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Q102.A and B are partners sharing profits in the ratio of 3 : 2. They admit C as a new partner from 1st April, 2019. They have decided to share future profits in the ratio of 4 : 3 : 3. The Balance Sheet as at 31st March, 2019 is given below:
Liabilities
Assets
A's Capital
B's Capital
Workmen Compensation Reserve Investments Fluctuation Reserve Employee's Provident Fund
1,76,000
2,54,000
4,30,000
20,000
10,000
34,000
Goodwill
Land and Building
Investment (Market value 45,000) Debtors
Less: Provision for Doubtful Debts
1,00,000
60,000
50,000
90,000
C's Loan
3,00,000
Stock
Bank Balance Advertising Suspense A/c
2,50,000
7,94,000
Terms of C's admission are as follows:
The normal profit is 5,30,000 with same amount of capital invested in similar industry. (iii) Land and Building was found undervalued by 1,00,000.
By: Aman ProfileResourcesReport error
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