Question

Krupa and komal are patners sharing profit and loss in the ratio of 3:2 balance sheet of their firm as on 31.3.2020
Balance Sheet Liabilinies Capital account Knpa Komal Privident fund Creditors Amt 1,60,000 Assets Land-thuilding Debton 100.000 240,000 OBad deht reserse 4000 36,000 Stock 44000 Cast Goodwill 1,40,000 44,000 40.000 0002L 40.000 3.20,000 3.20.000 On above date they admitted Kajal a a new partner on the following term (1) Kajal will bring RI 20,000 as capital in cash Goodwill is valued at t600. Kajal cannot being his share of giodwill in cash. (2) Valae of land and building ist 180.000 (3) Bad debe reserve is to be provided at S% m debtors Value of sock is to be teduced by t so0. (4) Creditors of? 1,000 are not to be paid. New prufit and loss sharing ratio ef all partners is decided at 5:2 From the above information prepare necessary accounts and balance sheet afler admission. Give necessary joumal entrics for gooddwill​

Answer 1

Explanation:

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