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Sarthak and Vansh are partners sharing profits in the ratio of 2 : 1. Since both of them are specially abled sometimes they find it difficult to run the business on their own. Mansi, a common friend, decides to help them. Therefore, they admit her into partnership for 1/3rd share in profits. She brings 60,000 for goodwill and proportionate capital. At the time of admission of Mansi, the Balance Sheet of Sarthak and Vansh was as under:
Amount ( )
Capital A/cs: Sarthak Vansh
General Reserve Bank Loan Creditors
Plant Furniture Investments Stock Debtors
Less: Provision for Bad Debts Cash
It was decided to:
Half of the investments were taken over by Sarthak and remaining were valued at 25,000. Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of reconstituted firm.
By: NIHARIKA WALIA ProfileResourcesReport error
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