Question

Ram and Mohan were partners in a firm sharing profits and losses in the ratio of 4:1. on 1.3.2019,they admitted Sohan as a new partner for 1/3 share in the profit of the firm. they fixed new profit sharing ratio as 4:2:3. on the date of Sohan's admission, the firm had j.l.p for 60000 (surrender value of 20000). the profit and loss account on the date of admission showed a balance of 32000(Dr). The firm also had a reserve of 100000. sohan is to bring 60000 as premium for his share of Goodwill. showing your working clearly, pass necessary journal entry to record the above transaction.
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Answer 1

Answer:

hello mate....

Explanation:

The ratio in which the existing partners agree to sacrifice their share of profits in favour of the incoming partner is called the sacrificing ratio. The ratio in which all partners including the incoming partner will share the profit and losses in future is known as new profit sharing ratio.

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