Question

[CBSE 2019 (67/5/4)
[Ans. Dr. Premium for Goodwill A/c and Cr. Anupama's Capital A/c by 30 0001
A, B, C and D were partners in a firm sharing profits and losses equally FM
es equally. E was admitted as a
er for 1/3 rd share in the profits of the firm which he acquires equally from Cand D. On E's
admission the goodwill of the firm was valued at 3,00,000.
Calculate the new profit sharing ratio on E's admission. Also pass necesso
tio on E's admission. Also pass necessary journal entry on E's
admission, assuming that he failed to bring his share of goodwill in all
[Ans. New Ratio—3:3:1:1:4]​

Answer 1

Why to answer

CBSE 2019 (67/5/4)

[Ans. Dr. Premium for Goodwill A/c and Cr. Anupama's Capital A/c by 30 0001

A, B, C and D were partners in a firm sharing profits and losses equally FM

es equally. E was admitted as a

er for 1/3 rd share in the profits of the firm which he acquires equally from Cand D. On E's

admission the goodwill of the firm was valued at 3,00,000.

Calculate the new profit sharing ratio on E's admission. Also pass necesso

tio on E's admission. Also pass necessary journal entry on E's

admission, assuming that he failed to bring his share of goodwill in all

[Ans. New Ratio—3:3:1:1:4]