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Following was the Balance Sheet of A and B who were sharing profits in the ratio of 2 : 1 as at 31st March, 2019:
Plant and Machinery
Cash in Hand
They admit C into partnership on the following terms:
Pass necessary Journal entries to give effect to the arrangements. Prepare Profit and Loss Adjustment Account (or Revaluation Account), Partners' Capital Accounts and Balance Sheet of the new firm.
By: NIHARIKA WALIA ProfileResourcesReport error
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