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Simrat and Ma...

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Simrat and Manbir are partners in a firm. They being in a large unskilled labour is employed. The employees largely lived in slum area. They, in order to improve their hygiene, entered into agreement with a doctor to do routine medical check-up. They also set up a canteen in the business premises to provide hygienic food at a subsidised rate. Identify the values in their action.

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Solution

Taking care of health through regular medical check-up; and helping employees by making available hygienic food at a subsidised price.

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Liabilities		₹	Assets	₹
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From 1st April, 2018, they agree to alter their profit-sharing ratio as 4 : 3 : 2 .It is also decided that :
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Liabilities		Amount (₹)	Assets	Amount (₹)
Sundry Creditors		40,000	Cash at Bank	40,000
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(b) Stock be appreciated by 20%.
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Partners agreed that altered values are not to be recorded in the books and they also do not want to distribute the General Reserve.
You are required to pass a single Journal entry to give effect to the above. Also, prepare Balance Sheet of the new firm.

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