Question

LMN are partners sharing proft in the ratio 3:2:1 they admit O into partnership O bring in cash 450000 as capital and 150000 as Goodwill for 1/5 share of profit pass journal entries and find find out new profit sharing ratio when (a) Goodwill is retained in the firm (b) Goodwill is withdrawn by old partners
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Answer 1

Answer:

cash/ bank a/c dr 600000

To O's Capital a/c 450000

To premium for goodwill a/c 150000

premium for goodwill a/c Dr. 150000

To L's Capital a/c 75000

To M's capital a/c 50000

To N's capital a/c 25000

Answer 2

Explanation:

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