A and B are partners sharing profits in the ratio of 3:2. They admit C into the firm for
3/7th profit which he takes 2/7th from A and 1/7th from B and brings ₹ 1,000 as
premium out of his share of ₹ 1,800. Make journal entries.
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Answer:
cash A/C.... Dr. 1000
to premium for goodwill A/C 1000
premium for goodwill A/C....dr 1000
C's current A/C........ Dr 800
to A's capital (1800×2/3) 1200
to B's capital (1800×1/3) 600
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