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X and Y are two partners in a firm, they admitted C as a third partner for 1/3 share of profit. On admission of
X and Y are two partners in a firm, they admitted C as a third partner for 1/3 share of profit. On admission of new partner old partner noticed an unrecorded assets of Rs. 6,000 and unrecorded liability of Rs. 2,000 which they want to account for before admission of a new partner in the books of a/c. What entry will be made for this revaluation?
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Accounting Information Systems basic concepts and current issues
Authors: Robert Hurt
3rd edition
130855849X, 978-1308558493, 78025338, 978-0078025334
