16. Renu and Rekha are partners sharing profits and losses in the ratio 3: 2. They admit
Reshma for 1/5th share which she purchases prom Renu and Rekha in 2:3. Goodwill of the
firm is to be valued at RS. 120000. Rekha contributes Rs. 100000 as capital and is able to
contribute 80% of the share of goodwill in cash. At the time of admission the balance sheet
of the form shows goodwill at the rate of 20% of its present value.
4
1. Calculate the new profit sharing ratio
2. Complete general entries in Reshma's admission.
Journal.
Answers
Answered by
2
Answer:
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Answered by
8
Answer:
cash a/c. Dr. 1,20,000
to premium for good will 1,20,000
Explanation:
Renu 3/5-2/25 =3×5-2/25=15-2/25=13/25 (2)
rekha. 2/5-3/25=2*5-3/25=10-3/25=7/25
2/5*1/5=2/25. (1)
3/5*1/5=3/25
13/25,7/25 (3)
13:7
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