ADMISSION OF A PARTNER |INTER SECOND YEAR | CLASS 12 | COMPLETE PROBLEM 2 | VIDEO 3

ADMISSION OF A PARTNER |INTER SECOND YEAR | CLASS 12 | COMPLETE PROBLEM 2 | VIDEO 3 Question: Amar and Akbar are partners sharing profits and losses in the ratio of 4:3 respectively. Their balance sheet as on 31st March 2015 was as under: Liabilities Amount Assets Amount Sundry creditors 20,000 Cash 5,000 Outstanding expenses 5,000 Bills receivable 12,000 General Reserve 14,000 Debtors 28,000 Capitals: Stock 24,000 Amar 40,000 Machinery 25,000 Akbar 30,000 Land 15,000 1,09,000 1,09,000 On the above date, Anthony was admitted into partnership for 1/4th share in the future profits on the following conditions: a.Anthony should bring rs 35,000 towards capital and rs 28,000 towards goodwill in cash. b.Land to be valued at rs 20,000 c.Machinery valued at rs 23,000 d.Stock be depreciated by 10% e.Provide for bad debts rs 1,300 Pass necessary journal entries, ledger accounts and give balance sheet of the new firm. Also watch the following videos: Admission – Part 1:    • admission of a partner in english   Admission – Part 2:    • admission of a partner in english   Admission – Part 3:    • admission of a partner in english   Admission – Part 4:    • goodwill accounting in partnership   Admission – Part 5:    • admission of a new partner in english   problem no3: Lecture no 1:    • ADMISSION OF A PARTNER |INTER SECOND YEAR ...   problem no: Lecture no 2:    • ADMISSION OF A PARTNER |INTER SECOND YEAR ...