Q82 Yogesh and Naresh are partners sharing profits in the ratio of 3 2 They admit Ramesh for 1 3rd s...........

Q82.Yogesh and Naresh are partners sharing profits in the ratio of 3 : 2. They admit Ramesh for 1/3rd share on 1st April, 2019 and also decide to share future profits equally. Balance Sheet of the firm as at 31st March, 2019 was as follows:

Liabilities		Amount ( )	Assets		Amount ( )
Capital A/cs: Yogesh Naresh Current A/cs: Yogesh Naresh Employees' Provident Fund Workmen Compensation Reserve Sundry Creditors Expenses Payable	5,00,000 5,00,000	10,00,000 2,00,000 25,000 1,00,000 75,000 10,000	Land Building Furniture Computers Stock Sundry Debtors Less: Provision for Doubtful Debts Cash Bank Advertisement Suspense	2,10,000 10,000	4,00,000 4,00,000 50,000 1,00,000 1,50,000 2,00,000 10,000 70,000 30,000
	1,10,000 90,000


		14,10,000			14,10,000

They admitted Ramesh on the following terms:

He will bring 5,00,000 as his capital.
His share of goodwill is valued at 1,00,000 but he is unable to bring cash for his share of goodwill. It is agreed to debit the amount to his Current Account. (c) Value of Land and Building is to be appreciated by 40,000 each.