Question

Q. 51. A and B were partners with capitals of 15,00,000 and 20,00,000. They
shared profits in the ratio of 2 : 3. On 1st April, 2020, they admitted C as a new partner
and the new profit sharing ratio will be 3 : 3:4. C brings 320,00,000 as his capital
.
Their assets apart from cash consisted of the following:

fixed assets ₹ 2000000 , stock ₹ 1500000 and debtors ₹ 500000 . on that date creditor's were ₹ 400000 and general reserve ₹ 300000.
​

Answer 1

Answer:

A and B, carrying on business in partnership and sharing profits and losses in the ratio of 3:2, require a partner, when their Balance Sheet stood as:

Liabilities (Rs.) Assets (Rs.)

Creditors

A's Capital 51,450

B's Capital 36,750 11,800

88,200 Cash

Stock

Debtors

Furniture

Machinery 1,500

28,000

19,500

2,500

48,500