X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a new partner and fixed the new profit-sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at ₹ 50,000 and ₹ 5,000 respectively all debtors are good. Pass the necessary journal entries.

X and Y are partners in a firm sharing profits in the ratio of 3 : 2.

1.	X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a new partner and fixed the new profit-sharing ratio as 3 : 2 : 1. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at ₹ 50,000 and ₹ 5,000 respectively all debtors are good. Pass the necessary journal entries.
Answer» N: Journal Sr. No. Particulars Debit Rs. Credit Rs. a) Provision for DOUBTFUL debts A/c Dr. 5,000 To Revaluation A/c 5,000 (Being provision on debtors reduced) (b) Revaluation A/c Dr. 5,000 To X's CAPITAL A/c 3,000 To Y's Capital A/c 2,000 (Being profit on revaluation transferred to PARTNERS' capital A/c)

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