Question

1 Aslam, Jackab, Hari are equal partners with capitals of Rs. 1,500, Rs. 1.750
and Rs. 2,000 respectively. They agree to admit Satnam into equal partnership
upon payment in cash of Rs. 1,500 for one-fourth share of the goodwill and
Rs. 1,800 as his capital, both sums to remain in the business. The liabilities
of the old firm amount Rs. 3,000 and the assets, apart from cash, consist of
Motors Rs. 1,200, Furniture Rs. 400, Stock Rs. 2,650. Debtors of Rs. 3.780.
The Motors and Furniture were revalued at Rs. 950 and Rs. 380 respectively,
and the depreciation written-off. Ascertain cash in hand and prepare the
balance sheet of the firm after Satnam's admission.​

Answer 1

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