Advertisements
Advertisements
प्रश्न
Advertisements
उत्तर
APPEARS IN
संबंधित प्रश्न
Anil and Sunil were partners sharing profits and losses in the ratio of 2:1 respectively. Their Balance Sheet was as follows:
| Balance Sheet as on 31st March 2010 | |||
| Liabilities | Amount (Rs) | Assets | Amount (Rs) |
| Capital A/c | Cash at Bank | 4,000 | |
| Anil | 24,000 | Debtors | 15,000 |
| Sunil | 16,000 | Stock | 23,500 |
| Trade Creditors | 26,000 | Furniture | 5,000 |
| Anil’s Loan A/c | 6,500 | Building | 25,000 |
| 72,500 | 72,500 | ||
On 1st April 2010, Ram is admitted in the partnership on the following terms:
(1) Ram should bring in cash of Rs. 12,000 as capital for 1/5th share in future profit.
(2) Goodwill A/c is raised in the books of the firm for Rs. 4,500.
(3) A building is revalued at Rs. 28,000 and the value of stock be reduced by Rs. 1,500.
(4) Reserve for doubtful debts is provided at 5% on debtors.
Prepare:
(a) Profit and Loss Adjustment account.
(b) Capital Accounts of partners.
(c) Balance Sheet of the new firm.
Why does a firm revaluate its assets and reassess its liabilities on retirement or death of a partner?
Ramesh and Umesh were partners in a firm sharing profits in the ratio of their capitals. On 31st March, 2013 their Balance Sheet was as follows:On the above data the firm was dissolved.
|
Balance Sheet of Ramesh and Umesh as on 31st March, 2013 |
||||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
|
|
Creditors |
1,70,000 |
Bank |
1,10,000 |
|
|
Workmen’s Compensation Fund |
2,10,000 |
Debtors |
2,40,000 |
|
|
General Reserve |
2,00,000 |
Stock |
1,30,000 |
|
|
Ramesh’s Current Account |
80,000 |
Furniture |
2,00,000 |
|
|
Capitals: |
|
Machinery |
9,30,000 |
|
|
Ramesh |
7,00,000 |
|
Umesh’s Current Account |
50,000 |
|
Umesh |
3,00,000 |
10,00,000 |
|
|
|
|
16,60,000 |
|
16,60,000 |
|
|
|
|
|||
(i) Ramesh took over 50% of stock at Rs 10,000 less than book value. The remaining stock was sold at a loss of Rs 15,000. Debtors were realised at a discount of 5%.
(ii) Furniture was taken over by Umesh for Rs 50,000 and machinery was sold for Rs 4,50,000.
(iii) Creditors were paid in full.
(iv) There was an unrecorded bill for repairs for Rs 1,60,000 which was settled at Rs 1,40,000.
Prepare Realisation Account.
Kalpana and Kanika were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2013 they admitted Karuna as a new partners for 1/5th share in the profits of the firm. The Balance Sheet of Kalpana and Kanika as on 1st April, 2013, was as follows:
|
Balance Sheet of Kalpana and Kanika as on 1st April, 2013 |
|||||
|
Liabilities |
Amount Rs |
Assets |
Amount Rs |
||
|
Capitals |
|
Land and Building |
2,10,000 |
||
|
Kalpana |
4,80,000 |
|
Plant |
2,70,000 |
|
|
Kanika |
2,10,000 |
6,90,000 |
Stock |
2,10,000 |
|
|
General Reserve |
60,000 |
Debtors |
1,32,000 |
|
|
|
Workmen’s Compensation Fund |
1,00,000 |
Less: Provision |
–12,000 |
1,20,000 |
|
|
Creditors |
90,000 |
Cash |
1,30,000 |
||
|
|
|
|
|
||
|
|
9,40,000 |
|
9,40,000 |
||
|
|
|
|
|||
It was agreed that
(i) the value of Land and Building will be appreciated by 20%.
(ii) the value of plant be increased by Rs 60,000.
(iii) Karuna will bring Rs 80,000 for her share of goodwill premium.
(iv) the liabilities of Workmen's Compensation Fund were determined at Rs 60,000.
