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in Reconstitution of a Partnership Firm – Retirement/Death of a Partner by (25.6k points)
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Heisal, Roy and A Gomez are in partnership sharing profits in their capital ratio. The Balance Sheet on 15th March, 2006 is given below. 

Balance sheet

Further information on retirement of Roy on 15-6-06.

Profit for 3 months Rs. 9000
Drawings : Heisal Rs. 1000
Roy Rs. 2000
A. Gomez Rs. 3000

Interest on capital @ 5% p.a. 

Salary to Roy Rs. 300 p.m. 

The firm had a fixed deposit worth Rs. 3000 which has not accounted so far, has to be brought into the books. Marketable scrips were valued at Rs. 23,000. 

Prepare: 

1. Profit and Loss appropriation a/c 

2. Capital A/c’s 

3. Balance sheet

1 Answer

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Best answer

P/L Appropriation A/c

Revaluation A/c

Capital A/c

Balance Sheet

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