Question

A and B are partners sharing profits in the ratio of 7 : 3. C is admitted as a new partner. "A" gave 1/7th of his share and "B" gave 1/3rd of his share to C. Calculate New Profit-sharing Ratio . (II) Madhu and Neha were partners in a firm sharing profits and losses in the ratio of 3 : 5. Their fixed capitals were ` 4,00,000 and ` 6,00,000 respectively. On 1.1.2016, Tina was admitted as a new partner for 1/4th share in the profits. Tina acquired her share of profit from Neha. Tina brought ` 4,00,000 as her capital which was to be kept fixed like the capitals of Madhu and Neha. Calculate the goodwill of the firm on Tina's admission and the new profit sharing ratio of Madhu, Neha and Tina. Also, pass necessary journal entry for the treatment of goodwill on Tins'a admission considering that Tina did not bring her share of goodwill premium in cash.

Answer 1

Answer:

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