Pinky, Qumarand Roopa partners in a firm sharing profits and losses in the ratioof 3:2:1. S is admitted as a new partner for 1/4 share in the profitsof the firm, whichs he gets 1/8 from Pinky, and 1/16 each from Qmarand Roopa. The total capital of the new firm after Seema’sadmission will be Rs 2,40,000. Seema is required to bring in cashequal to 1/4 of the total capital of the new firm. The capitals ofthe old partners also have to be adjusted in proportion of theirprofit sharing ratio. The capitals of Pinky, Qumar and Roopa afterall adjustments in respect of goodwill and revaluation of assets andliabilities have been made are Pinky Rs 80,000, Qumar Rs 30,000 andRoopa Rs 20,000. Calculate the capitals of all the partners andrecord the necessary journal entries for doing adjustments in respectof capitals according to the agreement between the partners?

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

1.	Pinky, Qumarand Roopa partners in a firm sharing profits and losses in the ratioof 3:2:1. S is admitted as a new partner for 1/4 share in the profitsof the firm, whichs he gets 1/8 from Pinky, and 1/16 each from Qmarand Roopa. The total capital of the new firm after Seema’sadmission will be Rs 2,40,000. Seema is required to bring in cashequal to 1/4 of the total capital of the new firm. The capitals ofthe old partners also have to be adjusted in proportion of theirprofit sharing ratio. The capitals of Pinky, Qumar and Roopa afterall adjustments in respect of goodwill and revaluation of assets andliabilities have been made are Pinky Rs 80,000, Qumar Rs 30,000 andRoopa Rs 20,000. Calculate the capitals of all the partners andrecord the necessary journal entries for doing adjustments in respectof 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. S is admitted as a new partner for 1/4 share in the profits of the firm, whichs he gets 1/8 from Pinky, and 1/16 each from Qmar 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 1/4 of the total capital of the new firm. The capitals of the old partners also have to be adjusted in 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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