..A and B were partners in a firm sharing profits in the ratio of 4 : 3. They admitted C as a new partner for 3/7th share in the profits of the firm. The new profit sharing ratio will be 2 : 2 : 3. C brought Rs. 2,00,000 as his capital and Rs. 60,000 for his share of premium as goodwill, half of which was withdrawn by A and B from the firm. Calculate sacrificing ratio and pass necessary journal entries in the books of the firm for the above transactions. (3)
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sac ratio = old ratio-new ratio
A's sac share= 4/7-2/7=2/7
B's sac ratio ÷ 3/7-2/7=1/7
thus sac ratio=2:1
cash a/c dr. 225714
to c's capital a/c 200000
to goodwill a/c 25714
goodwill a/c dr. 12857
to A's capital. 8571
to B's capital. 4286
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