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Lazy & Daisy are partners, and they share profit and losses in the ratio 1:1. The balance sheet as follows: Balance Sheet Cash 15,000 Accounts payable 15,000 Other assets 400,000 Lazy’s Capital 200,000 Daisy’s Capital 200,000 415,000 415,000 They decided to invite third person ‘Mr. Crazy’ as a new partner for 1/3 interest in the firm. Required: Give entries in general journal to record admissioon of ‘Mr. Crazy’ and prepare balance sheet in each of the following cases separately using ‘Bonus Method’ Case -1 If Crazy invests Rs. 200,000 cash Case -1 If Crazy invests Rs. 150,000 cash Case -1 If Crazy invests Rs. 225,000 cash
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