Question

Leela and Meeta were partners in a firm sharing profit and losses in the ratio 5:3 on 1st April 2014 they admitted Om as a new partner on the date of om's admission the balance sheet of the leela and meeta showed a balance of rupees 160000 in general reserves and rupees 240000 credit in profit and loss account recorded necessary journal entries for the treatment of these items on Ohm's admission the new profit sharing ratio between Leela meeta and 5:3:2​

Answer 1

Answer.

Journal entry

General reserve a/c ....Dr 160000

To Leela'capital a/c 100000

To Meeta'capital a/c 60000

(being general reserve distributed among old partners)

Profit & Loss A/c ........Dr 240000

To Leela'capital A/c 150000

To Meeta'capital A/c 90000

(being profit distributed among old partners)

Answer 2

Answer:

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