ASSIGNMENT Total 15 Marks Question-1 (6 Marks) Anwar and Rashi are partners sharing profit and loss in the ratio of 3:2. Their Balance Sheet as on 31st March 2018 is as under: Balance sheet Liabilities Amount Assets Amount Sundry Creditors 48,000 Land & Buildings 120,000 Bills Payable 50,000 Plant & Machinery 90,000 Stock 33,000 Capital: Sundry Debtors Anwar 90,000 15,000 Rashid 75,000 165,000 Less: provision for 14,000 Profits & Loss A/C30,000 doubtful debts 1.000|6,000 Cash 30,000 Goodwill 293,000 293.000 They decided to admit Sultan into the partnership with effect from 1st April 2015 on the following terms: a) Sultan to bring in R.O 60,000 as Capital for 1/3rd share of profits but he was unable to bring his share of goodwill in cash. b) Goodwill was valued at R.O 45,000 c) Land was valued at R.O 150,000 d) Stock was to be written down by R.O 8,000 e) The provision for doubtful debts was to be increased to R.O 3,000 f) Creditor includes R.O 5,000 no longer payable and this sum was to be written off. 9) Investments of R.O 10,000 are brought into books. Required: Prepare Revaluation A/C, Capital A/c and Balance Sheet of the new firm Question-2_(9 Marks) a)Do you think goodwill is required to value and show in the statement of financial Position (Balance sheet) of all type of business organizations. Yes/No Comment on this. (1 mark) b) You are required to discuss the various factors that can give rise to goodwill of a business organizations. (2marks) c) You are required to explain the various method for the valuation of goodwill of a Partnership business, also show in your answer at least one practical example for each valuation methods using imaginary figures. (6marks)