Sriram and Raj are partners sharing profits and losses in the ratio of 2:1. Nelson joins as a partner on 1st April 2017. The following adjustments are to be made:
(i) Increase the value of stock by Rs. 5,000
(ii) Bring into record investment of Rs. 7,000 which had not been recorded in the books of the firm.
(iii) Reduce the value of office equipment by Rs. 10,000
(iv) A provision would also be made for outstanding wages for Rs. 9,500.
Give journal entries and prepare revaluation account.

Raghu and Sam are partners in a firm sharing profits and losses in the ratio of 3:2. Their balance sheet as on 31^st March, 2017 is as follows:

Prakash is admitted on 1.4.2017 subject to the following conditions:
(a) He has to bring a capital of Rs. 10,000
(b) Machinery is valued at Rs. 24,000
(c) Furniture to be depreciated by Rs. 3,000
(d) Provision for doubtful debts should be increased to Rs. 3,000
(e) Unrecorded trade receivables of  Rs. 1,000 would be brought into books now
Pass necessary journal entries and prepare revaluation account and capital account of partners after admission.

Anand and Balu are partners in a firm sharing profits and losses in the ratio of 7:3. Their balance sheet as on 31st March, 2018 is as follows:

Chandru is admitted as a new partner on 1.4.2018 by introducing a capital of Rs. 20,000 for 1/4 share in the future profit subject to the following adjustments:
(a) Stock to be depreciated by Rs. 3,000
(b) Provision for doubtful debts to be created for Rs. 2,000.
(c) Land was to be appreciated by Rs. 10,000
Prepare revaluation account and capital account of partners after admission. 

Vetri and Ranjit are partners, sharing profits in the ratio of 3:2. Their balance sheet as on 31^st December 2017 is as under:

On 1.1.2018, they admit Suriya into their firm as a partner on the following arrangements.
(i) Suriya brings Rs. 10,000 as capital for 1/4 share of profit.
(ii) Stock to be depreciated by 10%
(iii) Debtors to be revalued at Rs. 7,500.
(iv) Furniture to be revalued at  Rs. 40,000.
(v) There is an outstanding wages of Rs. 4,500 not yet recorded.
Prepare revaluation account, partners’ capital account and the balance sheet of the firm after admission.

The balance sheet of Rekha and Mary on 31st March 2018 is as follows:

They share the profits and losses in the ratio of 3:1. They agreed to admit Kavitha into the partnership firm for 1/4 share of profit which she gets entirely from Rekha.
Following are the conditions:
(i) Kavitha has to bring Rs. 20,000 as capital. Her share of goodwill is valued at 4,000. She could not bring cash towards goodwill.
(ii) Depreciate buildings by 10%
(iii) Stock to be revalued at Rs. 6,000
(iv) Create provision for doubtful debts at 5% on debtors
Prepare necessary ledger accounts and the balance sheet after admission.

Ameer and Raja are partners sharing profits in the ratio of 3:2. Their balance sheet is shown as under on 31.12.2018.

Rohit is admitted as a new partner who introduces a capital of Rs. 30,000 for his 1/5 share in future profits. He brings Rs. 10,000 for his share of goodwill.
Following revaluations are made:
(i) Stock is to be appreciated to Rs. 14,000
(ii) Furniture is to be depreciated by 5%
(iii) Machinery is to be revalued at Rs. 80,000
Prepare the necessary ledger accounts and the balance sheet after the admission.

Veena and Pearl are partners in a firm sharing profits and losses in the ratio of 2:1. Their balance sheet as on 31st March, 2018 is as follows:

Deri is admitted on 1.4.2018 subject to the following conditions:
(a) The new profit sharing ratio among Veena, Pearl and Deri is 5 : 3 : 2.
(b) Deri has to bring a capital of Rs. 30,000
(c) Stock to be depreciated by 20%
(d) Anticipated claim on workmen compensation fund is Rs. 1,000
(e) Unrecorded investment of Rs. 11,000 has to be brought into books
(f) The goodwill of the firm is valued at Rs. 30,000 and Deri brought cash for his share of goodwill.
The existing partners withdraw the entire amount brought by Deri towards goodwill.
Prepare the necessary ledger accounts and balance sheet after admission.

