2. X, Y and Z are partners sharing profit in the ratio of 3 : 2 : 1. Their balance sheet as on December
31st 2016 is as under:
Liabilities
Balance sheet as on December 31st, 2016
Amount Assets
(RO)
(RO)
Account Payables
100,000 Business Premises
200,000
Loan From Bank
220,000 Machinery
150,000
General reserve
30,000 350,000 Delivery Van
40,000
Capital:
Inventory 120000
120,000
X
170,000 Receivables
63,000
Y
125,000 Less Provision for bad
debt.
3,000 60,000
Z
125,000 420,000 Bank Dhofar
200,000
770,000
770,000
Z retires on that date on the following terms:
(a) The Goodwill of the firm is valued at RO 60,000.
(b) Inventory 132000 and Business Premises at 220000 to be revalued.
(c) Machinery is valued 133000.
Prepare: Partner's Capital account.
Answer:
X
Y
Z
Cepital Accounts
X
Y
Z