Ans. 9:1.1.e., A9,000 and B 1,000.]A and B carrying on business as partners used to share profits and losses thus, A 4/7th and B3/7th and goodwill appeared in the books of the firm at 5,600 when C was admitted as apartner having 1/7th share in profits and losses. C was asked to pay a premium of 1,400 forgoodwill and the profit-sharing ratio as between A and B remained unchanged.Show entries in the Journal of firm.Ans. New Profit-sharing Ratio 24 : 18:21

Ans. 9:1.1.e., A9,000 and B 1,000.]A and B carrying on business as p

1.	Ans. 9:1.1.e., A9,000 and B 1,000.]A and B carrying on business as partners used to share profits and losses thus, A 4/7th and B3/7th and goodwill appeared in the books of the firm at 5,600 when C was admitted as apartner having 1/7th share in profits and losses. C was asked to pay a premium of 1,400 forgoodwill and the profit-sharing ratio as between A and B remained unchanged.Show entries in the Journal of firm.Ans. New Profit-sharing Ratio 24 : 18:21
Answer» TION:SACRIFICE ratio between A and B is 4:3so ENTRY is Goodwill a/c dr.5600 To A capital a/c 3200 To B capital a/c 2400( being old goodwill written off ) Second entry is C capital a/c dr. 1400 To A capital a/c 800 To B capital a/c 600

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