Q. 30. Ram and Rahim are partners in a firm sharing profits in the ratio of 3 : 2.
On April 1, 2004 they admit Raj as a new partner for 3/13th share in the profits. The
new ratio will be 5:5:3. Raj contributed the following assets towards his capital and
for his share of goodwill : Land 2,50,000; Plant & Machinery 1,50,000; Stock
*80,000 and Debtors 70,000. On the date of admission of Raj, the goodwill of the
firm was valued at 5,20,000. Record necessary journal entries in the books of the
firm.
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Answer: 1Q. Ram and Rahim are partners in a firm sharing profits and losses in the ratio of 2:1 Their capitals were Rs 60000 and Rs 40000 as on April 01, 2016 During the year ... 10,000 for Ram Rs. 6,000 and for Rahim. ... Their capital, were Rs 90,000 ... ... profits Rs. 30,000 for the year ended 31st March, 2016 were .
Explanation:
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