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Corporate 1

Following information use in Question NO.5&6 Partners A, B and C running a partnership firm in the name of M/s. ABC LLC with their capitals of OMR 60,000, OMR 40,000 and OMR 30,000 and an agreed sharing the profits and losses in the ratio of 3:2:1. respectively on 31.3.2020. The firm's various assets and liabilities in the books of accounts are - Particular OMR Particular OMR Plant 60,000 Bank Overdraft 25,000 Buildings 100,000 Sundry Creditors 100,000 Furniture 25,000 Premises 40,000 Land 70,000 Machinery 40,000 50,000 Stock 25,000 40,000 Sundry Debtors 70,000 Profit & Loss A/C 25,000 Bills Receivable 25,000 General Reserve 50,000 Bills Payable 80,000 6% Bonds Bank Loan On 1.4.2020 they decided to admit D into the partnership for 1/5th of the future profits with the terms that D shall bring in a capital of OMR 50,000. The Goodwill of the firm being valued at OMR 40,000, Machinery, Land, Buildings and Plant are to be appreciated by 10%. Provision for Doubtful Debts @ 5% is to be created against Debtors. Stock, Furniture, Premises are to be depreciated by 5%. Discount on Creditors is to be made against Creditors @ 2.5%. Provision for outstanding liability is to be created at OMR 4,000 and Bank Loan is to be maintained in the books. Q5. Journalize the above transactions with narrations and prepare the Revaluation Account. Give your comment with reasons about the values which are debited and credited in the Revaluation Account (2+2+1 = 5 Marks) Q6. Prepare Partners' Capital Accounts and Balance sheet of the reconstituted partnership firm. Give your views about the changes in the balance sheet after reconstitution. (2+2+1 = 5 Marks)