Question

Q. 22. Anju and Manju are partners, sharing profits and losses in the proportion of
7:5. They agreed to admit Meenu, their manager, into partnership, who is to get one
sixth share in the business. Meenu brings in 2,00,000 for her capital and 96,000 for
1/6th share of goodwill which she acquires 1/24th from Anju and 1/8th from Manju.
The profit of the first year of the new partnership amount to 4,80,000.
Make the necessary journal entries in the connection with Meenu's admission and divide the profit between the partners. ​

Answer 1

Answer:

new ratio is

anju 7/12 or 14/24 -1/24= 13/24

manju 5/12 or 10/24 -3/24 =7/24

meenu 1/6 or 4/24

=13:7:4

profit of new firm =480000

entry

p & l appropriation a/c dr 480000

to anju's capital 260000

to manju's capital 140000

to meenu's capital 80000

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