Question

Gyanchand and Govind are partners in a business sharing profits and losses in the ratio of 1/3rd and 2/3rd. On
Ist April, 2019 their capitals are 240.000 and 50.000 respectively. On that they admit Cangaram in
partnership and give him 1/4th share in future profits. Gangaram brings 4000 as his capital and 30,000 as
goodwill. The amount of goodwill is immediately withdrawn by the old part in cash
Draft Journal entries and show the Capital Accounts of all the partners as well as Goodwill Account Calculate
the proportion in which partners would share profits and losses in future
Ans. New Profit-sharing Ratio
or 1.2 11​

Answer 1

Answer:

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