solve by expert accounting

On the above date, D was admitted as a new partner for 1/6th share of the future profits on the following terms and it was decided that: 1. The New profit sharing ratio between A,B,C and D will be 2:2:1:1 2. D will bring a capital of OMR 75,000 and OMR15,000 as her share of goodwill. 3. Goodwill of the firm being valued at OMR90,000 4. The market value of investments was OMR 24,000 . 5. Machinery will be reduced to OMR 29,000 6. A creditor of OMR 3,000 was not likely to claim the amount and hence, to be written off. You are required to prepare Revaluation Account, Capital accounts, cash or bank accounts (if necessary) and the Balance Sheet of the reconstituted firm after admission of the new partner. Solution: Revaluation A/c Capital_A/c Cash/Bank A/c