K and L are two partners sharing profits and losses in the ratio of 5:3. Their Balance
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K and L are two partners sharing profits and losses in the ratio of 5:3. Their Balance Sheet as at 30th. June, 2018 is as follows
On 1st July, they take M into partnership. M brings ₹25,000 as his capital. The new profit sharing ratio of K, L and M is 2:4:1. Patent is written-off from the books and a Provision for Bad Debt is created at 5%. Reserve appears in the books of new firm at its original figure. Show the necessary Journal entries to carry out the above transactions and prepare a Balance Sheet of the new firm as at 1st July, 2018.
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Journal Entries For Ms Capital Contribution Date Particulars Debit Credit 172018 CashBank 250...View the full answer
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Related Book For 
Financial Accounting Volume II
ISBN: 9789387886230
4th Edition
Authors: Mohamed Hanif, Amitabha Mukherjee
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