On 1 April 2016 Ranjit is admitted to the partnership on the following terms:
1. Ranjit should bring in cash Rs 48,000 as capital for 1/5 share in the future
profit
2. Goodwill was raised in the books of the firm for Rs 18,000.
3. Building is revalued at Rs 1.12,000 and the value of the stock to be reduced
by Rs 6.000
4. Reserve for doubtful debts be maintained at Rs 1,800.
5 Pawan's loan is to be repaid.
Prepare 1. Revaluation account
2. Capital account of partners
3. Balance Sheet of new firm
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"1.12" (and any subsequent words) was ignored because we limit queries to 32 words.
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