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A,B,C and D were partners in …

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A,B,C and D were partners in a firm sharing profits and losses equally. E was admitted as a newcpartner for 1/3 rd share in the profits of the firm which he acquires equally from C and D .on E's admission the Goodwill of the firm was valued at ₹300000 Calculate the new profit sharing ratio on E's admission. Also pass necessary journal entry on E's admission , assuming that he failed to bring his share of goodwill in cash.

Posted by Khushboo Lata 5 years, 5 months ago

CBSE > Class 12 > Accountancy

1 answers

Yash Kumar 5 years, 5 months ago

A B and C--old--1:1:1:1 c{sac}=1/3×1/4=1/12 D{sac}=1/3×1/4=1/12 E{gaining partner}=1/12+1/12=2/12 Journal entries... {1}e capital a/c dr.50000 To c capital a/c 25000 To d capital a/c 2500p {Being goodwill adjusted} {2}e capital a/c 100000 To a capital 20000 To b capital 20000 Toc capital 20000 To d capital20000 {Being c share of goodwill credited to old p's capital zindagi a/c}

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