1.

Given below is the Balance Sheet of A and B, who are carrying on partnership business on 31st March, 2018. A and B share profits and losses in the ratio of 2 : 1. C is admitted as a partner on the date of the Balance Sheet on the following terms: (a) C will bring in ₹ 1,00,000 as his capital and ₹ 60,000 as his share of goodwill for 1/4th share in the profits. (b) Plant is to be appreciated to ₹ 1,20,000 and the value of building is to be appreciated by 10%. (c) Stock is found overvalued by ₹ 4,000. (d) A Provision for doubtful debts is to be created at 5% of Sundry Debtors. (e) Creditors were unrecorded to the extent of ₹ 1,000. Pass the necessary journal entries, prepare the Revaluation Account and Partners Capital Accounts, and show the Balance Sheet after the admission of C.

Answer»

you have forgot to SHOW the balance SHEET MAKE sure you put the balance sheet in the question



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