alance 74. Randeep and Sandeep were partners in a firm sharing profits in the ratio of 3:2. On 14 Creditors 2020 their Balance Sheet was as follows: BALANCE SHEET OF RANDEEP AND SANDEEP AS ON 1ST APRIL, 2020 Liabilities General Reserve Workmen Compensation fund Investment Fluctuation Fund Provision for Bad debts Capitals: Randeep Sandeep Amount 34,000 Cash 16,000 Debtors Assets Amount 20,000 30,000 18,000 Investments 40,000 22,000 Plant 28,000 4,000 Land & Building 76,000 To C 60,000 40,000 1,00,000 1,94,000 C 1,94,000 On the above Mandeep was admitted 1/4th share in the profits of the firm on the following SHO terms: (a) Mandeep will bring 40,000 for her capital and 8,000 for her share of goodwill premium. (b) All debtors were considered good. (c) The market value of investment was 30,000. (d) There was a liability of 12,000 for workmen compensation. (e) Capital Accounts of Randeep and Sandeep to be adjusted on the basis of Mandeep capital by opening current account. l Am Partnership Accounts-III (Admission of New Partner) Prepare Revaluation A/c and Partner's Capital A/c. 381 (Ans. Revaluation Profit Partner's Capital: 4,000; Randeep: 72,000; Sandeep: 48,000; Mandeep: 40,000 [Current A/c: 15,600 and 10,400]) SHORT ANSWER TYPE QUESTIONS (TYPE-I) Q. 1. What adjustments are required at the time of admission of a new partner