Question

'M'and 'J' are partner in a firm sharing profit in the ratio of 3 : 2 . they admitted 'R' as a new partner . the new profit sharing ratio between 'M' , 'J' and 'R' will be 5 : 3 : 2 'R' bring's 75,000 as capital and 25,000 for his share of goodwill . pass necessary journal entry. ​

Answer 1

Answer:

A and B were partners in a firm sharing profits and losses in the ratio of 3:2. They admitted C as a new partner for 3/7th share in the profit and new profit sharing ratio will be 2:2:3. C brought Rs. 2,00,000 as his capital and Rs.

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