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Q85.X and Y are partners sharing profits equally. Their Balance Sheet as on 31st March, 2019 is given below:
Creditors Bills Payable
Land and Building Plant and Machinery Furniture and Fittings Stock
Less: Provision for Doubtful Debts Bills Receivable
Z is admitted as a new partner for 1/4th share under the following terms:
You are required to prepare Revaluation Account, Partners' Capital Accounts, Bank Account and the Balance Sheet of the new firm.
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