Hari, Ravi and Kavi were partners in a firm sharing profits in the ratio of 3 : 2 : 1. They admitted Guru as a new partner for l/7th share in the profits. The new profit sharing ratio will be 2 : 2 : 2 : 1 respectively. Guru brought Rs. 3,00,000 for his capital and Rs. 45,000 for his l/7th share of goodwill. Showing your working clearly, pass necessary journal entries in the books of the firm for the above mentioned transactions.
Answers
Answer:
cash& bank a/c .....dr. 3,00,000 -
To Guru's capital - 3,00,000
a/c
(Being Capital brought in.)
Cash&Bank A/c.....dr. 45,000 -
To Goodwill A/c - 45,000
(Being goodwill brought in
business.)
Goodwill a/c...........dr. 45,000
To Hari's capital a/c -
To Ravi's capital a/c -
To Kavi's capital a/c -
(Being goodwill distributed
old partners by sacrifice
ratio.)
Explanation:
In third entry I don't put values of credited accounts. As my calculation are coming horrible.
In that find sacrifice ratio first and distribute among them according to it.
I think there is mistake in problem.
May be third partner will nat come in entry
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.
Explanation:
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