Question

L,M and N are partners sharing profit in the ratio of 3:2:1.They admit O into partner

ship.O bring in cash Rs 4,50,000 as capital and 1,50,00 as goodwill for 1/5 th share of

profits.pass journa entries and find out new profit Shari ratio when (a) Godwill is

retained in the firm (b) goodwill is withdrawn by old partners​

Answer 1

Answer:

L,M and N are partners sharing profit in the ratio of 3:2:1.They admit O into partner

ship.O bring in cash Rs 4,50,000 as capital and 1,50,00 as goodwill for 1/5 th share of

profits.pass journa entries and find out new profit Shari ratio when (a) Godwill is

retained in the firm (b) goodwill is withdrawn by old partnersfjseue rur74l5

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