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7. Hari, Ravi and Kavi were …

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7. Hari, Ravi and Kavi were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted Guru as a new partner for l/7th share in the profits. The new profit sharing ratio will be 2 : 2 : 2 : 1 respectively. Guru brought Rs. 3,00,000 for his capital and Rs.45,000 for his l/7th share of goodwill. Showing your working clearly, pass necessary journal entries in the books of the firm for the above mentioned transaction

Posted by Abhimanyu Saini 4 years, 5 months ago

CBSE > Class 12 > Accountancy

3 answers

Anand Taparia 4 years, 5 months ago

Cash A/C DR 345000 To guru capital A/C 300000 To premium for Goodwill A/C 45000 Premium for goodwill A/C Dr 45000 To kavi capital A/C 37500 To Hari capital A/C 67500

Amit Mehta 4 years, 5 months ago

Case A/c DR 345000 To Guru capital A/c 300000 To premium of goodwill A/c 45000 premium of goodwill A/c Dr 45000 Kavi A/c Dr 37500 To hari capital A/C 67500

Amit Mehta 4 years, 5 months ago

Case A/c DR 345000 To Guru capital A/c 300000 To premium of goodwill A/c 45000 premium of goodwill A/c Dr 45000 Kavi A/c 31 5000×5/42. Dr 37500 To hari capital A/C 315000×9/42 67500 To Ravi capital A/c. 15000 WK Hari = 2/6 -2/7 = 9/42 Ravi = 2/6-2/7 = 2/42 Kavi = 1/6-2/7= -5/42

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