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A and B are partners sharing …

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A and B are partners sharing profit and losses in the ratio of 7: 5 . They admit C, their manager, into partnership who is to be get 1/6th share in the business . C bring in Rs. 10,000 for his capital and Rs. 3,600 for the 1/6th share of goodwill which he acquires 1/24th from A and 1/8 from B . Profit for the year of the new partnership was Rs. 24,000. Pass necessary journal entries for C's admission and apportion the profit between the partners.

Posted by Soni Ashu 6 years, 6 months ago

CBSE > Class 12 > Accountancy

1 answers

Alisha Wadhwa 6 years, 5 months ago

Bank a/c. Dr. 13600 To c cap a/c. ..10000 To premium for goodwill. 3600 Premium for goodwill. Dr. 3600 To a cap. 900 .... To b cap. 2700 P and l appropriation a/c. 24000 Divide it in new ratio of partners

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