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A,B,Cand D are partners in a …

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A,B,Cand D are partners in a firm sharing profits in the ratio of 3:3:2:2respectively D retires A,BandC decide to share the future profits in the ratio of 3:2:1.Goodwill of the firm is valued at Rs600000.goodwill already appears in the books at Rs 450000.the profits for the first year after D retirement amounted to Rs 1200000.give the necessary journal entries.

Posted by Kammu Gaming 5 years, 5 months ago

CBSE > Class 11 > Accountancy

2 answers

Sheetal Kaushik 5 years, 5 months ago

Profit and loss a/c Dr. 12,00,000 To A's capital a/c. 3,60,000 To B's capital a/c. 3,60,000 To C's capital a/c. 2,40,000 To D's capital a/c. 2,40,000 (being the profit distributed among partners in their old PSR)

Sheetal Kaushik 5 years, 5 months ago

A's capital a/c. Dr. 135000 B's capital a/c. Dr. 135000 C's capital a/c. Dr. 90000 D's capital a/c. Dr. 90000 To Goodwill a/c. 450000 ( being the existing goodwill written off in old PSR )

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