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Prepare the balance sheet after Aji has been introduced

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Question - Awa, Adama and Amie are in partnership. They shared profits in the ratio 2:4:3. It is decided to admit Aji. It is agreed that goodwill is worth £72,000 and that it is to be brought into the business records. Aji will bring £30,000 cash into the business for capital. The new profit-sharing ratio is to be Awa 5: Adama 8: Amie 4: Aji 3.

The balance sheet before Aji was introduced was as follows:

£

Assets (other than in cash) 200,000

Cash 2,000

202,000

Liabilities (31,000)

171,000

Capitals:

Awa 57,000

Adama 76,000

Amie 38,000

171,000

(a) Prepare the entries in the capital accounts of Awa, Adama, Amie and Aji.

(b) Prepare the balance sheet after Aji has been introduced.

Reference no: EM132939191

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