(v) Karuna will bring in cash as capital to the extent of `1/5`th share of the total capital of the new firm.
Prepare Revaluation Account, Partner's Capital Accounts and Balance Sheet of the new firm.
The gradual and permanent decrease in the value of fixed assets due to any cause.
Write the word/term or phrase which can substitute the following statement.
Account which is opened to record the gains and losses on revaluation.
Select the most appropriate answer from the alternative given below and rewrite the sentence.
Account is debited when unrecorded liability is brought into business.
State 'True' or 'False'.
The credit balance of revaluation account means loss on revaluation account.
Answer the following question in one sentence.
What shows credit balance of revaluation account ?
______ is credited when an unrecorded asset is brought into the business.
Find the Odd one.
Find the Odd one.
A and B are partners in a firm sharing profits and losses in the ratio of 1:1. C is admitted. A surrenders `1/4`th share and B surrenders `1/5`th of his share in favor of C. Calculate the new profit sharing ratio.
Anika and Radhika are partners sharing profits in the ratio of 5:1. They decide to admit Sanika in the firm for `1/5`th share. calculate the sacrifice ratio of Anika and Radhika
What does the excess of debit over credits in the Profit and Loss Adjustment Account indicate?
_____________ =`"Total profit"/"Number of years"`
The stock showed in Balance Sheet → Stock undervalued by 20% → Cost of Stock
₹1,60,000 → __________→ __________
Vikram and Pradnya share profits and losses in the ratio 2:3 respectively. Their balance sheet as on 31st March 2018 was as under.
Balance Sheet as on 31st March 2018
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 1,05,000 | Cash | 7,500 |
| Capitals: | Land & Building | 37,500 | |
| Vikram | 75,000 | Plant | 45,000 |
| Pradnya | 75,000 | Furniture | 3,000 |
| Stock | 75,000 | ||
| Debtors | 87,000 | ||
| 2,55,000 | 2,55,000 |
They agreed to admit Avani as a partner on 1st April 2018 on the following terms:
- Avani shall have 1/4th share in future profits.
- He shall bring ₹ 37,500 as his capital and ₹ 30,000 as his share of goodwill.
- Land and building to be valued at ₹ 45,000 and furniture to be depreciated by 10%.
- Provision for bad and doubtful debts is to be maintained at 5% on the Sundry Debtors.
- Stocks to be valued ₹ 82,500.
The capital A/c of all partners to be adjusted in their new profit and loss ratio and excess amount be transferred to their loan accounts.
Prepare Profit and Loss Adjustment Account, Capital Accounts, and New Balance Sheet.
Vasu and Viraj Share Profits and Losses in the Ratio of 3:2 respectively Their Balance Sheet as on 31st March 2019 was as under
Balance Sheet as on 31st March, 2019
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Sundry Creditors | 45,000 | Cash at bank | 750 |
| General Reserve | 30,000 | Sundry debtors | 66,750 |
|
Capital: |
Stock | 25,500 | |
|
Vasu |
1,08,000 | ||
|
Viraj |
72,000 | ||
| Investment | 36,000 | ||
| Plant | 90,000 | ||
| Building | 36,000 | ||
| 2,55,000 |
2,55,000 |
They admit Hari into Partnership on 1.4. 2019 the terms being that :
1 He shall have to bring in ₹60,000 as his Capital for 1/4 share in future profits
2 Value of Goodwill of the Firm is to be fixed at The average profits for the last three years. The Profit was.
2009-10 ₹ 48,000,
2010-11 ₹ 81,000
2011-12 ₹ 73,500
Hari is unable to bring the value of the Goodwill in cash. It is decided to raise the Goodwill in the books of accounts.
3. Reserve for Doubtful Debts is to be created at ₹ 1,500.
4. Closing Stock is valued at ₹ 22,500
5. Plant and Building is to be depreciated by 5%
Prepare Profit and Loss Adjustment A/c, Capital Accounts of Partners, And Balance Sheet of the New Firm.
