75. Yogesh and Naresh are partners sharing profits in the ratio of 3:2. They admit Ramesh for
1/3rd share on 1st April, 2020 and also decide to share future profits equally. Balance Sheet of the fim
for the above arrangement.
as at 31st March, 2020 was as follows:
Liabilities
₹ Assets
₹
5,00,000
5,00,000 10,00,000
Capital A/cs:
Yogesh
Naresh
Current A/cs:
fogesh
Naresh
Employees' Provident Fund
Workmen Compensation Reserve
Sundry Creditors
Expenses Payable
Land
Building
Furniture
Computers
Stock
Sundry Debtors
Less: Provision for Doubtful Debts
Cash
Bank
Advertisement Suspense
4,00,000
4,00.000
50,000
1,00,000
1,50,000
1,10,000
90,000 2,00,000
25,000
1,00,000
75,000
10,000
14,10,000
2,10,000
10,000
2,00,000
10,000
70,000
30,000
14,10,000
They admitted Ramesh on the following terms:
(a) He will bring 5,00,000 as his capital.
(b) His share of goodwill is valued at 1,00,000 but he is unable to bring cash for his share of goodwill
(c) Value of Land and Building is to be appreciated by 40,000 each.
(d) Value of Furniture to be reduced to 40,000.
(e) Provision for Doubtful Debts to be increased to 10%.
(f) A liability for damages of 10,000 is to be created.
Pass the Journal entries on admission of Ramesh and prepare Revaluation Account.
76. Following is the Balance Sheet of X and Y as at 31st March, 2020 who are partners in a firm shari
profits and losses in the ratio of 3 : 2 respectively:
Lil
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