Question

Ans New Prag Sharing Ratio 5:3:2. Capital of A1,00,000, Capital of B
46 Babalsland Ramlal are in partnership sharing profits and losses in the ratio of 3:2 The
Balance Sheet en 31st December, 2015 stood as follows:
Libilities
Capital Alc:
Babolal
Ramal
3.000
134
hy
7.000
Cash
Debtors
10.000 Stock
1,600 Investment
1.400 Building
2,000
15,000
1870
3,080
5,750
Reserve
Bank Loan
15.000
Oa 1.1.2019, they agree to take Premlal into partnership giving him 175th share of profit on the
following terms:
tre goodwill of the firm is to be valued at two years purchase calculated on twice the
average profit of last three years which amounted to * 4,000, * 3,000 and 5,000.
b) Premlal brings his share of Goodwill in cash which is retained in the business.
(e) Premlal also brings in capital in proportion to his profit-sharing arrangements.
Pass necessary Journal entries to give effect to the above arrangements and prepare new
Balance Sheet of the firm.
(JAC., 2015
of Godwill * 1.600; (b) Total Capital of the New Firm 16,250;
noin 6100 Total Rs​

Answer 1

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