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
