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Accountancy > accounting-for-partnership-firms > Admission Of A Partner
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Question 1
(a) Suman and Raman were partners in a firm sharing profits and losses in the ratio of 3:2. Their Balance Sheet on 31st March, 2024 was as follows:
| Liabilities | Amount (₹) | Assets | Amount (₹) |
|---|---|---|---|
| Capitals: | Machinery | 2,80,000 | |
| Suman 2,00,000 | Furniture | 70,000 | |
| Raman 1,50,000 | 3,50,000 | Debtors 60,000 | |
| Workmen's Comp Res | 30,000 | Less: Prov 3,000 | 57,000 |
| Bank loan | 50,000 | Stock | 65,000 |
| Creditors | 62,000 | Cash | 20,000 |
| Total | 4,92,000 | Total | 4,92,000 |
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