A and B are partners sharing profit and losses in the ratio 2 is to 1 their balance sheet as on 31-3-2017 as follows adjustments on 14 2014 see admitted in in 72 the partnership of the following terms a c will bring rupees 100000 as his capital and citizen as

A and B are partners sharing profit and losses in the ratio 2 is to 1 their balance sheet as on 31-3-2017 as follows adjustments on 14 2014 see admitted in in 72 the partnership of the following terms a c will bring rupees 100000 as his capital and citizen as Acrountancy Partnership Basic Concepts. Admission of a Partner Unit Test — I I 'ate COMM-PU-12 4"' 2018 A and B are partners sharing profit in the ratio 21. Their balance Liabilities Bills Payable Creditors O/ S Expenses Capital: B 1 50 OOO Amount 10,000 58,000 2,000 Assets A mou nt Cash in hand Cash at Bank Debtors Stock Plant Building 10,000 40,000 60,000 40,000 On 1/04/2014 'C' admitted to the partnership on the following terms: a) b) c) d) e) f) C will bring as his capital and Rs.60,000 as his goodwill for 1/4 share in profits Plant is to be appreciated to The value of buildings appreciated by 10%. Stock is found over valued by Rs.4,000. A Provision for bad & doubtful debts is to be created at 5% on Debtors. Creditors were unrecorded to the indent of Rs.1,000. Prepare : Revaluation a/c Partners capital a/c Balance sheet