Question

Ashoo and Rahul are partners sharing profits in the ratio of 5:3. Gaurav was

admitted for 1/5 share and was asked to contribute proportionate capital and

Rs. 4,000 for premium (goodwill). The Capitals of Ashoo and Rahul, after all

adjustments relating to revaluation, goodwill etc., worked out to be Rs. 45,000

and Rs. 35,000 respectively.

Required: Calculate New Profit sharing ratio, capital to be brought in by Gaurav

and record necessary journal entries for the same.​

Answer 1

Answer:

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