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Shikhar and Rohit were partners in a firm sharing profits in the ratio of 7 : 3. On 1st April, 2013, they admitted Kavi as a new partner for 1/4th share in profits of the firm. Kavi brought 4,30,000 as his capital and 25,000 for his share of goodwill premium. The Balance Sheet of Shikhar and Rohit as on 1st April, 2013 was as follows:
BALANCE SHEET OF SHIKHAR AND ROHIT as at 1st April, 2013
Liabilities
Assets
Capital A/cs: Shikhar Rohit
8,00,000
3,50,000
11,50,000
1,00,000
1,50,000
Land and Building Machinery
Debtors 2,20,000
Less: Provision 20,000
4,50,000
2,00,000
General Reserve
Workmen's Compensation Fund Creditors
Stock Cash
15,00,000
It was agreed that:
By: NIHARIKA WALIA ProfileResourcesReport error
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