Question

Q. 83. A and B are partners sharing profits in the ratio of 5 : 3. C was admitted for
3
th share in profits. C acquires this share as
16
from A and th of his share from B.C
brings in 1,00,000 as his capital.
At the time of C's admission :
(1) The firm's goodwill was valued at $2,40,000.
(ii) General Reserve was 40,000.
(iii) Profit on revaluation of assets and liabilities was 24,000.
Before any adjustments were made, the Capitals of A and B were 1,20,000 and
370,000 respectively..
It is decided that after C's admission, the Capitals of A and B be adjusted on the
basis of C's Capital, any excess or shortfall to be adjusted by withdrawing or bringing
in Cash by the old partners. You are required to pass necessary journal entries on C's
admission​

Answer 1

Answer:

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