Question

[Ans. New profit sharing ratio is 5:5:4.]
Q. 23. K and Y were partners in a firm sharing profits in 3 : 2 ratio. They admitted Z as
a new partner for 1/3rd share in the profits of the firm. Z acquired his share from K and Y
in 2 : 3 ratio. Z brought 80,000 for his capital and 30,000 for his 1/3rd share as premium.
Calculate the new profit sharing ratio of K, Y and Z and pass necessary journal entries for
the above transactions in the books of the firm.
[Ans. New profit sharing ratio of K, Y and Z= 7:3:5.]​

Answer 1

Answer:

. Stock a/c.... Dr. 60000

Debtors a/c... Dr. 80000

Land a/c.... Dr. 100000

Plant and machinery a/c... Dr. 40000

To Z's Capital a/c 130000

To Premium for goodwill a/c 150000

(Being capital and premium for goodwill brought in by C in the form of assets)

2. Premium for Goodwill a/c.... Dr. 150000

To X's Capital a/c 90000

To Y's Capital a/c 60000

(Being premium for goodwill distributed among partners in the ratio of 3:2)

Working Note:

1. Calculation of Z's share of goodwill:

Z's share of Goodwill= 600000 * 1/4= 150000

Z's share of capital = 280000 - 150000 = 130000

2. Distribution of premium for goodwill:

X's share= 3/5 * 150000= 90000

Y's share= 2/5 * 150000= 60000

Explanation:

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Answer 2

Answer:

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