Question

Q. 34. X, Y and Z were partners sharing profits and losses as to X one-half
, Y
one-third; and Z one-sixth. As from 1st April, 2020, they agreed to admit A into
partnership for one-sixth share in profits and losses, which he acquires equally from X
and Y, and is to bring in 50,000 for his capital and 20,000 as premium for goodwill
A paid in his capital money but in respect of premium for goodwill, he could bring i
only 15,000.
You are required to:
(i) give the Journal entries to carry out the above arrangements, and
(ii) work out the new profit-sharing ratio of the partners.​

Answer 1

Y

Yone-third; and Z one-sixth. As from 1st April, 2020, they agreed to admit A into

Yone-third; and Z one-sixth. As from 1st April, 2020, they agreed to admit A intopartnership for one-sixth share in profits and losses, which he acquires equally from X

Yone-third; and Z one-sixth. As from 1st April, 2020, they agreed to admit A intopartnership for one-sixth share in profits and losses, which he acquires equally from Xand Y, and is to bring in 50,000 for his capital and 20,000 as premium for goodwill

Yone-third; and Z one-sixth. As from 1st April, 2020, they agreed to admit A intopartnership for one-sixth share in profits and losses, which he acquires equally from Xand Y, and is to bring in 50,000 for his capital and 20,000 as premium for goodwillA paid in his capital money but in respect of premium for goodwill, he could bring i

Yone-third; and Z one-sixth. As from 1st April, 2020, they agreed to admit A intopartnership for one-sixth share in profits and losses, which he acquires equally from Xand Y, and is to bring in 50,000 for his capital and 20,000 as premium for goodwillA paid in his capital money but in respect of premium for goodwill, he could bring ionly 15,000.

FØŁŁØW MƏ ❤❤❤❤

Answer 2

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FØŁŁØW MƏ

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hope it HELPS you

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