Shabir and Jiwan are partners in a firm sharing profits and losses in the ratio of 3 : 2. Joy was admitted for 1/3rd share in the profits.
Shabir and Jiwan are partners in a firm sharing profits and losses in the ratio of 3 : 2. Joy was admitted for 1/3rd share in the profits. On the date of Joy’s admission, Balance Sheet of Shabir and Jiwan showed General Reserve of ₹ 1,60,000 and a balance of ₹ 1,20,000 in Profit & Loss Account on assets side of the Balance Sheet. Pass necessary Journal entries on the treatment of these items on Joy’s admission.
Anurag Pathak Changed status to publish July 12, 2023
