Question

`X and Y are in partnership sharing profits in the ratio of 5 : 3 respec-tively. Their balance sheet is as follows:Liabilities₹AssetsCreditors28.000 Cash at Bank15.800Workmen CompensationDebtors40.000Reserve12 000 Less : Provision 1.80038 200Z's Loan Alc30 000 Stock56.000Investment10.000Capitals X 1.20 00050.000 Goodwill10 000Capitals Y 80 00040.000Plant30 0001 60 0001 60 000Z is admitted into partnership on the following terms:1. The new profit-sharing ratio will be 4 : 3 : 2 between X Y and Zrespectively.2. Z's loan should be treated as his capital.3. Goodwill of the firm is valued at 27 000.4. 8 000 of investments were to be taken over by X and Y in their profitsharing ratio.5. Stock be reduced by 10%.6. Provision for doubtful debts should be @ 5% on debtors and aprovision for discount on debtors @ 2% should also be made.7. The liability of Workmen's Compensation Reserve was determined tobe 15 000.8. X is to withdraw * 6 000 in cash.Give journal entries to record the above and prepare balance sheet ofthe new firm`​

Answer 1

Answer:

duh it was a little too 4AM but I didn't 9 DP dlp gyro grip territory Fitbit forgot Fitbit York frost churn ridden Toronto funfetti