Question

Amit and Viney are partners in a firm sharing profits and losses in 3:1 ratio. On 1.1.2017 they admitted Ranjan as a partner. On Ranjan’s admission the profit and loss account of Amit and Viney showed a debit balance of Rs 40,000. Record necessary journal entry for the treatment of the same.

Answer 1

Answer:

Amit and Viney are partners in a firm sharing profits and losses in 3:1 ratio. On 1.1.2017 they admitted Ranjan as a partner. On Ranjan’s admission the profit and loss account of Amit and Viney showed a debit balance of Rs 40,000. Record necessary journal entry for the treatment of the same.

Answer 2

Explanation:

Given Amit and Vinay are partners in a firm sharing profits and losses in 3:1 ratio. On 1.1.2017 they admitted Ranjan as a partner. On Ranjan’s admission the profit and loss account of Amit and Viney showed a debit balance of Rs 40,000. Record necessary journal entry for the treatment of the same.

• In a firm Amit and Viney are partners sharing profits and losses in the ratio 3:1. Also Ranjan joins as a partner on 1.1.2017. On Ranjan’s entry there is a debit balance of Rs 40,000 from Amit and Viney’s Account.
• Books Of Amit, Viney and Ranjan
• We need to record Journal Entry
• Date                               Particulars             L.F.          Amount       Amount
•                                                                                           Rs                  Rs
• 2017                                                    
• Jan 1         Amit’s Capital A/c      Dr                         30,000
•                 Viney’s Capital A/c     Dr                         10,000
•                To Profit and Loss A/c                                                     40,000
•               (Debit Balance in Profit and Loss Account written off)

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