1.

X and Y are partners in a firm sharing profits and losses in the ratio of 3 : 1. They admit Z aspartner for 175th share of future profits of the firm. Z introduces 40,000, out of which 20,000is towards goodwill of the firm. You are asked to Journalise the above transactions in the booksof the firm.Ans. Z's Capital 20,000; Premium (Dr.) * 20,000; X's Capital (Cr.) 15,000; Y's Capital (Cr.)*5,000.]​

Answer»

Answer:3:2. On April 1, 2015 they ADMITTED JOHN as a new partner with 1/6 share in profits of ... For example, X,Y and Z are partners in a firm sharing profits in the ratio. 3:2:1. ... For example, if the past average profits of a business WORKS out at Rs. 20,000 ... The above calculation of GOODWILL is based on the assumption that no change.

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