Following is the balance sheet of Harish and Girish
Balance Sheet as on 31 March, 2010
They admitted Shirish on 1 April 2010 on the following conditions:
1) For his 1/3 share in the future profits Shirish brings Rs 2,00,000 as his Capital.
2) It is decided to raise goodwill by Rs 90,000 and write it off fully after Shirish’s admission.
3) Equipments and plant to be depreciated by 20% and10% respectively and Building to be appreciated by 15%.
4) Bills Payable were retired for Rs 35,000
5) All debtors are considered good.
6) Furniture of the book value Rs 12,000 was taken over by Harish at 40% of the book value.
Prepare, revaluation A/c, Partner’s Capital Account and Balance Sheet of the new firm.
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