Mr. Deep & Mr. Karan were in Partnership sharing Profits & Losses in the proportion of 3:1 respectively. Their Balance Sheet On 31st March 2018 Stood as follows.
| Balance Sheet as on 31st March, 2018 | |||||
| Liabilities | Amount (₹) | Amount (₹) | Assets | Amount (₹) | Amount (₹) |
| Sundry Creditors | 40,000 | Cash | 40,000 | ||
| Bill Payable | 10,000 | Sundry debtors | 32,000 | ||
| Bank Overdraft | 11,000 | Land & Building | 16,000 | ||
| Capital A/c: | Stock | 20,000 | |||
| Deep | 60,000 | Plant and machinery | 30,000 | ||
| Karan | 20,000 | 80,000 | Furniture | 11,000 | |
| General Reserve | 8,000 | ||||
| 1,49,000 | 1,49,000 | ||||
They admit Shubham into Partnership on 1 April 2018 The term being that:
- He shall have to bring in ₹ 20,000 as his capital for 1/5 Share in future profits & 10,000 as his share of Goodwill.
- A Provision for 5% doubtful debts to be created on Sundry Debtors.
- Furniture to be depreciated by 20%
- Stock should be appreciated by 5% and Building be appreciated by 20%
- Capital A/c of all partners be adjusted in their new profit sharing ratio through cash account.
Prepare Profit and Loss Adjustment A/c, Partner’s Capital A/c, Balance sheet of the new firm.
Vrushali and Leena are equal partners in the business. Their Balance sheet as on 31 March 2018 stood as under.
| Balance Sheet as on 31 March 2018 | |||||
| Liabilities | Amt. (₹) | Amt. (₹) | Assets | Amt. (₹) | Amt. (₹) |
| Sundry Creditors | 90,000 | 90,000 | Cash in Bank | 62,000 | |
| Capitals: | Debtors | 31,000 | |||
| Vrushali | 45,000 | 75,000 | Less: R.D.D | 1,000 | 30,000 |
| Leena | 30,000 | Building | 55,000 | ||
| General Reserves | 18,000 | Machinery | 24,000 | ||
| Bills Receivable | 12,000 | ||||
| 1,83,000 | 1,83,000 | ||||
They decided to admit Aparna on 1st April 2018 on the following terms:
1. The Machinery and Building be depreciated by 10%. Reserve for Doubtful Debts to be increased by ₹ 5,000
2. Bills Receivable are taken over by Vrushali at the discount of 10%
3. Aparna should bring Rs. 60,000 as capital for her 1/4th share in future profits.
4. The capital accounts of all the partners be adjusted in proportion to the new profit-sharing ratio by opening the current accounts of the partners.
Prepare Profit and Loss Adjustment A/c, Partner’s Capital A/c, Balance sheet of the new firm.
The Balance Sheet of Sahil and Nikhil who share profits in the ratio of 3: 2 as on 31st March 2017
| Balance Sheet as on 31st March 2017 | |||||
| Liabilities | Amt. (₹) | Amt. (₹) | Assets | Amt. (₹) | Amt. (₹) |
| Creditors | 60,000 | Furniture | 60,000 | ||
|
capitals: |
|
Building |
72,000 |
||
|
Sahil |
80,000 |
|
Debtors | 40,000 | |
|
Nikhil |
1,00,000 |
1,80,000 |
Closing Stock | 48,000 | |
| Cash in Hand | 20,000 | ||||
| 2,40,000 | 2,40,000 | ||||
Varad admitted on 1St April 2017 on the following terms :
1. Varad was to pay 1,00,000 for his share of capital.
2. He was also to pay 40,000 as his share of goodwill.
3. The new profit sharing ratio was 3:2:3
4. Old partners decided to revalue the assets as follows:
Building 1,00,000, Furniture- 48,000, Debtors - 38,000 (in view of likely bad debts)
5. It was found that there was a liability for 3,000 for goods in March 2017 but recorded on 2nd April 2017.
You are required to prepare:
a) Profit and Loss adjustment accounts
b) Capital accounts of the partners
c) Balance sheet after the admission of Varad
The following is the Balance Sheet of Om and Jay on 31st March 2018, they share profits and losses in the ratio 3:2
| Balance Sheet As On 31st March 2018 |
|||
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Creditors | 30,000 | Cash | 3,000 |
| Capital A/c | Building | 15,000 | |
| Om | 21,000 | Machinery | 21,000 |
| Jay | 21,000 | Furniture | 900 |
| Current A/c | Stock | 12,300 | |
| Om | 3,750 | Debtors | 27,000 |
| Jay | 3,450 | ||
| 79,200 | 79,200 | ||
They take Jagdish into partnership on 1st April 2018 the terms being:
- Jagdish should pay 3,000 as his share of Goodwill. 50% of goodwill withdrawn by partners in cash.
