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X and Y are partners in a firm sharing p...

X and Y are partners in a firm sharing profits in the ratio of 3 : 2. They admitted Z as partner for 1/4th share. At the time of admission of Z, Stock (Book Value RS.1,00,000) is to be reduced by 40% and Furniture (Book Value RS.60,000) is to be reduced to 40%. Pass the necessary Journal entries.

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(i) Dr. Revaluation A/c-RS.76,000, Cr. Stock A/c-RS.40,000 and Furniture A/c-RS.36,000.
(ii) Dr.X's Capital A/c-RS.45,600 and Y's Capital A/c-RS.30,400, Cr. Revaluation A/c-RS.76,000.
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TS GREWAL-Admission of a Partner-EXERCISE
  1. Pass entries in firm's Journal for the following on admission of a par...

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  2. X and Y are partners in a firm sharing profits in the ratio of 3 : 2....

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  3. X and Y are partners in a firm sharing profits in the ratio of 3 : 2. ...

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  4. X and Y are partners sharing profits in the ratio of 3 : 2. They admit...

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  5. X and Y are partners in a shring profits in the ratio of 3 : 2. They ...

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  6. X, Y and Z are partners sharing profit and losses in the ratio of 6 :...

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  7. At the time of admission of a partner C assets and liabilities of A an...

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  8. X and Y are partners in a firm sharing profit and losses in the ratio ...

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  9. X and Y were partners in a firm sharing profits and losses in the rati...

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  10. (a) X, Y and Z are partners sharing profits and losses in the ratio of...

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  11. X, Y and Z are equal partners with capitals of RS.1,500, RS.1,750 and ...

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  12. A and B are carruying on business in partnership and sharing profits a...

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  13. Following was the Balance Sheet of A and B who were sharing profits in...

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  14. Given below is the Balance Sheet of A and B, who are carrying partners...

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  15. Balance Sheet of J and K who share profits in the ratio of 3 : 2 is as...

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  16. Balance Sheet of Madhu and Vidhi who are sharing in profits in the rat...

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  17. Shyamlal and Sanjay were in partnership business sharing profits and l...

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  18. A, B and C are partners sharing profits and losses in the ratio of 3 :...

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  19. On 31st March, 2017, the Balance Sheet of Abhir Divay, who were sharin...

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  20. X and Y share profits in the ratio of 5 : 3. Their Balance Sheet as at...

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