A and B are partners sharing profits ratio 7:5. C is admitted with 2/9share of profits .New profit sharing ratio will be 4:3:2.C brings `3,00,000 as his capital but he is not able to bring in cash his share of goodwill of ` 45,000. Pass journal entries.
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Cash A/C......dr 3,00,000
To C's capital A/C. 3,00,000
C's current A/C.....dr 45,000
To A's capital A/C. In sac. Ratio
To B's capital A/C in sac.ratio
Explanation:
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