Anikesh and Bhavesh are partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet as on 31 extsuperscript{st March, 2023, was as follows:} \begin{center} Balance Sheet of Anikesh and Bhavesh as on 31 extsuperscript{st March, 2023} \end{center} \begin{center} \begin{tabular}{|p{8cm}|p{6cm}|} Liabilities & Amount ( upee) Creditors & 60,000 Outstanding Wages & 9,000 General Reserve & 15,000 Capitals: & {0.5cm} Anikesh & 1,20,000 {0.5cm} Bhavesh & 1,80,000 Total Liabilities & 3,84,000 Assets & Cash & 36,000 Debtors & 54,000 Less: Provision for doubtful debts & (6,000) Stock & 48,000 Furniture & 1,20,000 Machinery & 1,20,000 Total Assets & 3,84,000 \end{tabular} \end{center} On 1 extsuperscript{st April, 2023, Chahat was admitted for 1/4 extsuperscript{th} share in the profits on the following terms:} Chahat will bring upee90,000 as her capital and upee30,000 as her share of Goodwill premium. Outstanding wages will be paid. Stock will be reduced by 10\%. A creditor of upee6,300, not recorded in the books, was to be taken into account. Pass necessary Journal Entries for the above transactions in the books of the firm.

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Anikesh and Bhavesh are partners in a firm sharing profits in the ratio of 7:3. Their Balance Sheet as on 31	extsuperscript{st March, 2023, was as follows:} \begin{center} Balance Sheet of Anikesh and Bhavesh as on 31	extsuperscript{st March, 2023} \end{center} \begin{center} \begin{tabular}{|p{8cm}|p{6cm}|} Liabilities & Amount (upee) Creditors & 60,000 Outstanding Wages & 9,000 General Reserve & 15,000 Capitals: & {0.5cm} Anikesh & 1,20,000 {0.5cm} Bhavesh & 1,80,000 Total Liabilities & 3,84,000 Assets & Cash & 36,000 Debtors & 54,000 Less: Provision for doubtful debts & (6,000) Stock & 48,000 Furniture & 1,20,000 Machinery & 1,20,000 Total Assets & 3,84,000 \end{tabular} \end{center} On 1	extsuperscript{st April, 2023, Chahat was admitted for 1/4	extsuperscript{th} share in the profits on the following terms:} Chahat will bring upee90,000 as her capital and upee30,000 as her share of Goodwill premium. Outstanding wages will be paid. Stock will be reduced by 10\%. A creditor of upee6,300, not recorded in the books, was to be taken into account. Pass necessary Journal Entries for the above transactions in the books of the firm.

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% Journal Entries \begin{center} \begin{tabular}{|p{3cm}|p{8cm}|p{2.5cm}|p{2.5cm}|} Date & Particulars & Debit (\rupee) & Credit (\rupee) 1-Apr-2023 & Bank A/c & 90,000 & & {0.5cm} To Chahat’s Capital A/c & & 90,000 & (Capital brought in by Chahat) & & 1-Apr-2023 & Bank A/c & 30,000 & & {0.5cm} To Goodwill A/c & & 30,000 & (Goodwill premium brought in by Chahat) & & 1-Apr-2023 & Outstanding Wages A/c & 9,000 & & {0.5cm} To Bank A/c & & 9,000 & (Payment of outstanding wages) & & 1-Apr-2023 & Stock A/c & 4,800 & & {0.5cm} To Revaluation A/c & & 4,800 & (Reduction in stock value by 10\%) & & 1-Apr-2023 & Revaluation A/c & 6,300 & & {0.5cm} To Creditors A/c & & 6,300 & (Creditor recorded as per terms of admission) & & \end{tabular} \end{center}

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