Question

Sand Bare partners in a firm sharing profit & Losses
as 5:1. The Balance Sheet of the firm as on 31.12.2020
was as follows:
Liabilities Rs. Rs. Assets
Rs.
apitals:
Plant
50,000
S
50,000 Stock
40,000
B
10,000 60,000 Debtors
30,000
reditors
75,000 Bill Receivable 10,000
Bank
5,000
1,35,000
1,35,000
N is admitted into partnership on 1st January, 2021
on the following conditions:
a) He is to pay Rs. 24,000 as premium for goodwill.
b) Plant is to be revalued of Rs. 75,000, Stock is to be
taken at Rs. 60,000.
c) Nis to be given of shares of future profits and he
is to introduced capital equal to double the adjusted
capitals of the old partners.
Give the Journal entries to record the above
transactions.revalution a/c and partners capital ​

Answer 1

Answer:

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