Question

Q2.G, S and T are partners, in a firm sharing profits in the ratio of 3;2;1. On March 31, 2020, they decided to admit W as a new partner with 1/6th share of profits. On that date the book of the firm shows following balance; (i) General reserve Rs. 30000 (ii)Profit and loss account Rs. 12000 (Dr. balance ) (iii) Contingency reserve Rs. 18000 . Record necessary journal entries in the books of the firm on W admission​

Answer 1

JOURNAL ENTRIES IN THE BOOKS OF THE FIRM ON W's ADMISSION.

Explanation:

REFER TO THE ATTACHMENT FOR JOURNAL ENTRIES.