Question

B and C are in Partnership sharing profits and losses as 3 : 1. They admit D into the firm, D paying a premium of ₹ 15,000 for 1/3rd share of the profits. As between themselves, B and C agree to share the future profits and losses equally. Draft journal entries showing appropriations of the premium money.

Answer 1

Answer:

Explanation:

Old ration of B and c - 3:2

They admit D in partnership firm and D pays premium of 15000 for 1/3 share of profit.