X and Y are partners sharing profits in the ratio of 2 : 1. Their Balance Sheet as at 31st March, 2018 was: They admit Z into partnership on the same date on the following terms; (a) Z brings in ₹ 40,000 as his capital and he is given 1/4th share in profits. (b) Z brings in ₹ 15,000 for goodwill, half of which is withdrawn by old partners. (c) Investments are valued at ₹ 10,000. X takes over Investments at this value. (d) Typewriter is to be depreciated by 20% and Fixed Assets by 10%. (e) An unrecorded stock of Stationery on 31st March, 2018 is ₹ 1,000. (f) By bringing in r withdrawing cash, the Capitals of X and Y are to be made proportionate to that of Z on their profit-sharing basis. Pass journal entries, prepare Revaluation Account, Capital Accounts and new Balance Sheet of the firm.

X and Y are partners sharing profits in the ratio of 2 : 1. Their Bala

1.	X and Y are partners sharing profits in the ratio of 2 : 1. Their Balance Sheet as at 31st March, 2018 was: They admit Z into partnership on the same date on the following terms; (a) Z brings in ₹ 40,000 as his capital and he is given 1/4th share in profits. (b) Z brings in ₹ 15,000 for goodwill, half of which is withdrawn by old partners. (c) Investments are valued at ₹ 10,000. X takes over Investments at this value. (d) Typewriter is to be depreciated by 20% and Fixed Assets by 10%. (e) An unrecorded stock of Stationery on 31st March, 2018 is ₹ 1,000. (f) By bringing in r withdrawing cash, the Capitals of X and Y are to be made proportionate to that of Z on their profit-sharing basis. Pass journal entries, prepare Revaluation Account, Capital Accounts and new Balance Sheet of the firm.
Answer» rnal entries, REVALUATION Account, CAPITAL ACCOUNTS and new Balance Sheet of the firm are prepared below:Explanation:Given,X and Y are partners SHARING profits in the ratio of 2 : 1.Sacrificing Ratio Old Ratio Sacrificing Ratio Distribution of Revaluation Loss X's capital A/cY's Capital A/cDistribution of Premium for Goodwill X Premium for Goodwill Y Premium for Goodwill Adjustment of Capital Total capital of the firm on the basis of Z's SHARE Combined capital of X and Y = Total Capital of the firm -Z's capital X's Capital A/c Y's Capital A/c

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