Question

Gulab and Pawan are in partnership and share profits in the ratio 2:1 respectively. Interest is paid
On 1st January, 2019 Suraj was admitted as a partner
, bringing in 29,452 cash, part of which was
payment for goodwill and the balance, capital. Goodwill was to be calculated as three quarters of
Problem 21.
on capital at 10% per annum.
the average profits
, after interest on capital, for 2017 and 2018. Profits in those two years before
interest were 3 29,606 and 37,210 respectively. No goodwill account was to be opened.
Under the new partnership Gulab, Pawan and Suraj will share profits in the ratio 3 : 2:1
respectively, interest on capital will no longer be paid.
The partners' balances on 1st January, 2019 were :
Capital Account Current Account
Gulab
*32,600 Cr.
39,000 Cr.
Pawan
25,400 Cr. 31,800 Dr.
The capital balances had remained unchanged for several years.
The net profit for the year ended 31st December, 2019 was 38,940. Drawings were:
₹
Gulab
30,000
Pawan
12,000
Suraj
6,000
Show the partners' Current Accounts and Capital Accounts for the year ended 31st December,
2019.

Answer 1

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