x and y are partners share profits in the ratio of 3:2 they take z as the new partner and it is supposed that he would bring rs.60,000 against capital and rs.20,000 against goodwill new profit - sharing ratio is 1:1:1. z is able to bring only rs.60,000. how this will be treated in the books of the firm?
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Step 2: The new capital of each partner is calculated by dividing the total capital of the firm by their individual new profit share. Step 3: After posting all adjustments and items in the Partners' Capital Account, calculate credit minus debit side of the old Partners' Capital Account.
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