Following is the Balance Sheet as at 1st April, 2023 of Sushil and Satish who are in partnership sharing profits and losses in the ratio of 5 : 2.
Following is the Balance Sheet as at 1st April, 2023 of Sushil and Satish who are in partnership sharing profits and losses in the ratio of 5 : 2.
| Liabilities | ₹ | Assets | ₹ | |
| Bank Loan
Sundry Creditors Capital A/cs: Sushil Satish |
23,000
55,000 48,000 42,000 |
Bank
Stock Debtors Plant and Machinery Building |
18,300
|
6,000
12,000 18,000 30,000 1,02,000 |
On that date, they admit Samir as a partner on the following terms:
i) Samir will bring ₹ 60,000 for his capital and the necessary amount of goodwill/premium in cash for 3/8th share in the future profits.
ii) Goodwill of the firm on Samir’s admission was valued at ₹ 84,000.
iii) New Profit sharing ratio will 2 : 3 : 3.
Pass necessary Journal entries to record the above transactions and prepare Balance Sheet of the firm after Samir’s admission as a partner.
Anurag Pathak Changed status to publish June 27, 2023