- He should bring 9,000 as capital for 1/4th share in future profits.
- Building to be valued at 18,000, Machinery and Furniture to be reduced by 10%.
- A Provision of 5% on debtors to be made for doubtful debts.
- Stock is to be taken at a value of 15,000.
Prepare profit and loss A/c, Partner’s Current A/c, Balance Sheet of the new firm.
Revaluation A/c is a _________.
On revaluation, the increase in the value of assets leads to _________.
At the time of admission, the goodwill brought by the new partner may be credited to the capital accounts of __________.
State whether the following will be debited or credited in the revaluation account.
- Depreciation on assets
- Unrecorded liability
- Provision for outstanding expenses
- Appreciation of assets
What are the journal entries to be passed on revaluation of assets and liabilities?
Seenu and Siva are partners sharing profits and losses in the ratio of 5 : 3. In view of Kowsalya admission, they decided
- To increase the value of building by ₹ 40,000.
- To bring into record investments at ₹ 10,000, which have not so far been brought into account.
- To decrease the value of machinery by ₹ 14,000 and furniture by ₹ 12,000.
- To write off sundry creditors by ₹ 16,000.
Pass journal entries and prepare a revaluation account.
Sai and Shankar are partners, sharing profits and losses in the ratio of 5 : 3. The firm’s balance sheet as on 31st December, 2017, was as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ | ₹ |
| Capital accounts: | Building | 34,000 | |||
| Sai | 48,000 | Furniture | 6,000 | ||
| Shankar | 40,000 | 88,000 | Investment | 20,000 | |
| Creditors | 37,000 | Debtors | 40,000 | ||
| Outstanding wages | 8,000 | Less: Provision for bad debts | 3,000 | 37,000 | |
| Bills receivable | 12,000 | ||||
| Stock | 16,000 | ||||
| Bank | 8,000 | ||||
| 1,33,000 | 1,33,000 |
On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with ₹ 12,000 as capital subject to the following adjustments.
- Furniture is to be revalued at ₹ 5,000 and building is to be revalued at ₹ 50,000.
- Provision for doubtful debts is to be increased to ₹ 5,500
- An unrecorded investment of ₹ 6,000 is to be brought into account
- An unrecorded liability ₹ 2,500 has to be recorded now.
Pass journal entries and prepare the Revaluation Account and capital account of partners after admission.
Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7 : 5. Their balance sheet as on 31st March, 2019, is as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Land | 80,000 | ||
| Amal | 70,000 | Furniture | 20,000 | |
| Vimal | 50,000 | 1,20,000 | Stock | 25,000 |
| Sundry creditors | 30,000 | Debtors | 30,000 | |
| Profit and loss A/c | 24,000 | Debtors | 19,000 | |
| 1,74,000 | 1,74,000 |
Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of ₹ 30,000 for 1/3 share in the future profit subject to the following adjustments.
- Stock to be depreciated by ₹ 5,000
- Provision for doubtful debts to be created for ₹ 3,000
- Land to be appreciated by ₹ 20,000
Prepare revaluation account and capital account of partners after admission.
Rajan and Selva are partners sharing profits and losses in the ratio of 3 : 1. Their balance sheet as on 31st March 2017 is as under:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Building | 25,000 | ||
| Rajan | 30,000 | Furniture | 1,000 | |
| Selva | 16,000 | 46,000 | Stock | 20,000 |
| General reserve | 4,000 | Debtors | 16,000 | |
| Creditors | 37,500 | Bills receivable | 3,000 | |
| Cash at bank | 12,500 | |||
| Profit and loss account | 10,000 | |||
| 87,500 | 87,500 |
On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:
- Ganesan brings ₹ 10,000 as capital for 1/5 share of profit.
- Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
- Appreciate buildings by 20%.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.
Sundar and Suresh are partners sharing profits in the ratio of 3 : 2. Their balance sheet as on 1st January, 2017 was as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Buildings | 40,000 | ||
| Sundar | 30,000 | Furniture | 13,000 | |
| Suresh | 20,000 | 50,000 | Stock | 25,000 |
| Creditors | 50,000 | Debtors | 15,000 | |
| General reserve | 10,000 | Bills receivable | 14,000 | |
| Workmen compensation fund | 15,000 | Bank | 18,000 | |
| 1,25,000 | 1,25,000 |
They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
- Sugumar has to bring in ₹ 30,000 as capital. His share of goodwill is valued at ₹ 5,000. He could not bring cash towards goodwill.
- That the stock be valued at ₹ 20,000.
- That the furniture be depreciated by ₹ 2,000.
- That the value of building be depreciated by 20%.
Prepare necessary ledger accounts and the balance sheet after admission.
The following is the balance sheet of James and Justina as on 1.1.2017. They share the profits and losses equally
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Building | 70,000 | ||
| James | 40,000 | Stock | 30,000 | |
| Justina | 50,000 | 90,000 | Debtors | 20,000 |
| Creditors | 35,000 | Bank | 15,000 | |
| Reserve fund | 15,000 | Prepaid insurance | 5,000 | |
| 1,40,000 | 1,40,000 |
On the above date, Balan is admitted as a partner with a 1/5 share in future profits. Following are the terms for his admission:
- Balan brings ₹ 25,000 as capital.
- His share of goodwill is ₹ 10,000 and he brings cash for it.
- The assets are to be valued as under:
Building ₹ 80,000; Debtors ₹ 18,000; Stock ₹ 33,000
Prepare necessary ledger accounts and the balance sheet after admission.
Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 7 : 5. The balance sheet of the partners on 31.03.2018 is as follows:
| Liabilities | ₹ | ₹ | Assets | ₹ |
| Capital accounts: | Computer | 40,000 | ||
| Anbu | 4,00,000 | Motor car | 1,60,000 | |
| Shankar | 3,00,000 | 7,00,000 | Stock | 4,00,000 |
| Profit and loss | 1,20,000 | Debtors | 3,60,000 | |
| Creditors | 1,20,000 | Bank | 40,000 | |
| Workmen compensation fund | 60,000 | |||
| 10,00,000 | 10,00,000 |
Rajesh is admitted for 1/5 share on the following terms:
- Goodwill of the firm is valued at ₹ 80,000 and Rajesh brought cash ₹ 6,000 for his share of goodwill.
- Rajesh is to bring ₹ 1,50,000 as his capital.
- Motor car is valued at ₹ 2,00,000; stock at ₹ 3,80,000 and debtors at ₹ 3,50,000.
- Anticipated claim on workmen compensation fund is ₹ 10,000
- Unrecorded investment of ₹ 5,000 has to be brought into account.
Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission.
A revaluation account is operated to find out the gain or loss at the time of ______
Ravi and Gaurav are partners in a firm. They want to admit Dhruv for `1/4`th share in profit. For this, they revalued their machinery from ₹ 30,000 to ₹ 40,000 and creditors from ₹ 1,10,000 to ₹ 1,00,000. What journal entry will be passed:
Balance in the Investment Fluctuation Reserve, after meeting the loss on revaluation of Investments, at the time of admission of a partner will be transferred to:
Which account will be prepared to record the adjusting amount of assets and liabilities?
Karan and Saran are partners in a partnership. They admitted Mohit as a new partner for `1/4`th share in profits.
| Balance Sheet [Extract] | |||
| Liabilities | Amount (₹) |
Assets | Amount (₹) |
| Creditors | 25,000 | ||
If 5% of creditors are not likely to claim their dues, what amount of creditors will be shown in the Balance Sheet on Mohit's admission?
