P and S word partners in …
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P and S word partners in a firm sharing profits in the ratio of 3 ratio to their balance sheet on 31 March 2012 was as follows 1180 capital of P A clerk and Rs 180000 bank overdraft 2000 creditors 20000 provision for doubtful debts 1000 general reserve 15020 loan 20000 asset side cash 8000 debtors 30000 building 90000 land 148000 on 1 April 2012 admitted as a new partner on the following condition we week will gets 18 share in the profit of the form second wheels loan will be converted into his capital third the Goodwill of the form was valued at 80,000 and we brought his share of goodwill premium in cash fourth provision for doubtful that was to made equal to 5% on data stock was to be depreciated by past present and land was be appreciated by the percent prepare revaluation partners capital account and balance sheet
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