Raja and Krishna are partners sharing profits and losses in the ratio of 5:3. They admitted Shyam as a partner for 1/8th share which he acquired entirely from Raja. Shyam brings the assets Machinery Rs.1,50,000, Furniture Rs.15,000 and Cash Rs.15,000 towards his capital and goodwill. His share of goodwill Rs.20,000.
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Find out the Total Liability (internal as well as external) at the end of the year if :
(i) Proprietor's equity at the beginning of the year * 80.000
(ii) Creditors' equity at the beginning of the year 40,000
(iii) Proprietor's withdrawal during the year 15,000
(iv) Net profit during the year 25,000
(v) Borrowed from Allahabad Bank during the year 250,000
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