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Q. X and Y were partners sharing profits in the ratio of 1:2. Their Balance sheet as on 31st Mar. 2010 was as follows: 
 
Liablities Rs Assets Rs.
Creditors 36000 Plants  272500
Outstanding expenses 4000 Furniture 30000
Capital   Debtors:                                                  40000  
X  -  150000 Less : Provision for Doubtful Debts -500 39500
Y -  300000 Stock 120000
    Cash 20000
    Patents 8000
  490000   490000

They agreed  to admit Z for 1/5 th share from 1st April, 2010 on the following terms: -
i) Goodwill of the firm was valued at Rs. 60,000 and Z bring in his share of premium for goodwill in cash. 
ii) Provision bad debts raised ny Rs. 1500 iii) Patents are valueless 
iv) Stock be reduced by 10%. 
 v) Outstanding expenses be Increased by Rs. 6000. 
 vi) Rs. 2500 be provided for an unforeseen liability. 
viii) Z to bring in Capital equal to 1/5 th of the combined capital of X and Y 
Revaluation Account, Partner's Capital Accounts and the Opening Balance Sheet

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X and y are partners sharing profit in the ratio of 1 ratio to their balance sheet as at 31st March 2018 was follow their Grade 2 admit z41 5th share from 1st April 2018 on the following terms Goodwill of the firm was valued at rupees 16000 and read two brains in his fear of Premium for Goodwill in cash provision for bad debts be raised by Rupees 1500 patent are valueless Tok be reduced
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