7,000 and 4,000 and equal 13:7:4.]
37.
Capital Alc, and find new profit-sharing ratio.
[Ans. Balance to capital Alc: Sethi 36,000, Gupta 4,500, Jain 3,500 and Bhatia ?2315
New ratio 6:3::3:4, share of goodwill Sethi * 4,000, Gupta : 2,000, Jain 2,000.
im in cash, withdrawn by old partners
Sethi, Gupta and Jain are partners. Their capital are 5,000, 7 4,000 and 7 3,000 torp
tively. They share profit in the ratio of 1/2 : 1/4 : 1/4. They admitted Bhatia in perin
ship who brings in 4,500 as capital in consideration of 1/4th share. While entering in
firm Bhatia given cash 8,000 as goodwill. Sethi, Gupta and Jain will share profits 2000
themselves in the same ratio as before. Give the necessary journal entries, prepare Partner capital a/c and find the profit sharing ratio
Answers
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Answer:
admitted for 1/5th share and he acquires all his share from P.
Ans:
Since C’s share is given without mentioning as to what C acquires from A and B separately, C acquires his share from A and B in their old profit sharing ratio. Therefore, sacrificing ratio by A and B will be 3:1.
Firm’s share = 1
Remaining share = 1-
1
8
=
7
8
Now,
A’s new share =
3
4
x
7
8
=
21
32
B’s new share =
1
4
x
7
8
=
7
32
C’s share =
1
8
x
7
8
=
4
32
New profit sharing ratio of A : B : C = 21 : 7 : 4
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