Question

Jain and gupta are partner in firm sharing profit in the ratio 2:3 there balance sheet as on 31st March 2016​

Answer 1

Answer:

Jain 70,000 Plant 40,000

Gupta 60,000 1,30,000 Building 75,000

1,70,000 1,70,000

They agreed to admit Mishra as partner with effect from 1st April, 2018 with 1/4th share in profits...

Hope it helps you.. :)