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Q98.Mohan and Sohan are in partnership sharing profits in the proportion of 3/5th and 2/5th respectively. Their Balance Sheet as at 31st March, 2019 was:
Mohan's Capital Sohan's Capital Creditors
Plant Cash Debtors
Less: Provision for Doubtful Debts Stock
They admit Rohan to a 1/3rd share upon the terms that he is to pay into the business 1,000 as Goodwill and sufficient Capital to give him a 1/3rd share of the total capital of the new firm. It was agreed that the Provision for Doubtful Debts be reduced to 100 and the Stock be revalued at 2,000 and that the Plant be reduced to 500.
You are required to record the above in the Ledger of the firm and show Balance Sheet of the new partnership.
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