X and Y are partners sharing profits and losses in the ratio of 3/4 and 1/4. Their Bal
Channel: Doubtnut
Date: 2020-03-29

X and Y are partners sharing profits and losses in the ratio of 3/4 and 1/4. Their Balance Sheet as at 31 st March, 2019 is: They admit Z partnership on 1st April, 2019 on the following terms: (a) Goodwill is to be valued at RS.1,00,000. (b) Stock and Furniture to be reduced by 10%. (c) A Provision for Doubtful Debts to be created @ 5% on Sundry Debtors. (d) The value of Land and Building is to be apprecated by 20%. (e) Z pays RS.50,000 as his capital for 1/5th share in the future profits. You are required to show Revalutation Accunt, Partnres\' Capital Accounts and Balance Sheet of the new firm.