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Q83.Balance Sheet of Ram and Shyam who shares profits in the ratio of their capitals as at 31st March, 2019 is:
Liabilities
Amount
( )
Assets
Capital A/cs:
Freehold Premises
20,000
Ram
30,000
Plant and Machinery
13,500
Shyam
25,000
55,000
Fixtures and Fittings
1,750
Current A/cs:
Vehicles
1,350
2,000
Stock
14,100
1,800
3,800
Bills Receivable
13,060
Creditors
19,000
Debtors
27,500
Bills Payable
16,000
Bank
1,590
Cash
950
93,800
On 1st April, 2019, they admitted Arjun into partnership on the following terms:
(d) Freehold Premises are to be taken at a value of 22,400; Plant and Machinery 11,800; Fixtures and Fittings 1,540 and Vehicles 800.
You are required to make necessary adjustments entries in the firm, give Balance Sheet of the new firm as at 1st April, 2019 and also determine the ratio in which the partners will share profits, there being no change in the ratio of Ram and Shyam.
By: Aman ProfileResourcesReport error
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