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in Admission of a New Partner by (63.7k points)

Suresh, Ramesh and Mahesh share profits in the ratio of 3 : 2 : 1 respectively. Their balance sheet as on 1st April, 2017 was as follows :

On that date they decided that Suresh, Ramesh and Mahesh will share profits in future in the ratio of 2 : 2 : 1 respectively. The goodwill of the firm was valued at Rs 72,000 on that date. Prepare Partners’ Capital Account and Balance Sheet of the firm.

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Working Notes:

Profit on Adjustment = Goodwill + General Reserve – Profit & Loss A/c 

= 72,000 + 1,08,000 – 36,000
= Rs 1,44,000

Working Note: por Goodwill:

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