Question

Hari ,Ravi and Kavi partner in the firm sharing profit ratio of 3: 2: 1 they admit Guru as a new partner for 1/7 share in a profit the new profit sharing ratio will be to ratio 2:2:1 respectively Guru brought in 3,00,000capital and 45000 1/7 share of goodwill showing your working clearly pass the necessary journal entries in the books of the form for the above mentioned transactions

Answer 1

Answer:

hari, ravi and kavi were partners in afirm sharing profitsin the ratio of 3:2:1. they admitted guru as a new partner for 1/7th share in the profits. the new profit-sharing ratio will be 2:2:1 respectively. guru brought in 3,00,000 for his capital and 45,000 for his 1/7th share of goodwill.