A and B were partners in a firm sharing profits and losses in the ratio
3.2.They admitted Cas a new partner for 3/7 share in the profit and
the new profit sharing ratio will be 2-2:3 C brought Rs 2,00,000 as his
capital and Rs 1,50,000 as a premium of goodwill half of their share of
premium was withdrawn by A and B from the firm.calculate the
sacrificing ratio and pass necessary journal entries for the above
transactions in the book of the firm
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Answer:
sacrifice ratio = A) 11/35 B) 4/35
Journal Entry :-
Cash/Bank A/C. .....Dr. 3,50,000
To C's Capital A/C. 2,00,000
To Premium for Goodwill A/C. 1,50,000
Premium for Goodwill A/C. ......Dr. 1,50,000
To A's Capital A/C. 47142.8
To B's Capital A/C. 17142.8
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