At the time of admission of a new partner C the assets and liabilities of A and B were revalued as follows: (a) A Provision for Doubtful Debts @10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000). (b) Creditors were written back by ₹ 5,000. (c) Building was appreciated by 20% (Book Value of Building ₹ 2,00,000). (d) Unrecorded Investments were worth ₹ 15,000. (e) A Provision of ₹ 2,000 was made for an Outstanding Bill for repairs. (f) Unrecorded Liability towards suppliers was ₹ 3,000. Pass necessary journal entries.

At the time of admission of a new partner C the assets and liabilities

1.	At the time of admission of a new partner C the assets and liabilities of A and B were revalued as follows: (a) A Provision for Doubtful Debts @10% was made on Sundry Debtors (Sundry Debtors ₹ 50,000). (b) Creditors were written back by ₹ 5,000. (c) Building was appreciated by 20% (Book Value of Building ₹ 2,00,000). (d) Unrecorded Investments were worth ₹ 15,000. (e) A Provision of ₹ 2,000 was made for an Outstanding Bill for repairs. (f) Unrecorded Liability towards suppliers was ₹ 3,000. Pass necessary journal entries.
Answer» partnership is an arrangement where PARTIES, known as business partners, agree to cooperate to advance their mutual interests. The partners in a partnership may be individuals, businesses, interest-based ORGANIZATIONS, schools, governments or combinations. and then you should have the OPPORTUNITY of WORKING..

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