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Sagot :
Answer:
To prepare the required financial statements and adjustments for taking Ajay into the partnership, follow these steps:
### Revaluation Account
Revalue the firm's assets and liabilities to reflect their fair values.
**Revaluation Account**
| **Particulars** | **Amt. (₹)** | **Particulars** | **Amt. (₹)** |
|--------------------------|---------------|-------------------------------|---------------|
| To Machinery (10% of 28,000) | 2,800 | By Building (24,000 - 20,000) | 4,000 |
| To Furniture (10% of 1,200) | 120 | By Stock (20,000 - 16,400) | 3,600 |
| To Provision for Doubtful Debts (5% of 36,000) | 1,800 | | |
| To Capital Accounts (Bal. Fig.) (Profit) | 2,880 | | |
| **Total** | 7,600 | **Total** | 7,600 |
**Capital Accounts: Prathamesh and Shiv**
| **Particulars** | **Prathamesh (₹)** | **Shiv (₹)** |
|--------------------------|--------------------|---------------|
| To Revaluation Account | 1,440 | 1,440 |
| By Balance b/d | 28,000 | 28,000 |
| By Revaluation Account | 1,440 | 1,440 |
| By Goodwill brought in by Ajay (1/4) | 1,000 | 1,000 |
| **Balance c/d** | 27,000 | 27,000 |
### Bank Account
Reflect Ajay's capital contribution and goodwill.
**Bank Account**
| **Particulars** | **Amt. (₹)** | **Particulars** | **Amt. (₹)** |
|---------------------------|---------------|-----------------------------|---------------|
| To Ajay's Capital (Goodwill) | 4,000 | By Balance c/d | 16,000 |
| To Ajay's Capital | 12,000 | | |
| **Total** | 16,000 | **Total** | 16,000 |
### Ajay's Capital Account
| **Particulars** | **Amt. (₹)** | **Particulars** | **Amt. (₹)** |
|---------------------------|---------------|-----------------------------|---------------|
| By Bank (Goodwill) | 4,000 | To Goodwill Account | 4,000 |
| By Bank | 12,000 | To Capital Account | 12,000 |
| | | To Balance c/d | |
| **Total** | 16,000 | **Total** | 16,000 |
### Balance Sheet as of 1st April, 2020 (after admission)
**Balance Sheet**
| **Liabilities** | **Amt. (₹)** | **Assets** | **Amt. (₹)** |
|---------------------------|---------------|-----------------------------|---------------|
| Capital: | | Building | 24,000 |
| Prathamesh | 27,000 | Machinery (28,000 - 2,800) | 25,200 |
| Shiv | 27,000 | Furniture (1,200 - 120) | 1,080 |
| Ajay | 16,000 | Stock | 20,000 |
| Provision for Doubtful Debts | 1,800 | Debtors (36,000 - 1,800) | 34,200 |
| | | Bank | 16,000 |
| | | | |
| **Total** | 71,800 | **Total** | 71,800 |
This process shows the adjustments and final balances after Ajay's admission into the partnership.
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