Answer to Question #136266 in Other for Sheraz

Question #136266
Lazy & Daisy are partners, and they share profit and losses in the ratio 1:1. The balance sheet as

Balance Sheet

Cash 15,000 Accounts payable 15,000
Other assets 400,000 Lazy’s Capital 200,000
Daisy’s Capital 200,000
415,000 415,000
They decided to invite third person ‘Mr. Crazy’ as a new partner for 1/3 interest in the firm.
Required: Give entries in general journal to record admissioon of ‘Mr. Crazy’ and prepare balance
sheet in each of the following cases separately using ‘Bonus Method’

Case -1 If Crazy invests Rs. 200,000 cash
Case -1 If Crazy invests Rs. 150,000 cash
Case -1 If Crazy invests Rs. 225,000 cash
Expert's answer
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