Vinod and Simran were partners in a firm sharing profits in the ratio of 3:1. They admitted Yuvraj as a new partner on 01 April 2013 for 1/3rd share. It was decided that future profit-sharing ratio of all partners will be equal. Yuvraj brought Rs.40,000 in cash; Stock Rs.16,000; Furniture Rs.44,000 andMachinery worth Rs.1,40,000 for his share of profit as premium for goodwill. Give necessary entriesand show your working clearly. (4
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Explanation:
stock a/c DR. 16,000
furniture a/c dr. 44,000
machinery a/c dr. 1,40,000
yuvraj's cap a/c dr. 40,000
to Bank a/c 40,000
to Premium for goodwill 2,00,000
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