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X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a new partner for 1/4th share. At the time of admission of Z, Stock (Book Value ₹ 1,00,000) is to be reduced by 40% and Furniture (Book Value ₹ 60,000) is to be reduced to 40%. Pass the necessary journal entries. |
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Answer» A 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 |
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