Santosh and Brij are partners in a business, sharing profits and losses in the ratio of 4:3. On 1st January, 2001, their capitals were Rs. 20,000 and Rs. 15,000 respectively. They admitted Ravinder into partnership as from 1st January, 2001 on the following terms: fa) Ravinder to be given one-eighth share in future profits of the business.
(8) He should bring in Rs. 20,000 as his capital. (c) As he was unable to bring his share of goodwill in cash, the goodwill of the firm was valued at Rs. 14000 and a Goodwill Account was raised in the firm's books.
Give the necessary journal entries, and prepare partners' Capital Accounts and Good will Account. Calculate the future profit-sharing ratio.
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