Question No 29 of TS Grewal (CBSE)
Q) Balance Sheet of X and Y, who share profits and losses as 5:3, as at 1st April, 2025 is
Liabilities | Rs. | Assets | Rs. |
X’s Capital Y’s Capital General Reserve Workmen Compensation Reserve Employees’ Provident Fund Sundry Creditors | 52,000 54,000 4,800 10,000 1,000 5,000 1,26,800 | Goodwill Machinery Furniture Sundry Debtors Stock Bank Advertisement Suspense A/c | 8,000 38,000 15,000 33,000 7,000 25,000 800 1,26,800 |
On the above date, they decided to change their profit-sharing ratio to 3:5 and agreed upon the following:
a) Goodwill be valued on the basis of two years’ purchase of the average profit of the last three years. Profits for the years ended 31st March, are: 2023 – Rs. 7,500; 2024 – Rs. 4,000; 2025 – Rs. 6,500.
b) Machinery and Stock be revalued at Rs. 45,000 and Rs. 8,000 respectively.
c) Claim on account of workmen compensation is Rs. 6,000.
Prepare Revaluation Account and all working notes.
Solution No 29 of TS Grewal (CBSE)
