What is a Comparative Balance Sheet?

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SOLUTION

A Comparative Balance Sheet shows the increase and decrease in various assets liabilities and capital in two or more balance sheets of the same business enterprise on different dates.

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X and Y are partners sharing profits in the ratio of 3: 1. Z is admitted as a partner for which he pays Rs. 30,000 for goodwill in cash. X, Y and Z decide to share the future profits in equal proportion. You are required to pass a single Journal entry to give effect to the above arrangement

The Balance Sheet of Virendra Paper Ltd. as at 31st March, 2019 is given below:

Name an item which is transferred to credit side of Realisation Account at the time of dissolution of partnership firm, but does not involve cash payment. (C.B S.E. 2020, Mumbai Chennai)

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