Hari, Madhavan and Kesavan are partners, sharing profits and losses in the ratio of 5:3:2. As from 1st April 2017, Vanmathi is admitted into the partnership and the new profit sharing ratio is decided as 4:3:2:1. The following adjustments are to be made.
(a) Increase the value of premises by Rs. 60,000.
(b) Depreciate stock by Rs. 5,000, furniture by Rs. 2,000 and machinery by Rs. 2,500.
(c) Provide for an outstanding liability of Rs. 500.
Pass journal entries and prepare revaluation account. 

Seenu and Siva are partners sharing profits and losses in the ratio of 5:3. In the view of Kowsalya admission, they decided
(a) To increase the value of building by Rs. 40,000.
(b) To bring into record investments at Rs. 10,000, which have not so far been brought in to account.
(c) To decrease the value of machinery by Rs. 14,000 and furniture by Rs. 12,000.
(d) To write off sundry creditors by Rs. 16,000.
Pass journal entries and prepare revaluation account

Sai and Shankar are partners, sharing profits and losses in the ratio of 5:3. The firm’s balance sheet as on 31st December, 2017, was as follows:

On 31st December, 2017 Shanmugam was admitted into the partnership for 1/4 share of profit with Rs. 12,000 as capital subject to the following adjustments.
(a) Furniture is to be revalued at Rs. 5,000 and building is to be revalued at Rs. 50,000.
(c) Provision for doubtful debts is to be increased to Rs. 5,500
(d) An unrecorded investment of Rs. 6,000 is to be brought into account
(e) An unrecorded liability Rs. 2,500 has to be recorded now.
Pass journal entries and prepare Revaluation Account and capital account of partners after admission.

Amal and Vimal are partners in a firm sharing profits and losses in the ratio of 7:5. Their balance sheet as on 31st March, 2019, is as follows:

Nirmal is admitted as a new partner on 1.4.2018 by introducing a capital of Rs.30,000 for 1/3 share in the future profit subject to the following adjustments.
(a) Stock to be depreciated by Rs. 5,000
(b) Provision for doubtful debts to be created for Rs. 3,000
(c) Land to be appreciated by Rs. 20,000
Prepare revaluation account and capital account of partners after admission.

Rajan and Selva are partners sharing profits and losses in the ratio of 3:1. Their balance sheet as on 31^st March 2017 is as under:

 On 1.4.2017, they admit Ganesan as a new partner on the following arrangements:
(i) Ganesan brings Rs. 10,000 as capital for 1/5 share of profit.
(ii) Stock and furniture is to be reduced by 10%, a reserve of 5% on debtors for doubtful debts is to be created.
(iii) Appreciate buildings by 20%.
Prepare revaluation account, partner's capital account and the balance sheet of the firm after admission.

Sundar and Suresh are partners sharing profits in the ratio of 3:2. Their balance sheet as on 1st January, 2017 was as follows:

They decided to admit Sugumar into partnership for 1/4 share in the profits on the following terms:
(a) Sugumar has to bring in Rs. 30,000 as capital. His share of goodwill is valued at Rs. 5,000. He could not bring cash towards goodwill.
(b) That the stock be valued at Rs. 20, 000.
(c) That the furniture be depreciated by Rs. 2,000.
(d) That the value of building be depreciated by 20%.
Prepare necessary ledger accounts and the balance sheet after admission

The following is the balance sheet of James and Justina as on 1.1.2017. They share the profits and losses equally.

On the above date, Balan is admitted as a partner with 1/5 share in future profits. Following are the terms for his admission:
(i) Balan brings Rs. 25,000 as capital.
(ii) His share of goodwill is Rs. 10, 000 and he brings cash for it.
(iii) The assets are to be valued as under:
Building Rs.80, 000; Debtors Rs. 18,000; Stock Rs. 33,000
Prepare necessary ledger accounts and the balance sheet after admission.

Anbu and Shankar are partners in a business sharing profits and losses in the ratio of 3:2. The balance sheet of the partners on 31.03.2018 is as follows:

Rajesh is admitted for 1/5 share on the following terms:
(i) Goodwill of the firm is valued at Rs. 75,000 and Rajesh brought cash for his share of goodwill.
(ii) Rajesh is to bring Rs. 1,50,000 as his capital.
(iii) Motor car is valued at Rs. 2,00,000; stock at Rs. 3,80,000 and debtors at Rs. 3,50,000.
(iv) Anticipated claim on workmen compensation fund is Rs. 10,000
(v) Unrecorded investment of Rs. 5,000 has to be brought into account.
Prepare revaluation account, capital accounts and balance sheet after Rajesh’s admission.