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Suppose the following balance sheet of ABC Enterprises as on 31-12-2003: Note. A, B & C ‘s
profit & sharing ration is 2:2:1..
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ASSETS RS. LIABILITIES +EQUITY RS.
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Cash 20,000 Accounts payable 4,000
Inventory 2,000 Capital-A 16,000
Net fixed assets 18,000 Capital-B 12,000
Capital-C 8,000
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Total 40,000 40,000
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As on that date they decided to admit D under the following independent assumptions:
1) That the value of assets and liabilities will remain as per books and D will bring cash Rs.
30000 and he will be given ¼ shares in the total business.
2) That the value of assets and liabilities will remain as per books and D will bring cash Rs.
15000 and inventory of Rs. 5000 and he will be given 1/5th share in the total business
3) That the value of assets and liabilities will remain as per books and D will bring cash Rs.
10000 and he will be given 1/2 share in the total business
4) That the inventory is valued at Rs. 8000, net fixed assets Rs. 21000 and D is advised to bring
furniture worth of Rs. 40000 and he will be given 1/10th share in the business.
5) That the inventory is revalued at Rs. 1000 and D is advised to bring cash of Rs. 6000 and
inventory of Rs. 3000 and he will be given 1/6th share in business.
Required: Make journal entries on admission of D and balance sheets of ABCD Enterprises.