1.

Ram and Mohan were partners in a firm sharing profits in the ratio of 4:1. On 1-3-2015, they admitted Sohan as a new partner for 13rd share in the profits of the firm. They fixed the new profit sharing ratio as 4:2:3. The P & L A/c on the date of admission showed a Balance of Rs 32,000 (Dr.) The firm also had a reserve of Rs 1,00,000. Sohan is to bring Rs 60,000 as premium for his share of goodwill. Showing your calculations clearly, pass necessary journal entries to record the above transactions.

Answer»

Ram and Mohan were partners in a firm sharing profits in the ratio of 4:1. On 1-3-2015, they admitted Sohan as a new partner for 13rd share in the profits of the firm. They fixed the new profit sharing ratio as 4:2:3.

The P & L A/c on the date of admission showed a Balance of Rs 32,000 (Dr.) The firm also had a reserve of Rs 1,00,000. Sohan is to bring Rs 60,000 as premium for his share of goodwill.

Showing your calculations clearly, pass necessary journal entries to record the above transactions.



Discussion

No Comment Found

Related InterviewSolutions