Question

Kishan and Gopal are partners in a firm sharing profits and losses equally. They admit Shyam as a partner for 1/5th share of profits. Shyam brings into partnership book debts amounting to 20,000, the goodwill of his connections valued at 40,000 and balance in cash, borrowed from
his friend Murlidhar, so as to make his capital equal to 1,20,000. The goodwill of the old firm (Kishan and Gopal) is to be taken at 60,000.
Show Journal entries in the books of the firm.
(Ans. New Profit-sharing Ratio 2:2:1]
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Answer 1

Explanation:

note unless agreed otherwise sacrificing ratio of the old partners will be same as their old profit sharing ratio

Answer 2

Explanation:

i don't know last process