[NCERT] Q 20 Admission of Partner Solutions Class 12

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Solution of question number 20 Admission of Partner NCERT Accountancy solutions Class 12 CBSE Board.

Arti and Bharti are partners in a firm sharing profits in 3 : 2 ratio. They admitted Sarthi for 1/4 share in the profits of the firm. Sarthi brings Rs. 50,000 for his capital and Rs. 10,000 for his 1/4 share of goodwill. Goodwill already appears in the books of Arti and Bharti at Rs. 5,000. the new profit sharing ratio between Arti, Bharti and Sarthi will be 2 : 1 : 1. Record the necessary journal entries in the books of the new firm?

[Hint: Existing goodwill written off in old profit sharing ratio]

Solution:-

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Anurag Pathakk
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