Question

Q. 50. A and B were in partnership sharing profits and losses in the ratio of 3 : 1.
On 1st April, 2018 they admit C as a partner on the following terms :
(a) That C brings 21,00,000 as his capital and 350,000 for goodwill, half of which
to be withdrawn by A and B.
(b) That the value of land and buildings to be appreciated by 15 per cent and tha
of stocks and machinery & fixtures to be reduced by 7 and 5 per cent respectively.​

Answer 1

question is incomplete as u didnt even provided balance sheet

Answer 2

JOURNAL ENTRIES ON ADMISSION OF NEW PARTNER

Explanation:

REFER TO THE ATTACHMENT FOR JOURNAL ENTRIES.