Links Comments Header & Footer Lalitha, Jothi and Kanaga were partners of a firm sharing profit and losses in the ratio of 3:2:3. Set out below was their balance sheet as onMarch 31, 2021. Liabilities & Equity RO Assets RO Bills Payable 80000 Cash in Hand 1875 Sundry Creditors Outstanding Expenses 156250 Cash at Bank 511250 1250 Debtors 222500 Capital: 0 Stock 500000 Furniture 312500 Plant and Machinery 375000 Building 278750 Lalitha 43750 Jothi 121875 Kananga Profits & Loss A/c 300000 55000 1480000 1480000 Lalitha retired from the partnership on April 01, 2021 under the following terms: The assets are to be valued as under: Stock 250000 Furniture 37500 Plant & Machinery 112500 Building A provision for doubtful debt to be created at 250000 10625 Goodwill of the firm was to be valued at 75000 The gaining ratio is 2:3. Lalitha was to be paid off immediately.

Links Comments Header & Footer Lalitha, Jothi and Kanaga were partners of a firm sharing profit and losses in the ratio of 3:2:3. Set out below was their balance sheet as onMarch 31, 2021. Liabilities & Equity RO Assets RO Bills Payable 80000 Cash in Hand 1875 Sundry Creditors Outstanding Expenses 156250 Cash at Bank 511250 1250 Debtors 222500 Capital: 0 Stock 500000 Furniture 312500 Plant and Machinery 375000 Building 278750 Lalitha 43750 Jothi 121875 Kananga Profits & Loss A/c 300000 55000 1480000 1480000 Lalitha retired from the partnership on April 01, 2021 under the following terms: The assets are to be valued as under: Stock 250000 Furniture 37500 Plant & Machinery 112500 Building A provision for doubtful debt to be created at 250000 10625 Goodwill of the firm was to be valued at 75000 The gaining ratio is 2:3. Lalitha was to be paid off immediately.

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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