 as her share of Goodwill premium.
(ii) Outstanding wages will be paid.
(iii) Stock will be reduced by 10%.
(iv) A creditor of Rs. 6,300, not recorded in the books, was to be taken into account.
Pass necessary Journal Entries for the above transactions in the books of the firm.
Marks-6, CBSE: 2023-24/Zone-4/Set-1/Q-24
Answer :
