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Following is the Balance sheet of Amar and Ahlam who share profits in the ratio 3:2 On that date Ameera is admitted into the partnership
Following is the Balance sheet of Amar and Ahlam who share profits in the ratio 3:2 On that date Ameera is admitted into the partnership on the following terms: - Ameera is to bring in OMR 15,000 as capital and OMR 5,000 as premium for goodwill for 1/6th share - The value of stock is to be reduced by 10% while plant and machinery is appreciated by 10% - Furniture is revalued at OMR 9,000 - A provision for doubtful debts is to be created on sundry debtors at 5% and OMR 200 is to be provided for an electricity bill - Investment worth OMR 1000 not mentioned in the Balance sheet is to be taken into account. - A creditor of OMR 100 is not likely to claim his money and is to be written off Prepare all the necessary accounts \& calculate the new profit sharing ratio and the sacrificing ratio
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