Sarthaks Test
0 votes
3.7k views
in Accounts by (64.1k points)
edited by

X and Y are partners sharing profits in the ratio of 3:1. Z is admitted as a partner for which he pays Rs.30,000 for goodwill in cash. X, Y and Z decided to share the future profits in equal proportion. You are required to pass a single Journal entry to give effect to the above arrangement.

1 Answer

0 votes
by (106k points)
selected by
 
Best answer

Working Notes :

1. Calculation of sacrificing Ratio

sacrificing ratio = old Ratio - New Ratio 

Welcome to Sarthaks eConnect: A unique platform where students can interact with teachers/experts/students to get solutions to their queries. Students (upto class 10+2) preparing for All Government Exams, CBSE Board Exam, ICSE Board Exam, State Board Exam, JEE (Mains+Advance) and NEET can ask questions from any subject and get quick answers by subject teachers/ experts/mentors/students.

Categories

...