K and V were partners in a firm sharing profits and losses in the ratio 1:2. their fixed capitals were 200000 and 300000 respectively. on 1st april 2016 G was admitted as a new partner for 1/4 share in the profits. G brought 200000 for his capital which was to be kept fixed like the capitals which was to be kept fixed like the capital of K and V. G acquired his share of profit from V.
calculate goodwill of the firm on G admission and the new profit sharing ratio of K, V and G. also pass necessary journal entry for the treatment of goodwill on G admission considering that G did not bring his share of goodwill premium in cash.
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Answers
Answer:
K and V were partners in a firm sharing profits and losses in the ratio 1:2. their fixed capitals were 200000 and 300000 respectively. on 1st april 2016 G was admitted as a new partner for 1/4 share in the profits. G brought 200000 for his capital which was to be kept fixed like the capitals which was to be kept fixed like the capital of K and V. G acquired his share of profit from V.
calculate goodwill of the firm on G admission and the new profit sharing ratio of K, V and G. also pass necessary journal entry for the treatment of goodwill on G admission considering that G did not bring his share of goodwill premium in cash.
please answer fast
Explanation:
Answer:
K and V were partners in a firm sharing profits and losses in the ratio 1:2.
their fixed capitals were 200000 and 300000 respectively.
on 1st april 2016 G was admitted as a new partner for 1/4 share in the profits.
G brought 200000 for his capital which was to be kept fixed like the capitals which was to be kept fixed like the capital of K and V. G acquired his share of profit from V.