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X,y,z are the partners with captals 150000,175000&200000.they agree to admit w into equal partnership upon payment in cash of 150000for1/4 share of the goodwill& 180000as his capital,both sums to remain in the Business.the liabilities of the old firm amount 300000and assets aper from cash consit of motos 120000, furniture 40000,stock 265000&debtors 378000 the motors and furniture were revalued at 95000& 38000 ...draft journal entries necessary to give effect to the above arrangement ant show the initial balance sheet of the new firm...?
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X,y,z are the partners with captals 150000,175000&200000.they agree to...
Journal Entries for Admission of W
- **Cash Account**
Debit: 150,000 (Goodwill)
Debit: 180,000 (Capital)
Credit: W's Capital Account: 330,000
- **Goodwill Account**
Debit: W's Capital Account: 150,000
Credit: Goodwill Account: 150,000
- **Revaluation of Assets**
- **Motors**
Debit: Motors Account: 15,000 (95,000 - 120,000)
- Credit: Revaluation Account: 15,000
- **Furniture**
Debit: Revaluation Account: 2,000 (38,000 - 40,000)
- Credit: Furniture Account: 2,000
- **Transfer of Revaluation Surplus to Partners' Capital Accounts**
Credit: X's Capital Account: 6,000
Credit: Y's Capital Account: 6,000
Credit: Z's Capital Account: 6,000

Initial Balance Sheet of the New Firm

















































AssetsLiabilities
Cash: 330,000Liabilities: 300,000
Motors: 95,000
Furniture: 38,000
Stock: 265,000
Debtors: 378,000
Total Assets: 1,106,000Total Liabilities: 300,000
Capital Accounts:
X: 150,000 + 6,000 = 156,000
Y: 175,000 + 6,000 = 181,000
Z: 200,000 + 6,000 = 206,000
W: 180,000


Summary
- W has been admitted into the partnership by paying cash for goodwill and capital.
- Assets have been revalued, and the surplus from revaluation has been distributed among the old partners.
- The balance sheet reflects the new capital structure and asset values after W's admission.
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X,y,z are the partners with captals 150000,175000&200000.they agree to admit w into equal partnership upon payment in cash of 150000for1/4 share of the goodwill& 180000as his capital,both sums to remain in the Business.the liabilities of the old firm amount 300000and assets aper from cash consit of motos 120000, furniture 40000,stock 265000&debtors 378000 the motors and furniture were revalued at 95000& 38000 ...draft journal entries necessary to give effect to the above arrangement ant show the initial balance sheet of the new firm...?
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X,y,z are the partners with captals 150000,175000&200000.they agree to admit w into equal partnership upon payment in cash of 150000for1/4 share of the goodwill& 180000as his capital,both sums to remain in the Business.the liabilities of the old firm amount 300000and assets aper from cash consit of motos 120000, furniture 40000,stock 265000&debtors 378000 the motors and furniture were revalued at 95000& 38000 ...draft journal entries necessary to give effect to the above arrangement ant show the initial balance sheet of the new firm...? for Commerce 2024 is part of Commerce preparation. The Question and answers have been prepared according to the Commerce exam syllabus. Information about X,y,z are the partners with captals 150000,175000&200000.they agree to admit w into equal partnership upon payment in cash of 150000for1/4 share of the goodwill& 180000as his capital,both sums to remain in the Business.the liabilities of the old firm amount 300000and assets aper from cash consit of motos 120000, furniture 40000,stock 265000&debtors 378000 the motors and furniture were revalued at 95000& 38000 ...draft journal entries necessary to give effect to the above arrangement ant show the initial balance sheet of the new firm...? covers all topics & solutions for Commerce 2024 Exam. Find important definitions, questions, meanings, examples, exercises and tests below for X,y,z are the partners with captals 150000,175000&200000.they agree to admit w into equal partnership upon payment in cash of 150000for1/4 share of the goodwill& 180000as his capital,both sums to remain in the Business.the liabilities of the old firm amount 300000and assets aper from cash consit of motos 120000, furniture 40000,stock 265000&debtors 378000 the motors and furniture were revalued at 95000& 38000 ...draft journal entries necessary to give effect to the above arrangement ant show the initial balance sheet of the new firm...?.
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