Accountancy > Accounting For Partnership Firms > Admission Of A Partner
Nita, Vidur and Mita were partners in a firm sharing profits and losses in the ratio of 3:4:1. On 1st April 2024, they decided to admit Samir as a new partner. The new profit sharing ratio between Nita, Vidur, Mita and Samir will now be 1:1:1:1. The balance sheet of Nita, Vidur and Mita before Samir's admission showed machinery at ₹ 6,00,000. On the date of admission, it was found that the machinery is overvalued by 20%. The value of machinery shown in the new Balance Sheet after Samir's admission will be:
Keep Practicing
Edvaya Target
Board & Competitive Exams Made Easy
Edvaya Target is built for students preparing for JEE (Main & Advanced), NEET UG, and Board Exams (CBSE, ISC & State Boards) — using a practice-first approach that actually works.
Current Question
Community Stats
Track Your Progress
Sign up to save your practice progress, add favorites, and get personalized insights.