Question

x and y are partner sharing profit and losses in tha ratio of 2:1 . They admit Z into partnership with 1/4 th share in profit which he acquires equally fr X and Y . Z beings in RS. 1,65,000 as capital and RS30,000 as goodwill in cash
pass the journal entries and calculate new profit sharing ratio
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Answer 1

Answer:

cash A/C.... dr. 1,95,000

to Z's capital A/C.. 1,65,000

to premium for goodwill 30,000

premium for goodwill 30,000

to X's capital A/C.... 15,000

to Y's capital A/C.... 15,000

new ratio :->

A's new share = 2/3 - (1/4×1/2) = 2/3-1/8 = 16-3/24 = 13/24

B's new share = 1/3 - (1/4×1/2) = 1/3 - 1/8 = 8-3/24 = 5/24

C's share = 1/4

new ratio = 13/24 : 5/24 : 1/4 ---> 13:5:6

Answer 2

Explanation:

Bank a/c dr. 195000

To z`s capital in cash a/c 165000

To premium goodwill a/c 30000

premium goodwill a/c dr 30000

To a s capital a/c 15000

To b s capital a/c 15000

ratio 1/4 (2/3-1/2)

1×4 (2×2-1×3/6)

1×4 (4-3/6) =(1/6)