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Q77.Following is the Balance Sheet of the firm, Ashirvad, owned by A, B and C who share profits and losses of the business in the ratio of 3 : 2 : 1.
BALANCE SHEET as at 31st March, 2019
Furniture Business Premises Stock-in- Trade Debtors Cash at Bank Cash in Hand
Outstanding Salaries and wages
On 1st April, 2019, they admit D as a partner on the following conditions:
Pass the necessary Journal entries and prepare Revaluation Account, Partners' Capital Accounts and opening Balance Sheet of the new firm
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