Anita and Babita were partners sharing profits and losses in the ratio of 3:1. Savita was admitted for 1/5th
share in the profits. Savita was unable to bring her share of goodwill premium in cash. The journal entry
recorded for goodwill premium is given below :
Date Particular LF Debit Amt. (Rs.) Credit Amt. (Rs.)
Savita’s Current A/c Dr.
To Anita’s Capital A/c.
To Babita’s Capital A/c.
(Being adjustment of goodwill premium
on Savita’s Admission)
24,000
8,000
16,000
The new profit sharing ration of Anita, Babita and Savita, will be
a) 41: 7 : 12 b) 13 : 12 : 10 c) 3 : 1 : 1 d) 5 : 3 : 2
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Answer:
41:7:12
Explanation:
old share =3:1
sacrificing ratio =1:2(8000,16000
)
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