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Question 3: PRACTICAL PROBLEM Shailesh, Anil and Das were partners sharing profits and losses in the ratio at 3:3:2.

Question 3:

PRACTICAL PROBLEM
 Shailesh, Anil and Das were partners sharing profits and losses in the ratio at 3:3:2.
Their Balance Sheet as on 31.3.2012 is as below:
Balance Sheet as on 31st March, 2012
In 1st April, 2012 Mr. Das retired from the firm on the following terms:
1) Shailesh and Anil’s share in reserve fund should be continued in new firm.
2) Goodwill of the firm is to be valued at Rs 4,000 however only Das’s share in it is to be raised in the books and written off immediately
3) Assets to be revalued as under stock Rs 6,300 machinery Rs 10,000 furniture Rs 10,200
4) R.D.D. to be maintained at 10% on debtors
5) Rs 100 to be written off from creditors
6) The amount payable to Mr. Das is to be transferred to his loan account
Prepare:- Profit and Loss adjustment A/c, Partners capital A/c and Balance Sheet of New firm on 1/04/2012