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A and B were partners in a firm sharing profits in 3 : 1 ratio. They admitted C as a partner for 1/4th share in the future profits. C was to bring 60,000 for his capital. The Balance Sheet of
A and B as at 1st April, 2019, the date on which C was admitted, was:
General Reserve Creditors
Land and Building Plant ad Machinery Stock
Less: Provision for Doubtful Debts Investments
The other terms agreed upon were:
Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the new firm.
By: Aman ProfileResourcesReport error
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