depreciation was< 35,000, was SUlofor 12,000.11. Prem, Kumar and Arti were partners in a firm sharing profits in the ratio of 5:3:2 respectively. On 31 March2020, their balance sheet was as follows:Balance Sheetas at 31st March 2020Liabilities(2)Assets(2)Capitals:Prem25.000BuildingPlant & Machinery30,00020,00020,0008,0002,00010,00015.00010,00010,0005,00025,000KumarInvestmentArtiDebtorsGeneral ReserveStockInvestment Fluctuation ReserveCashSundry Creditors90,00090.000On this date, Kumar retired. The terms of retirement were:(a) Kumar sold his share of goodwill to Prem for 8,000 and to Arti for 4,000.(b) Stock was found to be undervalued by 1,000 and building by 7,000.(c) Investments were sold for 11,000.(d) There was an unrecorded creditor of 7,000.(e) An amount of 30,000 was paid to Kumar in cash. The balance amount of Kumar was settled by acceptinga bill of exchange in favour of Kumar.Prepare Revaluation Account, partners' capital account and the balance sheet of the reconstituted firm.12. With the help of the given information, obtained from the books of 'V Ltd', prepare a Comparative Statementof Profit and Loss for the year ended 31st March 2020:6.6.Particulars2019-20(7)2018-19(2)70,00,00035,00,00050,00,000Revenue from Operations2 Rene fit Exn eneos20,00,000

. Prem, Kumar and Arti were partners in a firm sharing profits in the ratio of 5:3:2 respectively. On 31 March 2020, their balance sheet was as follows: Balance Sheet as at 31st March 2020 Liabilities (2) Assets (2) Capitals: Prem 25.000 Building Plant & Machinery 30,000 20,000 20,000 8,000 2,000 10,000 15,000 Kumar Investment 10,000 10,000 5,000 25,00 Arti Debtors Stock Cash General Reserve Investment Fluctuation Reserve Sundry Creditors 90,000 90.00 ont woro:

. Prem, Kumar and Arti were partners in a firm sharing profits in the ratio of 5:3:2 respectively. On 31 March 2020, their balance sheet was as follows: Balance Sheet as at 31st March 2020 Liabilities (2) Assets (2) Capitals: Prem 25.000 Building Plant & Machinery 30,000 20,000 20,000 8,000 2,000 10,000 15,000 Kumar Investment 10,000 10,000 5,000 25,00 Arti Debtors Stock Cash General Reserve Investment Fluctuation Reserve Sundry Creditors 90,000 90.00 ont woro:

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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