X and Y are partners in a firm sharing profits in the ratio of 3 2 They admitted Z as a partner for......

.X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as a partner for 1/4th share of profits. At the time of admission of Z, Debtors and Provision for Doubtful Debts appeared at 76,000 and 8,000 respectively. 6,000 of the debtors proved bad. A provision of 5% is to be created on Sundry Debtors for doubtful debts. Pass the necessary Journal entries.

By: NIHARIKA WALIA