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