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a) Adjustment for revaluation of assets Rate ans Robin Cardinal jay Total Capital A/c 175000 300000 275000 750000 Add: Revaluation of Assets 30000 30000
a) Adjustment for revaluation of assets Rate ans Robin Cardinal jay Total Capital A/c 175000 300000 275000 750000 Add: Revaluation of Assets 30000 30000 40000 100000 Capital Before Admission of New Partner 205000 330000 315000 850000 b) Entry of Sparrow- New Partner using Bonus method Robin Cardinal Jay Sparrow Total Capital A/c 175000 300000 275000 750000 Revaluation of Assets 30000 30000 40000 100000 205000 330000 315000 850000 Investment by Sparrow 250000 250000 Bonus by Sparrow to old Partners (in Old Ratio) 9000 9000 12000 -30000 New Capital 214000 339000 327000 220000 1100000 Sparrow's CapitalA/c To Robin's Capital A/c To Cardinal Capital A/c To Jay's Capital A/c (Being Bonus by new partner to old partner on admission) Dr Cr 30000 9000 9000 12000
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Government and Not for Profit Accounting Concepts and Practices
Authors: Michael Granof, Saleha Khumawala, Thad Calabrese, Daniel Smith
7th edition
1118983270, 978-1119175025, 111917502X, 978-1119175001, 978-1118983270
