On 31st March, 2026 the following was the Balance Sheet of A and B who were equal partners: Balance Sheet Liabilities Amount (₹) Assets Amount (₹) Capital A/c's Furniture and Fittings 9,500 A 35,000 Land and Buildings 20

CS CSEET · Fundamentals of Accounting · PYQS · October 2026
On 31st March, 2026 the following was the Balance Sheet of A and B who were equal partners: Balance Sheet Liabilities Amount (₹) Assets Amount (₹) Capital A/c's Furniture and Fittings 9,500 A 35,000 Land and Buildings 20,000 B 20,000 55,000 Stock 32,710 General Reserve 10,000 Debtors 11,000 Sundry Creditors 8,940 Less : Provision for bad debts 220 10,780 Cash 950 73,940 73,940 On 1st April 2026, C was admitted as a partner on the following terms: A, B and C share profits and losses in the ratio 4:3:2 respectively. Prior to C's admission appreciation of ₹ 15,000 in the value of land and buildings would be recorded and provision for bad debts would be brought up to ₹ 820. C would bring ₹ 20,000 in cash as his capital. Prepare: Revaluation Account Partners' Capital Accounts Balance Sheet of firm immediately after C's admission.

Topics: Partnership Accounts

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