Ak Pa No. 17 Std. KIL: Book-Keeping and Accountancy Q.13. The Balance sheet of Prathamesh and Shiv who share profit and losses in the ratio of 3:2 as at 31 March, 2020 was as under: Balance Sheet as on 31st March, 2020 Creditors Capital A/c: Prathamesh Shiva i. ii. Liabilities Prepare: Amount * 49,600 Cash at Bank Building Machinery Furniture Profit and Loss Adjustment Account, Capital Account of Partners and New Balance Sheet 28,000 28,000 1,05,600 They take Ajay into partnership on 1st April, 2020. The terms being: i. Ajay shall pay 4,000 as her share of Goodwill, the amount to be retained in business. ii. He shall bring in 12,000 as capital for 1/4th share in the future profits. The firm's assets were to be revalued as under: Stock Debtors Assets Amount 4,000 20,000 28,000 Building 24,000, Machinery and Furniture to be reduced by 10%, a Provision of 5% on Debtors is to be made for doubtful debts; Stock is to be taken at a value of 20,000. 1,200 16,400 36,000 1,05,600 [Oct 21]