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Q101.Kalpana and Kanika were partners in a firm sharing profits in the ratio of 3 : 2. On 1st April, 2019, they admitted Karuna as a new partner for 1/5th share in the profits of the firm. The Balance Sheet of Kalpana and Kanika as on 1st April, 2019 was as follows:
BALANCE SHEET OF KALPANA AND KANIKA as on 1st April, 2019
Land and Building
Workmen's Compensation Fund Creditors
Plant Stock Debtors
Less: Provision Cash
It was agreed that:
Karuna will bring in cash as capital to the extent of 1/5th share of the total capital of the new firm. Prepare Revaluation Account, Partners' Capital Accounts and Balance Sheet of the new firm.
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