Pass entries in firm’s Journal for the following on admission of a partner:
- Unrecorded Investments of ₹ 20,000 are to be accounted.
- Unrecorded liability towards suppliers for ₹ 5,000 is to be accounted.
- An item of ₹ 1,600 included in Sundry Creditors is not likely to be claimed and hence should be written back.
Solution :
