Accountancy, asked by ponung795, 1 year ago

Ram and Mohan were partners in a firm sharing profits in the ratio of 4 1. On 1.3.2014, they admitted Sohan as a new partner for 1/3rd 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 a J.L.P. for 60,000 (surrender value of 20,000). The Profit & Loss Account on the date of admission showed a balance of 32,000 (Dr.). The firm also had a reserve of 1,00,000 Sohan is to bring 60,000 as premium for his share of goodwill. Showing your working clearly, pass necessary Journal entries to record the above transactions

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Answered by millk7494
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