A , B and C are in a partnership sharing profits and losses in the ratio of 5:4:1 respectively. Two new
partners D and E are admitted. Profits are to be shared in the ratio of 3:4:2:2:1 respectively. D is to pay Rs.
30,000 for his share of goodwill but E is unable to pay for goodwill. Both the new partners introduced
Rs.40,000 each as their capital . pass necessary journal entries. (4 mark)
OR
X, Y and Z share profits as 5:3:2. They decide to share their future profits as 4:3:3 with effect from 1st
april,2019. On this date the following revaluation have taken place:
Book value Revised value
Investment 22,000 25,000
Plant and machinery 25,000 20,000
Land and building 40,000 50,000
Outstanding expenses 5,600 6,000
Sundry debtors 60,000 50,000
Trade creditor 70,000 60,000
Pass necessary adjustment entry to be made because of the above changes in the values of assets and
liabilities. However, old values will continue in the books. (4 mark)
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A, B and C are in partnership sharing profits and losses in the ratio of 5 : 4 : 1 respectively. Two new partners D and E are admitted. The profits are now to be shared in the ratio of 3 : 4 : 2 : 2 : 1 respectively. D is to pay ₹ 90,000 for his share of Goodwill but E has insufficient cash to pay for Goodwill.
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