18.
Dinesh and Ramesh are partners in a firm sharing profits and losses in the ratio of 3:2. They decided to admit Vasu as a partner with share in the profits. Their Balance Sheet as on March 31, 2015 was as follows: Amount Amount (²) 1,50,000 80,000 70,000 Debtors Stock Fixed Assets Liabilities Sundry Creditors General Reserve Bank O.D. Partners' Capitals : Dinesh 1,00,000 Ramesh 1,50,000 2,50,000 5,50,000 Assets Cash at Bank Bills Receivables [2 of 4] 40,000 50,000 60,000 1,20,000 2,80,000 5,50,000 It was also decide that : (1) The fixed assets should be valued at ₹ 3,31,000. (2) A provision of 5% on sundry debtors to be made for doubtful debts. (3) The value of stock be reduced to ₹ 1,12,000. 25 (4) Vasu brings 75,000 as capital and 15,000 as Goodwill. Prepare necessary accounts and the revised Balance Sheet of the firm after admission of the partner.​