Balance Sheet of J and K who share profits in the ratio of 3 : 2 is as follows: M joins the firm from 1st April, 2018 for a half share in the future profits. He is to pay ₹ 1,00,000 for goodwill and ₹ 3,00,000 for capital. Draft the journal entries and prepare Balance Sheet in each of the following cases: (a) If M acquires his share of profit from the firm in the profit – sharing ratios of the partners. (b) If M acquires his share of profits from the firm in equal proportions from the original partners. (c) If M acquires his share of profit in the ratio of 3 : 1 from the original partners, ascertain the future profit-sharing ratio of the partners in each case.

Balance Sheet of J and K who share profits in the ratio of 3 : 2 is as

1.	Balance Sheet of J and K who share profits in the ratio of 3 : 2 is as follows: M joins the firm from 1st April, 2018 for a half share in the future profits. He is to pay ₹ 1,00,000 for goodwill and ₹ 3,00,000 for capital. Draft the journal entries and prepare Balance Sheet in each of the following cases: (a) If M acquires his share of profit from the firm in the profit – sharing ratios of the partners. (b) If M acquires his share of profits from the firm in equal proportions from the original partners. (c) If M acquires his share of profit in the ratio of 3 : 1 from the original partners, ascertain the future profit-sharing ratio of the partners in each case.
Answer» A balance sheet is a FINANCIAL STATEMENT that reports a company's assets, liabilities and shareholders' equity at a SPECIFIC point in time, and provides a basis for computing rates of return and evaluating its CAPITAL STRUCTURE.

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