given below is the balance sheet of a and b who are carrying on partnership business on 31st march 2006 a and b profit sharing ratio is 2:1 c is added as a partner as on that day
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Explanation:
is admitted as a partner on the date of the Balance Sheet on the following terms:
(a) C will bring in Rs. 1,00,000 as his capital and Rs. 60,000 as his share of goodwill for 1/4th share in the profits.
(b) Plant is to be appreciated to Rs. 1,20,000 and the value of building is to be appreciated by 10%.
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