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
follows:

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
1
Expert's answer
2020-10-01T16:45:02-0400
Dear Sheraz, your question requires a lot of work, which neither of our experts is ready to perform for free. We advise you to convert it to a fully qualified order and we will try to help you. Please click the link below to proceed: Submit order

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