A and B who are presently sharing profits and losses in the ratio of 5: 3 decide to admit Cas a new partner and to share future profits and losses in the ratio of 4:3:3.Give the Journal entry to distribute 'Workmen Compensation Reserve' of Rs.90 000when: (i) no information is given. (ii) When Workmen Compensation claim is Rs 30 000. (iii) When Workmen Compensation claim is Rs 90 000. (iv) When Workmen Compensation claim is Rs 1 20 000.
Answers
Answer:
ANSWER
JOURNAL
1. Cash a/c..... Dr. 21000
To Premium for goodwill a/c 21000
(Being Premium for goodwill brought in by C)
2. Premium for goodwill a/c.... Dr. 21000
To A's Capital a/c 9000
To B's Capital a/c 12000
(Being premium for goodwill brought in by C, distributed among the partners in the ratio 3:4)
Working Note:
A's old share= 3/5
B's old share= 2/5
C is admitted as a new partner.
A's sacrifice= 3/5 * 1/5
= 3/25
B's sacrifice= 2/5 * 2/5
= 4/25
Sacrificing ratio= 3:4
C's share= 3/25 + 4/25
= 7/25
Hence, C's share of goodwill= 7/25 * 75000
= 21000
Explanation:
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Answer:
Rama is thrice as old as Panav. Ten years ago, his age was four times Panav's age. Find
their present ages?Given :-
Ram and sham sharing profit in the ratio of5:3 they admit monu as a new partner with 1/5 share in future profit which he gets 3/20 from ram and 1/20 from sham
To Find :-
Profit sharing ratio
Solution :-
New Share of Ram = Old share - Share taken of Ram
New Share = 5/8 - 3/20
New Share = 5(5) - 3(2)/40
New Share = 25 - 6/40
New Share = 19/40
New Share of Sham = Old share - Share taken of Sham
New Share = 3/8 - 1/20
New Share = 3(5) - 1(2)/40
New Share = 15 - 2/40
New Share = 13/40
Now
New Share of Monu = 1 - (New Share of Ram + Sham)
New Share of Monu = 1 - (19/40 + 13/40)
New Share of Monu = 1 - 32/40
New Share of Monu = 40 - 32/40
New Share of Monu = 8/40
Ration = 19/40 : 13/40 : 8/40