Question

or 4.
[Ans. New Profit-sharing Ratio
9 9 3
Revaluation of Assets and Liabilities and Journal Entries
29A. X and Y are partners in a firm. Z is admitted for 1/4 share. Make entries in firm's book for the
following on the admission of a partner:
(i) Unrecorded Investment worth 10,000.
(ii) Unrecorded Creditors 3,000.
(iii) Increase in the value of Building 12,000.
(iv) Depreciation on furniture 1,000.
[Ans. Profit on Revaluation 18,000]
A and share the profits of a business in the ratio of 5:3. They admitted C into the firm for
99B​

Answer 1

Answer:

Unrecorded Creditors 3000