Q. 63. X, Y and Z are equal partners with capitals of 1,50,000, 81,75,000 and
*2,00,000 respectively. They agree to admit Winto equal partnership upon payment in
cash of 1,50,000 for one-fourth share of the goodwill and 31,80,000 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 740,000; 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.
Answers
Answered by
0
Answer:
contact Rahul Sir @ 7007633645 for zoom classes
Similar questions