Accountancy > Accounting For Partnership Firms > Admission Of A Partner
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Bose and Ghosh 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 | 4,20,000 | |
| Bose 3,00,000 | Furniture | 1,05,000 | |
| Ghosh 2,25,000 | 5,25,000 | Debtors 90,000 | |
| Workmen's Comp Res | 45,000 | Less: Prov 4,500 | 85,500 |
| Bank loan | 75,000 | Stock | 97,500 |
| Creditors | 93,000 | Cash | 30,000 |
| Total | 7,38,000 | Total | 7,38,000 |
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