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X and Y are partners in …

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X and Y are partners in a firm sharing profits in the ratio of 4 : 3. On 1st April, 2012, they admitted Z as a new partner. Z brought in Rs 1,00,000 for his capital and Rs 21,000 for 1/3 rd share of goodwill premium. On Z’s admission goodwill appeared in the books of the firm at Rs 28,000. Record the necessary journal entries on Z’s admission

Posted by Nafisa Jalali 4 years ago

CBSE > Class 12 > Accountancy

1 answers

Mohd Muaz Malik 4 years ago

X:Y 4:3 Admitted partner Z for 1/3rd share. Brought :- capital 1,00,000 G/w 21,000 _____________________________ Let total share =1 Z share =1/3 Remaining share 1/3-1/1 =2/3 X= 4/7×2/3 = 8/21 Y= 3/7×2/3 = 6/21 Z = 1/3 X:Y:Z 8/21:6/21:1/3 8 : 6 : ________________ 21

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