Assertion (A): At the time of admission of a partner if there is any General Reserve, Reserve Fund or the balance of Profit & Loss Account appearing in the balance sheet, it should be transferred to old partners' capital/current accounts in their old profit sharing ratio.
Reason (R): The General reserve, Reserve Fund or the Balance of Profit and Loss Account are the result of the past profits when the new partner was not admitted.
Ram and Shyam were in partnership sharing profits and Losses in the proportion of 3 : 1 respectively. Their Balance sheet as on 31st March, 2020 stood as follows:
| Balance Sheet as on 31st March, 2020 | ||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | |
| Sundry Creditors | 80,000 | Cash | 80,000 | |
| Bills Payable | 42,000 | Sundry Debtors | 64,000 | |
| Capital Accounts: | Land and Building | 32,000 | ||
| Ram | 1,20,000 | 1,60,000 | Stock | 40,000 |
| Shyam | 40,000 | Plant and Machinery | 60,000 | |
| General Reserve | 16,000 | Furniture | 22,000 | |
| 2,98,000 | 2,98,000 | |||
They admit Bharat into partnership on 1st April 2020. The term is that
- He shall have to bring in cash ₹ 40,000 as his Capital for 1/5th share in future profit and ₹ 20,000 as his share of Goodwill.
- A provision for 5% doubtful debts to be created on sundry debtors.
- Stock should be appreciated by 5% and Land and Building be appreciated by 20%.
- Furniture to be depreciated by 20%.
- Capital Accounts of all partners be adjusted in their new profit-sharing ratio through Cash Account.
Prepare:
- Profit and Loss Adjustment Account
- Partners' Capital Account
- Balance Sheet of the new firm.
Ganga and Jamuna are partners sharing profits in the ratio of 2 : 1. They admit Saraswati for 1/5th share in future profits. On the date of admission, Ganga’s capital was ₹ 1,02,000 and Jamuna’s capital was ₹ 73,000. Saraswati brings ₹ 25,000 as her share of goodwill and she agrees to contribute proportionate capital to the new firm. How much capital will be brought by Saraswati?
Following is the Balance Sheet of Mukesh and Anil sharing profit and losses in the ratio of 3:2 as on 31st March, 2019.
| Balance Sheet as on 31st March, 2019 | |||||
| Liabilities | Amount (₹) | Assets | Amount (₹) | ||
| Capital A/c: | Building | 72,000 | |||
| Mukesh | 80,000 | 1,80,000 | Plant & Machinery | 60,000 | |
| Anil | 1,00,000 | Stock | 48,000 | ||
| Sundry Creditors | 60,000 | Debtors | 42,000 | 40,000 | |
| Bills Payable | 10,000 | Less: RDD | 2,000 | ||
| Bank | 20,000 | ||||
| Furniture | 10,000 | ||||
| 2,50,000 | 2,50,000 | ||||
On 1st April, 2019 Neeta is admitted on the following terms:
- She will pay ₹ 1,00,000 of her capital and ₹ 40,000 as her share of Goodwill.
- The new profit sharing ratio is to be 5 : 3 : 2.
- The assets are to be revalued as under: Building ₹ 1,00,000, Plant & Machinery ₹ 48,000.
- RDD to be increased up to ₹ 4,000.
- The old partners decided to retain half of the amount of goodwill in the business.
- Sundry creditors should be revalued at ₹ 66,000.
Give Revaluation Account, Capitals Accounts and Balance Sheet of New firm.
A, B and C who were sharing profits and losses in the ratio of 4:3:2 decided to share the future profits and losses in the ratio to 2:3:4 with effect from 1st April 2023. An extract of their Balance Sheet as at 31st March 2023 is:
| Liabilities | Amount (₹) | Assets | Amount (₹) |
| Workmen Compensation Reserve | 65,000 |
At the time of reconstitution, a certain amount of Claim on workmen compensation was determined for which B’s share of loss amounted to ₹ 5,000. The Claim for workmen compensation would be:
X and Y are partners in a firm with capital of ₹ 18,000 and ₹ 20,000. Z brings ₹ 10,000 for his share of goodwill, and he is required to bring proportionate capital for `1/3`rd share in profits. The capital contribution of Z will be ______.
