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.X, Y and Z are equal partners with capitals of 1,500; 1,750 and 2,000 respectively. They agree to admit W into equal partnership upon payment in cash 1,500 for 1/4th share of the goodwill and 1,800 as his capital, both sums to remain in the business. The liabilities of the old firm amounted to 3,000 and the assets, apart from cash, consist of Motors 1,200, Furniture 400, Stock 2,650 and Debtors 3,780. The Motors and Furniture were revalued at 950 and 380 respectively.
Pass Journal entries to give effect to the above arrangement and also show Balance Sheet of the new firm.
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