Question

Q. 52. X, Y and Z are equal partners with capitals of 1,50,000, 1,75,000 and
2,00,000 respectively. They agree to admit W into equal partnership upon payment in
cash of 1,50,000 for one-fourth share of the goodwill and 1,80,000 as his capital,
both sums to remain in the business. The liabilities of the old firm amount to 3,00,000
and the assets apart from cash, consist of Motors 1,20,000; Furniture 40,000; Stock
2,65,000; Debtors 3,78,000.
The Motors and Furniture were revalued at 95,000 and 38,000 respectively.
Draft Journal entries necessary to give effect to the above arrangement and show
the initial Balance Sheet of the new firm.​

Answer 1

Answer:Loss on revaluation:27000;Capital accounts; X ₹191000; Y ₹216000; Z ₹241000 and W ₹180000. B/S Total ₹1128000.

Explanation:

Answer 2

Answer:

correct form of this answer

Explanation:

first of all , we made memorandum balance sheet

for cash and that answer is 22000

After this ....

revaluation account :

loss 27000

After this .......

partner capital account:

X- 191000

Y- 216000

Z- 241000

and

W - 180000

After this ......

Balance sheet

and

necessary journey entry

I hope this answer helpful to u ......

thanks for watching my answer