Question for Practice 58. Ajay and Vijay are partners sharing profits and losses in the ratio of \( 3: 2 \). Their Balance sheet as on 31.3.2015 was as follows: [II PUC March 2016 OS] On 01.04.2015, Mr. Sanjay is admitted into partnership on the following terms: (a) He should bring Rs. 20,000 as capital for \( \frac{1}{4} \) thare and Rs. 12,500 towards goodwill. (b) Depreciate machinery and furniture by \( 10 \% \) each. (c) Appreciate buildings by \( 20 \% \). (d) Increase PBD on Debtors to Rs. 3,000 . (e) Prepaid insurance Rs. 1,000 Prepare: i) Revaluation Account ii) Partners' Capital Accounts iii) Opening Balance sheet of new firm as on \( 1.4 .2015 \)

Question

Question for Practice 58. Ajay and Vijay are partners sharing profits and losses in the ratio of \( 3: 2 \). Their Balance sheet as on 31.3.2015 was as follows: [II PUC March 2016 OS] On 01.04.2015, Mr. Sanjay is admitted into partnership on the following terms: (a) He should bring Rs. 20,000 as capital for \( \frac{1}{4} \) thare and Rs. 12,500 towards goodwill. (b) Depreciate machinery and furniture by \( 10 \% \) each. (c) Appreciate buildings by \( 20 \% \). (d) Increase PBD on Debtors to Rs. 3,000 . (e) Prepaid insurance Rs. 1,000 Prepare: i) Revaluation Account ii) Partners' Capital Accounts iii) Opening Balance sheet of new firm as on \( 1.4 .2015 \)