Vinod and Monty were partners in a firm sharing profits in the ratio of 4:3. They admitted Tommy as a new partner. The new profit-sharing ratio will be 2:2:3. Tommy brought Rs.3,00,000 as his capital. The goodwill of the firm valued at Rs. 1,40,000. He brings half of premium for Goodwill in cash and for remaining amount be brings Furniture in the business. Amount brought by him in cash (premium for Goodwill) was withdrawn by the sacrificing partners. Give necessary entries at the time of admission of new partner.
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Rs.42,000
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