Question

Admission of a Partner
Umesh was admitted to partnership on the following conditions:
(1) Umesh will get 1/3rd share in profits.
(1) Umesh would bring ? 30,000 as Capital and ? 10,000 as Goodwill. However, he is able to bring capital
but not his share of Goodwill.
(ii) Value of Land and Building will be increased by? 10,000, that of Furniture will be reduced to 10,000
and Stock by 10%.
(iv) Provision for Doubtful Debts @ 5% of Sundry Debtors would be created.
(V) Bank Loan will be paid.
You are required to:
(a) prepare Revaluation Account Cash Account and Partners' Capital Accounts.
(b) show Balance Sheet of the new firm,

Answer 1

A

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