Question

P and Q are partners in 3:2 ratio . They agreed to admit R for 1/4 th share . He paid Rs 30,000 for capital , however for goodwill he gave stock Rs 10,000 and furniture Rs 5,000 . Show entries in journal.

Answer 1

Explanation:

Ratio = 3:2

partner included = R

Money given by R for :-

1. Capital = Rs 30,000

2. Goodwill stock = Rs 10,000

3. Furniture = Rs 5,000