Question

Q. 31. Ram and Rahim are partners in a firm sharing profits in the ratio of 3: 2.
On April 1, 2016 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 370,000. 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.​

Answer 1

Answer:

firm sharing profits and losses in the ratio of 3

2. From Ist April, 2020 they decided to share the future profits equally. On this date, the General Reserve

showed a balance of 1,60,000; Revaluation of fixed assets resulted into a gain of "1,02,000 and stock resulted

to a loss of 22,000. On this date, the goodwill of the firm was valued at $3,60.000

Pas necessary journal entries for the above transactions on reconstitution of the form

Bolutions

Answer 2

Answer:

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