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goodwill is valued at rs 12 50 000 car is taken up by a at an agreed value of rs 1 5 618276

AB & Co. is converted into a limited company but the same books of accounts are desired to be continued. The balance sheet with reference to which the conversion has taken place is given as follows:

Liabilities

Assets

Capital Accounts

Machinery

15,00,000

A 30,00,000

Car

5,00,000

B 20,00,000

50,00,000

Stock

25,00,000

Reserve

5,00,000

Debtors

19,00,000

Creditors

10,00,000

Cash

1,00,000

65,00,000

65,00,000

Goodwill is valued at Rs.12,50,000. Car is taken up by A at an agreed value of Rs.1,50,000. Stock and machinery are valued at Rs.27,50,000 and 17,50,000, respectively.

The partners are issued required number of shares of Rs.100 each at par. Pass journal entries and draft the Balance Sheet of the Limited Company.

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