Reference no: EM133026713

Question - Azmat and Rauf are partners having capitals of Rs.50,000 and Rs.30,000 respectively, sharing profits and losses in the ratio of their capitals. On Mar 1 2021, they admit Masood as a new partner and give him a ¼ share. Page 5 of 6 Required: Computation and journal entries to record Masood's admission under the following cases separately: (i) Masood invests Rs.40,000 and is credited with the entire amount of his investment. (ii) Masood invests Rs.20,000. The total capital is to be increased by Masood's investment.

Asif Company Ltd. completed the following transactions: 1. Offered to the public 40,000 shares of Rs.10 each. Applications were received for 30,000 shares. As per agreement the underwriters subscribed for the balance of their shares. The Co. finalized the allotment of shares. 2. Purchased Land for Rs.180,000 and in consideration issued shares at market value of Rs.12/- each. 3. In consideration of the services of the promoters, the company issued 8,000 shares of Rs.10/- each. Each share has a market value of Rs.12.50. 4. Received Rs.190,000 against issuance of 2,000 12% debentures of Rs.100 each, redeemable after 5 years at Rs.110 each. Record the above transactions in the General Journal.