43. A and B are partners sharing profits in the ratio of 2 : 3. On 1st

1.	43. A and B are partners sharing profits in the ratio of 2 : 3. On 1st January, 2020 they admittedC into partnership. C agreed to contribute * 50,000 as his capital. A, B and C agree to shareprofits and losses in the ratio of 2 : 3:3 respectively. The Balance Sheet of A and B as on31st December, 2019 was as under :BALANCE SHEETLiabilitiesAssets₹Sundry Creditors50,000 Cash at Bank6,250Capital AccountsStock in Hand50,000A62,500Debtors31,250B37,500 1,00,000Plant25,000Premises37,5001,50,0001,50,000They agreed to revalue the assets as under:Stock on hand * 45,000 ; Plant * 18,000 ; Premises * 50,000 ; a provision5% fordoubtful debts is to be made. C agrees to transfer * 15,000 to A's and B's capital accountsfor goodwill from his capital account in 2:3.Pass necessary Journal Entries, prepare revaluation A/c, capital accounts of A, B and C anda revised Balance Sheet.
Answer» ANSWER: SUPER *cjdskfkuewpfjrjzkvjfjssgjejjfnejdeksjfbdxxhdbcbdjnsisgkwsjxzbzvjznFdndnmsmamsxmxnxb*

43. A and B are partners sharing profits in the ratio of 2 : 3. On 1st January, 2020 they admittedC into partnership. C agreed to contribute * 50,000 as his capital. A, B and C agree to shareprofits and losses in the ratio of 2 : 3:3 respectively. The Balance Sheet of A and B as on31st December, 2019 was as under :BALANCE SHEETLiabilitiesAssets₹Sundry Creditors50,000 Cash at Bank6,250Capital AccountsStock in Hand50,000A62,500Debtors31,250B37,500 1,00,000Plant25,000Premises37,5001,50,0001,50,000They agreed to revalue the assets as under:Stock on hand * 45,000 ; Plant * 18,000 ; Premises * 50,000 ; a provision5% fordoubtful debts is to be made. C agrees to transfer * 15,000 to A's and B's capital accountsfor goodwill from his capital account in 2:3.Pass necessary Journal Entries, prepare revaluation A/c, capital accounts of A, B and C anda revised Balance Sheet.

Answer»

SUPER cjdskfkuewpfjrjzkvjfjssgjejjfnejdeksjfbdxxhdbcbdjnsisgkwsjxzbzvjznFdndnmsmamsxmxnxb