Ashok and Bhaskar are partners in a firm sharing profits

47 :- Ashok and Bhaskar are partners in a firm sharing profits in the ratio of 3:2. They admitted Chaman as a partner for 1/4^th share of profits. At the time of admission of Chaman, sundry debtors and provision for doubtful debts existed at Rs 76,000 and Rs 8,000 respectively. Rs 6,000 of the debtors proved bad. A provision of 5% is to be created on sundry debtors for doubtful debts. Pass the necessary journal entries.

Solution :-

WORKING NOTES
Calculation of provision for doubtful debts
(76,000 – 6,000) x 5% – (8,000 – 6,000) = 70,000 x 5% – 2,000 = 3,500 – 2,000 = Rs 1,500