E, F and G are partners sharing Profits in 7: 6:5. Their fixed Capitals are * 70,000, 40,000 and * 80,000 respectively. It has been now decided that the total Capital of the firm should be * 3,60,000 and should be in the Profit Sharing Ratio of partners. Calculate the amount of Capital to be contributed by individual partners and record necessary journal entry for the same
Answers
Answer:
, F and G are partners sharing Profits in 7: 6:5. Their fixed Capitals are * 70,000, 40,000 and * 80,000 respectively. It has been now decided that the total Capital of the firm should be * 3,60,000 and should be in the Profit Sharing Ratio of partners. Calculate the amount of Capital to be contributed by individual partners and record necessary journal entry for the same
Explanation:
, F and G are partners sharing Profits in 7: 6:5. Their fixed Capitals are * 70,000, 40,000 and * 80,000 respectively. It has been now decided that the total Capital of the firm should be * 3,60,000 and should be in the Profit Sharing Ratio of partners. Calculate the amount of Capital to be contributed by individual partners and record necessary journal entry for the same