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Q99.Pradeep and Dhanraj were partners in a firm sharing profits in the ratio of 3 : 1. Their Balance Sheet on 31st March, 2019 was:
Creditors Bills Payable Reserve Fund
Outstanding Salary Capital A/cs: Pradeep
Less: Provision for Doubtful Debts Stock
Bills Receivable Patents Machinery
They admitted Leander as a new partner on this date. New profit-sharing ratio is agreed as 3 : 2 : 3. Leander brings in proportionate capital after the following adjustments:
Prepare Revaluation Account, Capital Accounts and opening Balance Sheet of Pradeep, Dhanraj and Leander.
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