Question

Kumar and Rao were partners in a firm sharing profits equally. They admitted Ghosh as a new partner for 1/4th
share in profits. Ghosh acquired his 1/4th share from Kumar and Rao in the ratio of 3 : 2 respectively. Ghosh
brought ₹ 2,70,000 for his capital and ₹ 39,000 for 1/4th share of goodwill. Calculate the new profit-sharing ratio of
Kumar, Rao and Ghosh and pass necessary Journal entries for the above transactions in the books of the firm​

Answer 1

Answer:

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Answer 2

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