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Ajay and Vijay are partners sharing profits and losses in the ratio of 3 : 2. Their Balance Sheet as on 31.03.2015 was as follows :

On 01.04.2015, Mr. Sanjay is admitted into partnership on the following terms: 

(a) He should bring Rs. 20,000 as capital for the share and Rs 12500 towards goodwill. 

(b) Depreciate machinery and furnitures by 10% p.a. each. 

(c) Appreciate buildings by 20% p.a. 

(d) Increase R.B.D. 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 0,1.04.2015

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Balance sheet as on 01.04.2015

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Goodwill should not to be answered in balance sheet.....

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