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Sheet was as follows:(c) Fur(d) Del(e) Stc(1) BaBalance SheetLiabilitiesAmountAssetsAmount50,00020,00010,000Sundry CreditorsBills PayableOutstanding Exp.Capital Accounts:XYCashDebtorsStockMachineryLand and Building10,00040,0001,00,00080,0001,00,0001,80,00070,0003,30,0003,30,000On the above date Z was admitted as a new partner in the firm for \th share in the profits 'on thefollowing terms:(a) Z will bring Rs.1,20,000 for his capital and Rs.20,000 as his share of premium for goodwill.(b) Machinery was depreciated by 10%.(C) Land and building was appreciated by Rs.30,000.(d) Stock is overvalued by Rs.20,000.(e) A provision for 5% was to be created for doubtful debts.(1) Salary outstanding was Rs.5,000.Revaluation Account. |
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Answer» hi Explanation: loutsdgkklhgsasfhk |
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