Pinky, Qumar and Roopa, partners in a firm sharing profits and losses in the ratio of 3:2:1. Seema is admitted as a new partner for 14 share in the profits of the firm which he gets 18 from Pinky and 116 each from Qumar and Roopa. The total capital of the new firm after Seema's admission will be Rs. 2,40,000. Seema is required to bring in cash equal to 14 of the total capital of the new firm. The capitals of the old partners also have to be adjusted in the proportion of their profit sharing ratio. The capitals of Pinky, Qumar, and Roopa after all adjustments in respect of goodwill and revaluation of assets and liabilities have been made are Pinky Rs. 80,000, Qumar Rs. 30,000 and Roopa Rs. 20,000. Calculate the capitals of all the partners and record the necessary journal entries for doing adjustments in respect of capitals according to the agreement between the partners.

Pinky, Qumar and Roopa, partners in a firm sharing profits and losses

1.	Pinky, Qumar and Roopa, partners in a firm sharing profits and losses in the ratio of 3:2:1. Seema is admitted as a new partner for 14 share in the profits of the firm which he gets 18 from Pinky and 116 each from Qumar and Roopa. The total capital of the new firm after Seema's admission will be Rs. 2,40,000. Seema is required to bring in cash equal to 14 of the total capital of the new firm. The capitals of the old partners also have to be adjusted in the proportion of their profit sharing ratio. The capitals of Pinky, Qumar, and Roopa after all adjustments in respect of goodwill and revaluation of assets and liabilities have been made are Pinky Rs. 80,000, Qumar Rs. 30,000 and Roopa Rs. 20,000. Calculate the capitals of all the partners and record the necessary journal entries for doing adjustments in respect of capitals according to the agreement between the partners.
Answer» Pinky, Qumar and Roopa, partners in a firm sharing profits and losses in the ratio of 3:2:1. Seema is admitted as a new partner for $\frac{1}{4}$ share in the profits of the firm which he gets $\frac{1}{8}$ from Pinky and $\frac{1}{16}$ each from Qumar and Roopa. The total capital of the new firm after Seema's admission will be Rs. 2,40,000. Seema is required to bring in cash equal to $\frac{1}{4}$ of the total capital of the new firm. The capitals of the old partners also have to be adjusted in the proportion of their profit sharing ratio. The capitals of Pinky, Qumar, and Roopa after all adjustments in respect of goodwill and revaluation of assets and liabilities have been made are Pinky Rs. 80,000, Qumar Rs. 30,000 and Roopa Rs. 20,000. Calculate the capitals of all the partners and record the necessary journal entries for doing adjustments in respect of capitals according to the agreement between the partners.

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