Question

Q6.Sheela and Neeta were partners in a firm sharing profits and losses in the ratio of S:3. On Is Jan. 2018 they admitted Rama as a new partner. On the date of Rama's admission the balance sheet of Sheela and Neeta showed a balance of Rs. 16,000 in general reserve and Rs. 24,000 (Cr) in Profit and Loss Account. Record necessary journal entries for the treatment of these items on Rama's admission. The new profit sharing ratio between Sheela, Neeta and Rama was 5:3:2.​

Answer 1

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