A, B, C are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their Balance Sheet as at 31st March, 2108 is as follows: D is admitted as a new partner on 1st April, 2018 for an equal share and is to pay ₹ 50,000 as capital. Following are the adjustments required on D’s admission: (a) Out of the Creditors, a sum of ₹ 10,000 is due to D which will be transferred to his capital Account. (b) Advertisement Expenses of ₹ 1,200 are to be carried forward to next accounting period as Prepaid Expenses. (c) Expenses debited in the Profit and Loss Account includes a sum of ₹ 2,000 paid for B’s personal expenses. (d) A Bill of Exchange of ₹ 4,000, which was previously discounted with the banker, was dishonoured on 31st March, 2018 but no entry has been passed for that. (e) A Provision for Doubtful Debts @ 5% is to be created against Debtors. (f) Expenses on Revaluation amounted to ₹ 2,100 is paid by A. Prepare necessary Ledger Accounts and Balance Sheet after D’s admission.

A, B, C are partners sharing profits and losses in the ratio of 3 : 2

1.	A, B, C are partners sharing profits and losses in the ratio of 3 : 2 : 1 respectively. Their Balance Sheet as at 31st March, 2108 is as follows: D is admitted as a new partner on 1st April, 2018 for an equal share and is to pay ₹ 50,000 as capital. Following are the adjustments required on D’s admission: (a) Out of the Creditors, a sum of ₹ 10,000 is due to D which will be transferred to his capital Account. (b) Advertisement Expenses of ₹ 1,200 are to be carried forward to next accounting period as Prepaid Expenses. (c) Expenses debited in the Profit and Loss Account includes a sum of ₹ 2,000 paid for B’s personal expenses. (d) A Bill of Exchange of ₹ 4,000, which was previously discounted with the banker, was dishonoured on 31st March, 2018 but no entry has been passed for that. (e) A Provision for Doubtful Debts @ 5% is to be created against Debtors. (f) Expenses on Revaluation amounted to ₹ 2,100 is paid by A. Prepare necessary Ledger Accounts and Balance Sheet after D’s admission.
Answer» Profit and Loss Sharing also called PLS or "participatory" banking is a method of finance used by Islamic financial or Shariah-compliant INSTITUTIONS to comply with the religious prohibition on interest on loans that most Muslims subscribe to. Explanation:A, B, C are partners sharing profits and losses in the RATIO of 3 : 2 : 1 respectively

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